American Eco (ECGOF, ECX on Toronto exchange) Message Board

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Gold/Mining/Energy : American Eco (ECGOF, ECX on Toronto exchange)

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To: Chris Nevil who wrote (2476)	5/18/1998 10:49:00 PM
From: Duncan	Read Replies (1) of 2841

Mark: I haven't read the annual report, yet...and probably won't have time to read it for another week. I'm definitely against the proxy vote which authorized upto 100% dilution via private placements over the next year...while at the same time the company is issuing $100 million in debt. It tells the street that ECO isn't 100% confident in the debt offering being fully subscribed. Plus, a full year of private placements puts the institutional community at bay. When a publicly traded company needs to use private placements, often there is a dire need for cash...or the company is simply projecting a dire need for cash. There are more traditional ways for public companies to raise cash. Therefore, I'm currently not holding any ECGOF shares. Although I'm always intrigued by this stock...and it's been a great learning experience for me, I'm simply not comfortable re-entering at this time. While a may miss a couple points when/if the EIFH investment is successfully resolved...or if the bond deal is completely subscribed, etc...I'm happy to wait for some real news before buying back in. Plus, I'm anxiously awaiting to see if Mike pays back his half a million in debt to the Company...which he has rolled over for the past two years. If he's a real believer in ECO's future and he's making $250K a year in salary, I'd like to see some of the monies owed to the Company paid back...that's putting his money where his mouth is. Which he hasn't done...either because of margin loans or loans from the Company. Both McGinnis' and Norris' loans are due this month. Duncan

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