IKN

with good capon lined

Two years of BonTerra Resources (BTR.v)

November 2020:

“…on November 6, 2020, the Company received an opportunistic non-binding letter of intent from a large third party regarding an all-share acquisition of the Company. This unsolicited approach, which has since expired, valued the Company at approximately $1.60 per share based on the parties’ relative trading prices on November 6, 2020 and would have required that the Company effectively cease its financing activities, which are necessary to fund its operations, for the rest of the year. Consistent with its fiduciary duties, the Bonterra board of directors (“Bonterra Board”) carefully reviewed the unsolicited approach together with legal and financial advisors. The Bonterra Board made an initial determination that the unsolicited approach significantly undervalued the Company and its long-term prospects.”

November 2022, BTR.v closes at C$0.28 after a NR in which its CEO used both “challenges” and “challenging” in his comments. More impressive management decisions by the Wexford Capital lackeys.

4 Comments

    If a company missed a opportunity in 2020, you know that nothing good came after.

    Quite a lot of challenges in those CEO-comments lately.

    Reply

    Okay, the real reason they refused the $1.60 bid was due to the fact that all directors / management had just received huge options grants with a $1.54 strike price. Clearly, nothing in it for them personally, so why accept ?

    Reply

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