Don:
Here is the news release:
1,666,666 shares at $0.15
Autumn Industries Inc ATU
Shares issued 9,027,548 Sep 30 close $0.17
Wed 1 Oct 97 Private Placement
The VSE has accepted for filing a non-brokered private placement of:
No. of shares: 1,666,666
Price: $0.15
Warrants: For 1,666,666 shares
Wt exercise price: $0.15 in year one; $0.18 in year two
Placees: Mission Consulting Services Ltd (Pat Loewen) 1,333,333;
and 500487 BC Ltd (Dominic Colvin) 333,333
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
As you will notice all of the shares are with a company executive or Mission Consulting Services. I will let you make your own judgement. But do you think that ATU felt it necessay to tie up stock themselves to prevent the likes of Thal Poonian and Mr. Ken Gardener from threatening to take over the company with their shares. These threats have hindered the stock price and have not been in the shareholders best interest. I am sure that MCS, Byron Loewen and Mrs Loewen don't have $200,000 hanging around just to buy a failing stock-this is their own money. Shareholders should like to see the insiders buying and holding at these prices and not selling.
As ATU cleans up it's own house, puts strong personell in key positions and settles down to selling gasifiers, we should have a promising future-but with the failure of Enertech it could be a longer hold. IMHO, if Enertech had have gone through we may have been looking at a .50 stock in stead of .15, as it was as high as .38 before the bad news. Now we have to wait for other developments. Hopefully we will hear news of a gasifier sale within the next two weeks.
JOHN |
