Thanks to reader DB, who gave this desk the heads-up and also did the table you see below. I’ve known DB for many years and he is a nice man. As for the reason here’s yesterday’s NR:
Vancouver, B.C. – TheNewswire – June 2, 2021 – Crest Resources Inc. (CNSX:CRES.CN) (“Crest” or the “Company”) announces that it has issued to certain directors, officers, employees and consultants (the “Recipients”) an aggregate of 14,538,689 common shares in the capital stock of the Company as bonuses in relation to the increase in value and significant performance of the Company’s investments. The common shares issued are subject to a four month hold period expiring October 2, 2021.
The Company has also transferred an aggregate of 2,473,024 common shares in the capital stock of Exploits Discovery Corp., 2,000,000 common shares in the capital stock of Opawica Explorations Inc. and 2,000,000 common shares of Origen Resources Inc., all held by the Company, to the Recipients as bonuses. This is instead of the previous RSU plan that was approved by the shareholders at its Annual General Meeting held on December 3, 2020, and is in relation to the increase in value of the Company’s investments over the last fiscal year.
The significant shareholders in Crest are committed to hold their positions long into the future and continue working to build enduring value.
In the words of DB, “Looks like a C$19m resources investment company gave “certain directors, officers, employees and consultants” C$9m worth of company shares AND company assets as bonuses” and he’s right, here’s a little graphic he did to prove it:
Apparently, the wholesome individuals behind this company think that because the share price has done this recently….
….they can award themselves nearly 50% of the market value of the company. DB wonders whether it’s legal, but that’s never been a particularly serious impediment to mining executives.
Yes, quite rightly this is the benchmark for 2021. The year is a little less than half over so there is still plenty of time for some junior co c-suite to top this 🤷🏽♂️
I don’t own this steaming turd – but would urge anyone and everyone to let you know your displeasure be known to the BCSC.
https://www.bcsc.bc.ca/about/contact-us
Criminal. But likely no consequences for these thieves – except reputationally.
Investors: You can certainly get fleeced on the TSXV but this sort of transaction is exceptionally easier on the CSE – An exchange tailormade for moose pasture pump and dumps, weed promotes and psilocybin microdosers.
Since when does the BCSC do anything to stop market manipulation. Honestly the biggest joke played on canadian public. Sad that these depraved executives think they can rescue their inherent lack of self-respect by robbing the very people they are work for in first place. Fucking sociopaths.
Sorry for swearing.
Thank you.