Past year: ▼ 82%(4.00c – 22.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Feb 2010director officer appointment● Neutral
Locked in President Michael Kurtanjek to the end of 2015 at $15,410 a month with a 1,000,000-share incentive warrant at $1.50 that vests only if the stock reaches $2.00, $2.50 or $3.00; chief financial officer Charles Jenkins was re-contracted on similar five-year terms at $6,900 a month, through his own British Columbia company.
8 May 2009capital raising announcement▲ Good
Restruck Rubicon's 2005 warrants and got the fund to exercise 2,000,000 of them immediately at $0.50, bringing in $1 million -- a negotiated cash injection from the company's oldest investor rather than a new placement.
27 Dec 2007director officer appointment▼ Bad
Raised the monthly fees paid to President Kurtanjek and Chairman Flower's service company, granted 900,000 bonus shares to eight managers and consultants for past work, and put change-of-control severance in place worth about $1.22 million in total -- for a pre-revenue explorer whose Chilean project was still years from a feasibility study.
4 Oct 2007capital raising announcement● Neutral
Rubicon Master Fund converted the entire $5 million preferred stake it had bought in July 2005 into 6,250,000 common shares and sold them on to non-US investors, keeping its warrants over another 6,250,000 shares. White Mountain received nothing from the conversion.
11 Sept 2007director officer appointment▼ Bad
Repriced every outstanding option to $0.50 and extended the expiry of grants held by entities connected to Chairman Brian Flower, director Howard Crosby and President Michael Kurtanjek by two to three years. A board rewriting its own option terms downwards is a board whose stock has not performed.
