Empire History 101, page-68

Steve’s Claim:
I don’t really understand financial reporting but seems to me ‘employee’ costs went right up after Steve left and Mr Rodgers was employed.
It also seems to me Empire had less than $20 grand the year before and (I think) around 120,ooo as per annual report just before employing Mr Norregard.....and no prospects of cash except for more cap raisings and whatever came from Penny’s .....

Therefore it’s entirely possible the reason Nr Norregard believes they owe him $40 grand and a large percentage of profits is because that is what his employers - on behalf of shareholders - actually promised in lieu of payment.
They certainly tried to strike the same deal,with NRW holdings..ie delay taking payment and get a percentage of the gold. ( I think in that case they offered 11%).
Does Empire have a legal leg to stand on ?
Should shareholders believe ANYTHING this company says?


..meanwhile Brimstone beetling off with ‘profit’ of $480,000 leaves it owing not just $1.1 million to shareholders but a debt of $20 grand plus potentially 8% of the remaining $460,000 to Steve Norregard
Alternatively they hang in there, change the board via steps I suspect were already choreographed by new Chair, Mr Christensen whose speciality is corporation Law ...then what?

Is there really going to be more gold mined at Penny’s by a company with no credibility and no money given that its more glamorous cousin, KIN is now sitting in ‘care and maintenance’? With holders - on Hot Copper at least - hissing and cussing and cessing at the prospect of a capital raising just to pay down debt ...