It baffles me that there is a major seller now. We are on the doorstep of significant news and one sells now and has been selling through those new yr lows?
Has to be someone with a significant numbers of shares as well. The tally for Anonymous just for March is 702,500 shares net.
So I have also thought about our practice of acquiring land using cash and shares. I wonder if the shares issued for such are free trading fom the get go or are restricted timewise?
Whatever the reason or origin, it still adds up to selling pressure and a downward force on the SP of ISM. Say for instance this latest acquisition may be trying to turn those shares into cash? Ultimately they should want to be selling at or above .55 cents.
Business Acquisition
On November 25, 2008, the Company completed the acquisition of 100% of the issued and outstanding shares (the “Shares”) of 1691063 Ontario Ltd. ("1691063"), a privately held company, as well as debt due and owing by 1691063 in the amount of $150,000. As consideration for the Shares, the Company paid $250,000 cash and issued 5,000,000 common shares (valued at $2,750,000) to the former shareholders of 1691063. The Company also paid legal fees of $7,500 in connection with the acquisition. 1691063 is the owner of the Desrosiers Property which consists of six claim units located in Desrosiers Township, Ontario.
Details of the acquisition are as follows:
This acquisition has been treated as a business combination using the purchase method of accounting. Under this method, the excess purchase price over the net book value of net assets acquired has been allocated to the interest in mineral property and includes the effect of recording a future income tax liability on the temporary differences arising on the transaction.
The value of the common shares issued is based on the market price of the Company's common shares on the date of the transaction and is estimated at $0.55 per common share.
