Title : Revelo Resources (RVL.v): Jobs for the boys
link : Revelo Resources (RVL.v): Jobs for the boys
Revelo Resources (RVL.v): Jobs for the boys
The NR out of Revelo Resources (RVL.v) this morning is so moronic, it's funny. It's so dumb, it zooms straight past the insult to shareholders that it was obviously intended to be and is plain straight funny. Need an example of how junior mining lifestylers carve shareholders into bits while cutting fat cheques? Read on, esteemed lector of IKN:
In fact the NR that announced the approval of shares-for-debt, cuts in salaries etc affected Chair Michael Winn, the directors and staff in Chile (e.g. VP Expl) but in order to keep this uncluttered, IKN focuses on the person at the centre of the company, its CEO Tim Beale. He wasn't the big one (that was the debt-4-shares for Winn) but is certainly the best example, as Beale has converted $373,000 in fees accrued over 30 months into 2,487,760 shares (at 15c apiece, post 10-to-1 rollback completed last week). He has also taken a 50% pay cut, effective December 2019.
Well, isn't that nice of him? So, let's check on how much this guy has earned recently via the SEDAR filings:
Okay, he's on $20,000 a month cash. At least the CFO isn't utterly shameless. And for company that achieved nothing, even while it had cash in treasury. Then when the money ran out, 2018 and 2019 saw RVL become a 1.5c stock, dead as a doornail. No cash, no development and no reason to invest. But of course all that time, CEO Tim Beale keeps accruing and by the looks of things, we can even work out when his paychecks stopped flowing, as $373k owed puts us 19 months into the past. As the restructure plan was agreed on Feb 6th 2020, CEO Beale was still being paid his full whack in cash in July 2018. That's over $310,000 out of the company while all the time it was doing this:
That above is post 10-for-1 rollback, which means all that time he was doing very little and achieving fuck all and getting $20k and month for the pleasure. And when the money ran out, not a thought of being a real CEO, all thoughts of being a Vancouver rip-off CEO and just keep those accruals going, year after year. Which means that now, for the first time ever, Tim Beale is a significant shareholder of the company, as before this deal he only owned 53,207 shares of his own company, despite being President, CEO and a director since 2011. As stated, utterly shameless.
In fact the NR that announced the approval of shares-for-debt, cuts in salaries etc affected Chair Michael Winn, the directors and staff in Chile (e.g. VP Expl) but in order to keep this uncluttered, IKN focuses on the person at the centre of the company, its CEO Tim Beale. He wasn't the big one (that was the debt-4-shares for Winn) but is certainly the best example, as Beale has converted $373,000 in fees accrued over 30 months into 2,487,760 shares (at 15c apiece, post 10-to-1 rollback completed last week). He has also taken a 50% pay cut, effective December 2019.
Well, isn't that nice of him? So, let's check on how much this guy has earned recently via the SEDAR filings:
Okay, he's on $20,000 a month cash. At least the CFO isn't utterly shameless. And for company that achieved nothing, even while it had cash in treasury. Then when the money ran out, 2018 and 2019 saw RVL become a 1.5c stock, dead as a doornail. No cash, no development and no reason to invest. But of course all that time, CEO Tim Beale keeps accruing and by the looks of things, we can even work out when his paychecks stopped flowing, as $373k owed puts us 19 months into the past. As the restructure plan was agreed on Feb 6th 2020, CEO Beale was still being paid his full whack in cash in July 2018. That's over $310,000 out of the company while all the time it was doing this:
That above is post 10-for-1 rollback, which means all that time he was doing very little and achieving fuck all and getting $20k and month for the pleasure. And when the money ran out, not a thought of being a real CEO, all thoughts of being a Vancouver rip-off CEO and just keep those accruals going, year after year. Which means that now, for the first time ever, Tim Beale is a significant shareholder of the company, as before this deal he only owned 53,207 shares of his own company, despite being President, CEO and a director since 2011. As stated, utterly shameless.
And here endeth the lesson, another example of how Simon Ridgway's shining path of "me first fuck you all" has shaped his underlings and mini-mes over the years, toerags the lot of them. At the end of today's NR, RVL states it is now searching for financing. IKN can help on that with a smart strategy; first you guys all put up a million each of your own fkn money, go and do some fkn work for a change, get some decent geology work done, move the share price up and then run a second round of financing. At that point, come and ask, assholes.
DO NOT FEED THE ANIMALS
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