Patagonia gold technical director resigns after forgetting to declare trades
Sep 4, 2014 at 12:52 pm in AIM by contrarianuk
Yesterday Patagonia Gold’s technical director Marc Sale resigned from the board with immediate effect after the company was forced to declare that he had made a series of trades in the company without informing the market. Patagonia gold operates in the southern Patagonia region of Argentina with the Company holds a number of advanced exploration projects in Santa Cruz and is concentrating exploration efforts on three distinct property blocks, being the El Tranquilo, La Manchuria and La Paloma property blocks. In 2013 the company had revenues of $10.1 million and lost around $15 million.
A reissued RNS detailed his transactions as follows, even though his trading behaviour doesn’t look particularly profitable. It appears he that either he didn’t know the rules or choose to forget them as a director of the gold exploration company.
His near immediate resignation suggests that the rest of the board were far from impressed. Given the recent performance of the shares its certainly the last thing the company needs to lose its technical director.
Contrarian Investor UK
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The purchases of share he made were not that great and given his position within the company I wonder how much these people know about Gold Mining. The rights issues devalue small investors stakes and make the share market a very difficult place to invest in. All shareholders should be allowed the same options so that there is a level playing field or a rebate of the devaluation of the shares. The institutional investors get the best chances of making money and the small investor gets screwed! Everyone should look at Timestrip and what happened there.