Canaco Resources Inc. (TSX VENTURE:CAN) (“Canaco” or the “Company”) is pleased to announce its Board of Directors has approved a revised budget of $3.5 million for the six months ending December 31, 2012, reduced from $11 million as previously announced (refer to the Company’s news release dated May 31, 2012).
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The Board has granted an aggregate of 6,000,000 stock options to directors, officers and consultants pursuant to Canaco’s Stock Option Plan. The options have an exercise price of $0.40 per share and an expiry date of August 3, 2017.
Pretty savvy management huh? Talk about taking advantage of the people who pay your salary! All the chump shareholders are trapped long hoping for a market rebound that will raise all ships enough to get away from these con artists without extreme pain. I hate to say it because I am one of the trapped longs; the likelyhood of this becoming a mine is about as likely as winning the lottery. Oh wait, crooks don’t play the lottery. They like a sure thing like writing themselves a check for $2.5 Million.
I’m confused by the recent announcement of re-organization and spin-off. Is there any resurrection for this dog?
@stretch23
It doesn’t look like there is any near-term intent to move forward with Magambazi … the goose is pretty much cooked and now we just have a company (or companies) with some cash and a bad reputation doing generic regional exploration in East Africa. Not our cup of tea.