Sorry for the delay in my reply, but I have a life outside the internet.
Insider selling was the topic Ralphy assumes this monkey got caught on!
Lets see shall we. A walk through history. And I do suggest everyone take the time to read the Material Change Document in its entirety.
Summary,
Whistle Stop holds Red Engine shares, representing approx. 40.65% of outstanding Red Engine shares. The outstanding shares of Whistle Stop are held by W.S. Ferreira Ltd and spouses of E.L. Ellwood and P. Teodorovici. Also directors of Canmine.
Ellwood, Ferreira and Teodorovici also own 464,848 Red Engine Shares and options to purchase 1,200,000 Red Engine shares and warrants to purchase 200,000 Red Engine shares.
L.J. Manning, E. Plexman and J. Wozny each own 29,629, 482,500 and 200,000 Red Engine shares respectively. Directors of Canmine.
Ellwood, Ferreira and Teodorovici also own 1,580,786 Canmine shares and 1,935,000 Canmine options and warrants.
Upon completion of their Arrangement, including their interests in Whistle Stop, Red Engine and Canmine, they would own 11,015,786 Canmine shares.
1999 Annual Information Form states the insiders own 10,259,884 shares of Canmine. So where did the 755,902 declared shares go. My questions:
1) can someone please post insider reports of directors of Canmine for the past year? would answer some of my questions.
2) the spouses of directors own an undisclosed amount of the 7,500,000 shares as a result of the Arrangement. Is it possible they have sold? Don't believe they are required to file an insider report, are they?
3) at what prices were Whistle Stop and Red Engine shares originally purchased? I'll bet well below the market value of Canmine over the past year. I do know of a large private placement was taken down a year before the Aggrement at 0.06 cents.
4) E. Ellwood was reported to have exercised options and sold. I suspect others did the same?
5) What about the millions of Canmne shares W. Ferreira recieved for the properties? Still holding? I would think he is. He also has a royalty on some ground?
6) who do you suppose took down the latest flow through private placement?? My bet Ellwood, Ferreira, Plexman, Manning Teodorovici etc. all got a big chunk. Perhaps, the spouses?
7) why aren't the conditions of the Whistle Stop and Red Engine options and warrants declared?
8) did the 755,902 options and warrants go unexercised? Can't because E.Ellwood exercised.
DOESN'T ALL THIS HISTORICAL INSIDER ACTIVITY SMELL LIKE A CLASSIC, LETS LINE OUR POCKETS WITH CHEAP SHARES.
This is common practice in setting up mining corporations. However, investors question why a stock doesn't move. Well perhaps its because insiders and insider spouses own to much stock and can control share prices to some degree. There is a history here of taking care of number 1,2 and 3. Why wouldn't this practice continue, now are moving into a better metals market. Greed perhaps? Its all legal, but is it moral.
Marshhawk, your right I did over look the numbers including options and warrants, but we still have a possibility the two documents are playing with words and the options and warrants were sold. Secondly, I assume new options have been issued since some were exercised this year.
Why Inco directors don't own 21% of the Corporation, first I don't see the relevance here (two completely different corporations), second I don't believe the corporation was set up to line insiders pockets and if it was, they likely sold long ago, thirdly, Inco corporate structure is more complex likely with various classes of shares, debentures and preferred shares, would take a lot of work to figure out who owns what and where.
Ralphy, theres no more an Inco operative here than a Canmine representative, right.
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