drowsy syrups of the world

Gold Resource Corp (GORO) news

Breathtaking brass neck from the Reids today. Here’s the filing and here below is the body of the text with your author adding a bit of red bold type and underlining, just for funnies:
Item 1.01. Entry into a Material Definitive Agreement
On January 31, 2014, the Audit Committee of the Board of Directors of Gold Resource Corporation (the “Company”) approved a consulting arrangement with William Reid, the Company’s former Chairman and Chief Executive Officer and a shareholder beneficially holding greater than 5% of the Company’s outstanding common stock. The Company entered into a written consulting agreement with Mr. Reid, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein. The Company agreed to retain Mr. Reid on a month-to-month basis for $15,000 per month to assist the Company with identification and development of potential new mining projects. The agreement is terminable at any time by either party. 
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Effective February 1, 2014, and pursuant to approval by the Compensation Committee of the Board of Directors, certain executive officers of the Company received an increase in the annual base salary set forth in his respective employment agreement with the Company. Chief Executive Officer and President Jason Reid’s annual base salary was increased to $600,000 per year, Chief Operating Officer Rick Irvine’s annual base salary was increased to $350,000 per year and Chief Financial Officer Joe Rodriguez’s base salary was increased to $250,000.
Or in other words, the person who just retired is being brought back on to look for new mining projects that the company can’t afford, while the people now running the shop are fed up with trying to give themselves worthless options, so this time they’re simply ripping more cash out of treasury for their own back pockets, despite overseeing a 12 month stock price performance that looks like this…
…and running a company that can’t turn a net profit to save its life.

Leave a Reply

Your email address will not be published.

Hello, you are not in a chatroom, you are in my living room. Opposing views and criticisms welcome, insults or urinating on furniture unwelcome. Please refrain from swearing if possible, it is not needed.