"Minera IRL: It's beginning to dawn on Cofide
...that they're deep in the excrement. About time too, the frea kin' [email protected]$$es. I mean, this band of fools try to get an asset for U$70m, then when Minera IRL doesn't just roll over and play dead demand an arbitration procedure without even noticing how weak Cofide's case is, then when they see their case is weak try everything in their power to stop the arbitration from moving forward. And now the connection between Cofide's chief Pedro Grados and the piece of [email protected] hired by Daryl Hodges to steal the company back in 2015, Jaime Pinto, is finally coming to light. The truth behind that cosy partnership has only just begun to be revealed, too.
Meanwhile, according to the on-record statements of the IRL chairman, the company can't wait to get the arbitration process going. What does that tell you?"
LIMA, PERU--(Marketwired - Oct. 2, 2017) - Minera IRL Limited ("Minera IRL" or the "Company") (BVLAC:MIRL)(CSE:MIRL)(CNSX.MIRL)(CSE.MIRL.CN), is pleased to announce the appointment of Mr. Jesus Armando Lema Hanke and Mr. Santiago Valverde Espinoza to the Company's Board of Directors, effective 01 October, 2017.
Jesus Armando Lema Hanke is an attorney with over 25 years of experience in corporate law, specialized in international economics, stock market and foreign investment.
Santiago Valverde Espinoza is a metallurgical engineer with over 30 years of experience in mining. Mr. Espinoza has a PhD in Environmental and Sustainable Development, is the ex-President of the Peruvian Engineer College of Metallurgists, and is a frequent speaker on the topic of monitoring and environmental risks. He is also PHD head professor at the National Engineering University of Peru on tailings management and technology.
Gerardo Perez, Executive Chairman of the Board of Minera IRL, commented, "We are delighted that Armando and Santiago have agreed to join our Board of Directors and we look forward to the contributions that their experience in the financial and capital markets, as well as their metallurgical, social and environmental skills, can bring to our efforts to execute on our vision for Minera IRL's flagship gold project at Ollachea."
With these appointments, the Company Board now consists of five directors, three of whom are independent directors.
If you need the money I suggest you contact the Sipp provider and tell them you want to cash in. Should they advise that its not possible due to the stock not being listed in the UK then you could ask them to trade on the Canadian exchange. They have a responsibility to find a solution.
If you're not desperate for the cash then I would sit tight for a while - I'd be really surprised if they are not re-listed on Aim before year end.
So JohnyCash, does this mean there is a way to get some of our money back on this share? Do you have a view on what the process is? Mine are sat in a SIPP, do I contact the SIPP provider and ask them to be transferred to a "Custodian" and then speak with the Custodian to do a "manual trade"? many thanks.
There is no Corporate Action in my trading account re MIRL. Further there is no mention of this issue on the LSE and ADVFN bulletin boards, so cannot have affected too many shareholders. Perhaps it is only those who have their shares in a Crest account.
This looks slightly dodgy to me. Who is the custodian, and why such is such a rapid response required? Are you sure that this is not a scam? Were you asked to click on a link to respond? Incidentally, who is your broker?
It is possible to telephone trade MIRL shares if you have a TDDirect account, so would probably better asking to transfer your shares to them, rather than to an undisclosed custodian.
As a holder of Minera IRL Ltd Ordinary Shares of No Par V we write to
advise you that Minera IRL Limited shares have begun trading on the
Canadian Securities exchange from 3 February 2017.
It is the companys intention to resume trading in London soon but no
date has been given at present. The company is in discussions with a
London based financial adviser whom the company expects to appoint to
explore the options for relisting the company in London.
Your shares are not tradable on the London Stock markets.
To facilitate trading in this stock on the Canadian market, we are moving
your holding from Crest to our custodian.
Timescale for providing your instruction
The deadline for providing your instruction is 2pm on 10 March 2017.
If we do not receive an instruction from you by this time, we will move
your holding to our custodian on your behalf.
Daryl Hodges news: The p1$$poor lying scumbag parasite gets called out again
Thank you reader 'S' for the heads up on this.
The 'Concerned Shareholders' news release out today regarding Rapier Gold (RPR.to) is a pretty typical one that comes before a proxy slate battle and starts like this:
Destroyed Shareholder Value. The Concerned Shareholder, Delbrook Capital Advisors Inc., believes that the management and Board of Directors of Rapier Gold Inc. have destroyed considerable shareholder value and continue to operate the Company without a clear strategy focused on maximizing shareholder returns.
And who is one of the members of the current board of directors? Why, none other than Daryl Hodges! Destroyer of Jennings Capital and the person who tried to rape Minera IRL by making false accusations about its people, lying to its shareholders and crushing the share price.
Bad news follows this scumbag round like a stray dog. Mr McEwen, pay special heed.
" Yesterday this humble corner of cyberspace linked through to the interview Peru's highly regarding bizmedia house Semana Economica had with Diego Benavides, CEO of Minera IRL. Here's a translation of the four questions and answers contained within, they're well worth reading carefully:
Semana Economica: In 2015 and 2016 there was an internal power struggle at Minera IRL. Are all the problems now resolved?
Diego Benavides: "All the legal actions brought against me by the ex-directors of IRL have been dismissed. We've managed to re-list our shares in Lima (BVL) and Toronto (CSE). The next step is to re-list in London (AIM), which should be in 3q17. London is very important (to us) as 55% of our shareholders are there, above all the institutions."
SE: When will production start at your Ollachea project?
DB: "The objective is to begin construction as soon as possible, we could begin within three or four months and between June and July 2018 we would be in production. The estimated capex was around U$180m, but our debt capacity has a limit and we do not want to dilute our shareholders (by emitting a lot more shares. Due to this we are optimizing the project and reducing capex to U$30m."
SE: How will the project change?
DB: "We're looking to reduce the daily throughput from 3000 tonnes to 1500 tonnes. This will allow a reduction in construction time from two years to one year. In the first two years we would produce around 60,000 or 70,000 ounces of gold (instead of the current estimate 100,000 ounces). In year three, with positive free cash flow, we will expand volume to 2000 or 2500 tonnes and gold production pays for capex and opex, which will allow shareholders to have upside."
SE: In 2015 Cofide awarded a U$70m bridge loan to IRL in order to finance Ollachea. How has that advanced?
DB: "There were two conditions to secure the final loan. First a drill program which is now complete and has increased the inferred resources at the project by around half a million ounces. Second, the change of the construction contract from an EPCM to an EPC "turnkey" deal, which hands off construction risk to the contractor.
We will talk with Cofide in order to determine whether a syndicated loan is the most appropriate (as initially thought) as it will weigh us down with debt. We have to lighten this. The current plan is to restructure with leasing and reduce principal financial debt. We believe the final debt deal can be ready by June."
Currently trading at C$ o.165 (10p) to Sell and C$0.18 (11p) to Buy.
The problem is finding a broker who will trade in Canada, and on the CSE.
I have been informed that TDDirect will offer telephone trades on the CSE. However, currently you cannot view this stock from a TDD share dealing account, although that may change.
Minera IRL Limited announces revocation of cease trade orders
Minera IRL Limited ("Minera" or the "Company") (BVL:MIRL) announces that the Ontario Securities Commission, as principle regulator, and the British Columbia Securities Commission have revoked the cease trade orders issued on October 28 and October 16, 2015, respectively (the "Cease Trade Orders").
And the view from IKN:
"Yes, you know it's true. CEO Diego Benavides gets more done in two months than two useless and self-serving boards of directors do in two years."
Minera IRL up 200% in early trading
Between late yesterday and early this morning, the first trades of Minera IRL have gone through since its long hiatus was brought to an end by the re-listing of shares on the Peru stock exchange (BVL). So far a modest 1.2m shares have changed hands so it's a bit early to draw firm conclusions, but the current price of the stock is U$0.165. That's the equivalent of CAD$0.21 approx, which compares to the stock's last traded price of CAD$0.07 in Canada before the Daryl Hodges scamsters tried to steal the company from its shareholders.
This 200% price rise is also the reason why the last board of rip-off merchants, led by the Eagle Mining trio of Weyrauch, Bee and Schafer and abetted by Bavin and O'Kelly, were so slow about getting the stock re-listed but so so keen on getting the chance to distribute over 115m new shares to the people of their choice.
But fortunately, instead of being ripped off shareholders decided to kick out the board of scamsters and now under the guidance of Diego Benavides they're getting the upside they deserve.
UPDATE: Minera IRL finished the day in Lima at U$0.148 but the fun thing was the volume, over 2.5m shares traded. Also interesting was the way stockbroker Seminario SAB was phoning round every small holder of IRL they could find, trying to convince them to sell into this opening flush. That's because Napoleon Valdez was using Seminario SAB to buy hand over fist and get his hands on as many shares as he could.
"Ahh, good news for all long-suffering shareholders of Minera IRL:
..................................... then some documents in Spanish ......................
"That's the first and most important of the five resolutions as passed by the BVL on IRL in that document and what it means is simple: The BVL has allowed Minera IRL to re-list its shares and start trading again. This is very good news, because this is the main blockage for re-listing in Canada and the UK, too. IRL is back, ladies and gentlemen and isn't it amazing that as soon as the bad boards of directors are removed, the paperwork suddenly goes through and the company starts putting its shareholders first. Must be a coincidence..."
"UPDATE: Just received confirmation from the BVL: Minera IRL shares will begin trading again tomorrow morning, Wednesday January 4th. "
LIMA, PERU--(Marketwired - Jan. 4, 2017) - Minera IRL Limited ("Minera IRL" or the "Company") (BVLAC:MIRL), the Latin American gold mining Company, is pleased to announce that Peru's securities regulatory commission, the Superintendencia del Mercado de Valores, ("SMV") has lifted the suspension of trading of the Company's shares on the Peruvian stock market, the Bolsa de Valores de Lima. ("BVL").
In an official resolution, the SMV stated that Minera IRL had provided all documentation and information required to allow a return to trading on the Bolsa de Valores de Lima, and hence declared that the suspension of trading on the BVL is no longer in effect.
"We are very happy to have complied with all the requirements of the SMV that will allow us to reinitiate trading once again on the BVL. We want to thank our shareholders for their patience and for their confidence. We will continue to work hard to deliver positive results for our shareholders and to add value to the company," said Diego Benavides, a founder of the company and a newly-appointed director and chief executive officer.
SMV's resolution also confirmed the primary status of the listing of the Company's shares on BVL. It does so by recognizing that the shares of the Company are considered "domestic" securities for the purpose of the Peruvian Securities legislation, which means that the Company is subject to Peruvian legislation on companies whose shares are listed on the BVL, including regulations for the submission of information, public tender offers and exempt takeover bids, which legislation prevails over any other provision regulating issuers of securities incorporated outside of Peru.
The Company also has submitted all requested documents for revocation of the cease trade order from the Ontario Securities Commission ("OSC") and is awaiting word from the OSC on its application; which if granted would pave the way for the Company to make final application for listing on the Canadian Securities Exchange ("CSE"). The Company also is considering contracting a financial advisor ("NOMAD") as part of the first steps to a possible relisting in London.
The Company has US$ 6.8 million in available cash and remains committed to improving efficiencies and lowering cost.
The Company is focusing on bringing on-stream its flagship Ollachea gold mine, located in the Puno region in southern Peru. A drilling program of approximately 5,200 meters has been completed in the Minapampa Far East zone. Modeling and additional metallurgical tests are expected to be available by mid-first quarter of 2017.
The pre-engineering studies for the Ollachea project are underway following the efforts to optimize the cost of the CAPEX. The report is expected in the first quarter of 2017, and the results will allow the company to proceed with its initial step to agree on a Feed / EPC/ Operation contract with a first-class construction company.
The company has reduced the amount of government-mandated financial guarantees for its Ollachea project mine closure plan. The Company has a mandate with Peruvian government Bank COFIDE (Corporación Financiera de Desarrollo) to structure a syndicated senior loan for US$240 million.
As part of its continuing social responsibility programs, Minera IRL has been hosting annual Christmas functions in the communities related to its projects for twelve straight years. The Christmas festivities in 2016 drew more than 2,500 needy children and community members from the area of influence for the Ollachea Project.
The Company's Corihuarmi gold mine in central Peru has to date drilled approximately 50% of an exploration drilling program of 3,062 meters. Total 2016 production to the end of December from Corihuarmi was 23,448.85 ounces and total sales were worth US$26.77 million."
Minera IRL Announces Board Appointments and Management Changes
Dec 5, 2016 - 09:00 ET
LIMA, PERU--(Marketwired - Dec. 5, 2016) - Minera IRL Limited ("Minera IRL" or the "Company") (BVLAC:MIRL), the Latin American gold mining Company, is pleased to announce the appointment of :
Mr Diego Benavides as Director and Chief Executive Officer,
Mr Michael Iannacone as Independent Director,
Mr Gerardo Perez as Independent Chairman and
Mr Carlos Ruiz de Castilla as Chief Financial Officer,
effective December 5th, 2016.
The lowly number of votes cast (75,919,070 representing 32.8% of the Company's outstanding ordinary shares), suggest that Rio Tinto did not vote. Their 44,126,780 votes could easily saved all the directors, but not even (ex-Rio Tinto) Julian Bavin survived the cull. Only Gerardo Perez was spared following IKN's late endorsement. It was Rio Tinto's interference that saved Jones & Fryer at the previous EGM, and caused this mess, so a wise decision from them to abstain this time.
Now Mr Perez has the job of appointing a new board. Let's hope he, like Rio Tinto, has learned a few lessons and chooses wisely. A good start would be to re-appoint Diego Benavides to gain local Peruvian support. Another suggestion would be to re-appoint the short lived Jorge Ramos, CEO of Cofide, who resigned after less than a week of trying to work with Jones, Fryer and Bavin. Lastly, perhaps re-appoint ex CFO Brad Boland. He has knowledge of the company, and had he integrity to walk out rather than work with dross like Jamie Pinto, Jones and Fryer. Who knows, perhaps SP Angel could now fill our long wait for a NOMAD?
Minera IRL Limited Announces AGM Results
LIMA, PERU--(Marketwired - Nov. 30, 2016) - Minera IRL Ltd (BVLAC:MIRL) (the "Company") announces the results of the Annual General Meeting of Shareholders held on November 30, 2016 in Vancouver, Canada (the "AGM").
The Company put forward nine (9) resolutions to be voted on by shareholders at the AGM. The resolutions were outlined in the Management Information Circular dated 25 October 2016 that were posted to shareholders and is available on the Company's website at www.minera-irl.com.
A brief description of the matters voted upon and the voting results of the AGM are provided in "Appendix A - Meeting Results" at the end of this press release. The total number of ordinary shares represented by shareholders present in person or by proxy at the Meeting was 75,919,070 representing 32.8% of the Company's outstanding ordinary shares.
Board of Directors
Pursuant to the articles of association of the Company (the "Articles"), each of the five directors of the Company in office prior to the AGM were proposed for election/re-election at the AGM.
Prior to the AGM, each of Mr Julian Bavin, Mr Derrick Weyrauch and Mr Robert Schafer withdrew their consent to stand for election/re-election and as such the resolutions relating to such directors were not put to the AGM. Accordingly, each of Mr Bavin, Mr Weyrauch and Mr Schafer are no longer directors of the Company.
The resolutions to elect/re-elect each of Mr Francis O Kelly and Mr Gerardo Perez were put to the AGM.
The resolution to elect Mr O Kelly was not passed and as such Mr O Kelly is no longer a director of the Company.
The resolution to elect Mr Perez was passed and as such Mr Perez remains the sole director of the Company.
Pursuant to the Articles, Mr Perez has authority to appoint further directors. The minimum number of directors with which the board can make substantive decisions is three, so Mr Perez intends to appoint an additional two or more directors as soon as practicable.
The resolutions to accept the financial statements of the Company for the year ended December 31, 2015 and to appoint PKF Littlejohn LLP to be the auditor of the Company for next year were passed.
The resolutions to adopt new articles of association and granting the directors the authority to allot up to 115,567,514 ordinary shares without the application of the Company's pre-emptive rights described in Article 6.1 of the Articles did not pass, and will not be put into effect.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.
Well it's past 3pm in Vancouver Canada. The AGM was scheduled to start at 10am.
So more than 5 hours after the AGM was to start, there is still no news, not even from IKN.
Looks like more funny business to me. The board of MIRL again seem adverse to counting votes.
"The board of directors of Minera IRL are meeting tomorrow Monday to decide whether to postpone the AGM. If they do, they will have a maximum of two weeks to re-schedule (it must take place within one calendar year of the last AGM or EGM and if memory serves, that is December 14th latest date). If they decide to postpone it means only one thing, that they know theyre losing the AGM vote and will desperately try to save their hides with some sort of Hail Mary play in the two extra weeks, potentially releasing the now overdue drilling results from Ollachea and spin-marketing with those, potentially trying to convince Rio Tinto to vote actively, potentially attacking yours truly personally. Maybe even because they want to get an extra months salary and find reasons to draw a few extra fat consultancy fees before getting booted out. So at this point I recognize that theres a chance that the AGM is delayed for a couple of weeks, well find out tomorrow. If it happens, just add it onto the pile of self-serving and corporately expensive decisions this board has made, but it would also be the strongest signal possible that they are losing and we are winning."
"After an interesting afternoon meeting with Peruvian shareholders of Minera IRL (who control many millions of shares) it has become crystal clear to your author that the current directors of Minera IRL, led by arriviste Derrick Weyrauch, is trying to steal the company and its assets away from the shareholders in much the very same way that the scumbag Team Hodges attempted to do last year.
The method they're using is to try and push through some draconian changes to the company in the hastily convened AGM set for November 30th, which is set to do the following:
Remove the company permanently from the London Stock Exchange.
Remove the company permanently from the Lima Stock Exchange (contrary to their current corporate position).
Give the board of directors, a group of people with virtually zero shares in the company, the right to allocate up to 115m shares to whoever they want and at any price they want without getting any further permission from their shareholders.
Sell a massive part of the company's assets to their preferred friends at a near-criminal discount the true value of the company, all to the detriment of current shareholders.
The group of Peruvian shareholders with whom I spoke today are up in arms about the way in which the directors of IRL, led by Weyrauch and the George Bee asset strippers and in cahoots with Rio Tinto, are trying to steal the company all over again. On hearing their case and reading through the 2016 Management Information Circular carefully this evening after meeting with the group of concerned shareholders, I am forced to agree. The Peru shareholders have decided to vote en masse against the current board on November 30th and in order to stop this legalized asset rape, they need everyone in The UK and Canada to know what's going on.
You have certainly not lost your money while the company is still trading. The problem is that MIRL delisted from AIM, followed by the the Canadian and Bolivian stock exchanges. This means that it impossible to trade your shares anywhere, so they are effectively in limbo.
As and when MIRL re-lists (probably on a Canadian exchange) it will become possible to trade your shares. However, many UK brokers do not offer trading on the Canadian exchanges, so you may need to open an account with a broker who does to trade MIRL's Canadian quoted shares.
While this may be fiddly and messy, it is much better than writing off your investment, which looked very likely until about a month ago.
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