Every why hath a wherefore

Minera IRL (IRL.to) (MIRL.L): SP Angel has the story clear

Here’s what SP Angel, a smarter than the average bear Brokerage in London, had to say about Team Hodges’s latest mudsling this morning:


Minera IRL (MIRL LN) SUSPENDED – Another misleading statement from the board of Minera IRL Limited
  • The mudslinging continues:
  • The board of Minera IRL Limited have issued what in our opinion is yet another misleading statement attacking Diego Benavides.
  • The company report that they have filed a criminal investigation into
    the activities of the President of the subsidiary company Minera IRL SA
    in connection with the $70m bridge loan provided by COFIDE.
  • The investigation relates to a payment made to the structuring agent
    “Sherpa” and paid through a US bank as previously reported by the
    company.  The structuring fee was around $2.1m plus a 0.9% nsr and 11.6m
    shares.  It is our professional opinion that this
    is a fair fee for a structuring agent and the payment through a US bank
    indicates to us that the payment was part of a transparent and fair
    business transaction.
  • Moreover, the company, Minera IRL Limited, under Daryl Hodges has stated
    that the financial statements of the company and related companies are
    in accordance and full compliance with transparency and good governance
    rules.  This was also confirmed by the lender
  • The statement by Minera IRL Limited bears the name of Eric Olson, the
    company coo, though Olson is not a director.  We believe through
    conversation with company employees that Mr Jamie Pinto, the
    non-executive chairman, is the real inventor of these press releases
    and we wonder why his name or the names of any of the other directors
    are not attached.    
  • It may be interesting to note that certain allegations were made against
    Jamie Pinto, a lawyer in Peru, by a Peruvian congressional committee
     in connection with a multi-million dollar corruption and use of insider
  • See this link:
SP Angel analysts are expressing their own views and opinions in this
analysis.  SP Angel has no corporate connection with Minera IRL or its
subsidiaries.  SP Angel holds no shares in Minera IRL and does not have
any current financial arrangements with
the company. 

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