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.