Hello everyone
Since Mr. Morrison has told us that he owns part of the NSR on Zen lets talk about that for a moment.
Net Smelter Return (NSR) is the net revenue that the owner of a mining property receives from the sale of the mine's metal/non metal products less transportation and refining costs. As a royalty it refers to the fraction of net smelter return that a mine operator is obligated to pay the owner of the royalty agreement. The royalty is paid in variable or fixed payments based on sales revenue received by a mining operator in return for mining output. It is contingent only on the sales price and quantity of product sold. [1]
That’s from Wikkipedia and explains what it is quite well.
Now for those of you who are still on the fence,, or just want to know more go and pull the PEA from Sedar.ca. On Page 8 of the PEA you will find a giant spread sheet. On the section that says Revenue you will see a breakout of two NSRs.
Mr. Eveleigh’s own geological services company owns 1%
Cliffs Natural Resources (used to?) own 0.25%
Now these percentages seem.. small.
They are NOT!
Mr. Eveleigh will get, over the 22 year life of mine, $47,003,000.00 USD. Or $2,136,500.00 USD per year.. for 22 years.
What happened to the Cliffs Royalty? Who was it that served as Canadian VP at Cliffs at the time?... Mr. Whiteford. (Go see his linked in) Mr Whiteford who was rewarded with a BOD position at Zen and given Options.
The Cliffs royalty amounts to $11,751,000.00 USD over life of mine or $534,136.00 USD per year.. for 22 years.
What does this mean to a shareholder?
Simply that for every share you own. You will NEVER see 0.037c/share. (based on 71M shares out)
So for every 10, 000 shares you own.. you immediately give up 400 bucks a year in dividends. Gone into Mr. Eveleigh’s pocket and those of his friends.
Would you support a BOD who will go and sell ANOTHER NSR? To fund a group of industry insiders who have over 100 years of experience but CANNOT move the project forward?
CANNOT EVEN FINISH A PFS?
As one poster mentioned below.. there is a big difference in criticism and bashing. The Zen Forward team has had both constructive criticism AND bashing thrown at it.
So I want to set the record straight here. There have been a large core group of people that have essentially taken on a second full time job in terms of time and responsibilities. The financial cost of doing this alone is staggering yet we have raised all the funds from the group!
So I would like to know how it is that our effort, and RESULTS warrant such comments. We have demonstrated through our actions, our capabilities and accomplishments.
Because we roll up our sleeves and get the jobs done!
Mr. Eveleigh has spent on average $32,000.00 per WEEK of our money for nearly four years and accomplished NOTHING! As Chairman, CEO and a Director of the Audit committee he is most clearly responsible for the cash moving through Zen!
Some may say well look at the work that has been done to validate this novel industrial mineral.
I would say.. yes that is true.
BUT
All the accolades and validation come from 3rd party universities/NDAs. Zen has not done that work!
In closing ask yourself:
Do you support a BOD who is clearly entrenching themselves?
Do you support giving Mr. Eveleigh a bigger paycheque?
Do you support hiring a new CEO just days before a landmark vote?
Do you support giving that new CEO, a self proclaimed friend of Keith OPTIONS?
Do you support hiring a new Chairman, then hiring another new Chairman -Mr. Morrison- and FULLY VESTING HIS 500,000 options at 0.58c -go to Sedar and look at the most recent MDA and search out the very end for the details on Mr. Morrison’s options-
Do you support a new Chairman and BOD who will gladly sell another NSR and further dilute and strip your shares of value?
Mongo |
