Just read my 1999 Annual Report for Augusta Metals Inc. and thought I would share a few items of interest:
Richard Warke collects an auto benefit of $12,333 in 1999. What for? There are no roads to Ungava.
Add to that $9,517 in 1998 and $12,937 in 1997.
Richard Warke received $17,500 in salary paid in 1999.
The company paid $30,000 to the "Manager" for doing general administration. Mr. Warke has a "beneficial interest" of 25% in the manager.
Add to that the following amounts charged:
office and general expenses of $12,445
professional fees $15,999
rent $36,221
salaries and benefits $72,409
travel and promotion $22,866
Throw in some new options granted, escrow stock released, and consider where the money went and why this company is broke. Salaries and benefits of $72,000 - to who and for what when they have no key properties.
Rent of $36,000, well we can see the value of a downtown location in our share price and performance.
Travel and promotion of $22,000? For what, the PDA and a gold show? And what promotion was accomplished here exactly.
Now throw in $30,000 to a company partly owned by the president, tack on an auto benefit of $1000/month and then give yourself $17,500 for salary. Boost up your new options after consolidating the company 10 old shares for 1 new that 10-months before you told everybody would not be consolidated.
Think about this when you vote for the shareholders meeeing on June 22nd. I did.
GJM the Prospector
Vendor of properties to Augusta (nee First Western) |
