re: time to fight back Research to date shows that the placement through Argonaut went to just 4 hands and that the company received an outside offer to provide $500,000 at .001 cents to replace the underwriter before the placement to Argonaut. The refusal to accept the offer at .001 cents appears to have been the catalyst for a change at board level. Did the director/s who voted against the offer stay or leave?
The interesting part is the company announcement made on the 5th of April stated that the board changes were effected with the support of the major shareholder of the company who also happened to be the original underwriter. Subsequent events saw a raising through Argonaut at .0007c which had the effect of placing an intangible value on the company of less than .001c, a subsequent market value of approximately $1 million dollars less than what it would have been had the company accepted the offer of $500,000 at .001c. In short, shares became unsaleable at .001c
It does appear that control of the company was a higher priority than market valuation by looking at the events that unfolded but that is yet to be proven.
The question still remains as to which director/s refused the offer at .001c and the order of events that transpired after the vote.
To date the company has not released the minutes of that meeting.
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