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Gold/Mining/Energy : Valerie Gold (VLG) -- Ignore unavailable to you. Want to Upgrade?

To: I_C_Deadpeople who wrote (151)	12/13/1997 2:23:00 PM
From: Feline	Read Replies (1) \| Respond to of 195

It looks like the substance of the corporate review is contained in the NR dated Oct 21 whereby the company reduced the exercise price on 849,600 stock options from prices ranging between $2.15 and $6.20 to $1.35 per share. As of July 31/97 the company had net working capital of $1.51 per share so this option is dilutive to the shareholders of the Company and should be questioned as improper. The company has an enormous burn rate of $1,873,477 per year and this is prior to doing any work on any property. Staff salaries are $702,089 per year. What are they doing and how many are there? The TVX management fee of $368,000 is on top of this as it is treated as exploration. This is appalling for a company with no revenue. There was no corporate review other than this. At least it wasn't made public. It sounds like it could be a lot of fun working here.