Hello there-
I have been reading through the audited financial statements and want to share a few observations of concern:
1. 3 claims are/have been in dispute with Sheridan.
2. One of the properties in dispute includes:
Desolation Lake claims
The Company owns a 50% interest in 30 claims (2010 – 58 claims) in Ontario. The claims are jointly held with Sheridan via a verbal agreement. Claim titles of the Desolation Lake property are held 100% under the name of the Company. During the fiscal year 2011, due to a dispute, Sheridan refused to pay its share of the costs incurred on the property. Since Sheridan did not fulfill its commitment, Sheridan’s interest would either be diluted or forfeited. As at April 30, 2011, the Company has recorded all of the costs incurred to date.
3. Near the end of the report, Table of Exploration Expenditures lists Camp Drilling Assays reveals that Desolation Lake has incurred costs of $700,000. What was this all about??
Not a fan of Sheridan and don't trust this business connection one bit to Peter. A verbal agreement, are you kidding me?? What a joke. So is this how Sheridan gets out of paying up for his share of the costs??
Why does Peter and Sheridan always do business together? On the surface you would think it is not working out, but i feel these are just slimy gimmicks.
Shareholders - get this joke of a CEO out of here.
Eudaimonia
