Welcome!

News Feed Item

Concerned Shareholder of Monument Mining Limited Objects to Highly Dilutive Financing

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/14/13 -- GoldMet B.V. (the "Concerned Shareholder") is extremely disappointed by the announcement that Monument Mining Limited ("Monument" or the "Company") is seeking to issue up to 76% of the number of its current outstanding common shares in a highly dilutive financing. GoldMet notes that Monument is cash flow positive and has alternate sources of financing readily available. GoldMet is alarmed that Monument now apparently seeks to bring strategic investors into the company, possibly in a manner structured to avoid shareholder approval, and is avoiding accountability to shareholders at its now overdue annual shareholder meeting.

The Concerned Shareholder calls on Monument to convene a shareholder meeting as quickly as possible to consider the proposed offering and overdue annual business of Monument.

The Concerned Shareholder objects to a massive dilution to the interests of current shareholders in this cash-flowing investment at a time when the board should be looking to increase income for the benefit of shareholders rather than engaging in unjustified capital infusions without clear purposes for the proceeds.

The Concerned Shareholder notes the following particular issues with the conduct of Monument:


--  Financial statements of Monument for the year ended June 30, 2012
    disclose net income in excess of $59 million. Technical advisors to
    Monument have recommended a $14.1 million drilling program in connection
    with project development. The Concerned Shareholder believes that this
    in no way justifies the issuance of 76% of the current stock of Monument
    in the proposed $80 million highly dilutive financing. 
--  Monument obtained court approval to delay its annual meeting deadline to
    March 31, 2013, thus avoiding any annual meeting of shareholders in
    2012, with an imminent possible transaction requiring shareholder
    approval as cover. The Concerned Shareholder has sought, but not yet
    received Monument's commitment not to complete its highly dilutive
    placement in a manner that avoids shareholder approval and avoids being
    held to account by shareholders of Monument. 
--  If Monument truly seeks to fast-track development of the Mengapur
    Project, GoldMet understands that Tulum Corporation, which has
    previously offered shareholder approved financing, has agreed to finance
    Monument. Management has now, without consulting shareholders,
    apparently rejected that offered financing, and seeks instead to raise
    an amount of money that far exceeds the expert recommended work program
    at the Mengapur Project. 
--  Monument describes its engagement with "certain Malaysian strategic
    entities" to subscribe for "a significant portion of the (o)ffering".
    The Concerned Shareholder objects to any backdoor takeover bids by way
    of such subscriptions and insists that an independent committee of the
    board of Monument be formed immediately to ensure that the interests of
    current shareholders are being respected. 

The Concerned Shareholder has written to the TSX Venture Exchange objecting to the proposed transaction on the grounds described above. The Concerned Shareholder continues to seek advice on other possible remedies and may take other steps to protect shareholders of Monument from further efforts at management entrenchment and the destruction of shareholder value. Shareholders of Monument are invited to contact GoldMet and join in this urgent complaint to regulators.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained herein are "forward-looking statements" within the meaning of applicable securities laws. Often, but not always, forward-looking statements may be identified by their use of forward-looking terminology such as the words "plans", "expects", "expected", "projects", "believes", "anticipates", "intends", "estimates", "scheduled" or other similar words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to known and unknown risks, uncertainties and other factors which could cause actual results, performances or achievements to differ materially from future results expressed or implied by such forward-looking statements. Factors related to such risks and uncertainties, and underlying estimates and assumptions include, among others, the Concerned Shareholder's assessment of the effect of the proposed changes on the Company and on the shareholders of the Company, the timing and prospects for the implementation thereof, general economic and market conditions, changes in law and the ability to implement business strategies and pursue business opportunities. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the Company's filings with applicable Canadian securities commissions, copies of which are available at www.sedar.com. Accordingly, undue reliance should not be placed on forward-looking statements or information. We do not expect to update forward-looking statements or information continually as conditions change, except as may be required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
Infrastructure is widely available, but who’s managing inbound/outbound traffic? Data is created, stored, and managed online – who is protecting it and how? In his session at 19th Cloud Expo, Jaeson Yoo, SVP of Business Development at Penta Security Systems Inc., discussed how to keep any and all infrastructure clean, safe, and efficient by monitoring and filtering all malicious HTTP/HTTPS traffic at the OSI Layer 7. Stop attacks and web intruders before they can enter your network.
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, provideed economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session also included a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York. Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flo...
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera MyS...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.