Hello everyone,
Chairman Len de Melt owns a staggering 3,970,613 shares of Grenville Gold, 538,887 options and 240,000 warrants ($1,538,301.49 spent on common shares at an average cost of $0.387/share)! After compiling Mr. de Melt's insider activity from sedi.ca you readily come to the conclusion that Grenville Gold is his biggest holding and this, by much...
Company |
Common Shares |
Options |
Warrants |
Total |
Last Close |
Common Shares $ |
Fully Diluted $ |
Common Shares % |
Fully Diluted % |
A |
38,767 |
525,000 |
83,333 |
647,100 |
$ 0.27 |
$ 10,273.26 |
$ 171,481.50 |
0.39% |
4.21% |
B |
343,750 |
200,000 |
|
543,750 |
$ 0.16 |
$ 55,000.00 |
$ 87,000.00 |
2.09% |
2.14% |
C |
3,970,613 |
538,887 |
240,000 |
4,749,500 |
$ 0.33 |
$ 1,310,302.29 |
$ 1,567,335.00 |
49.87% |
38.49% |
D |
1,164,500 |
700,000 |
250,000 |
2,114,500 |
$ 0.30 |
$ 343,527.50 |
$ 623,777.50 |
13.08% |
15.32% |
E |
1,415,000 |
200,000 |
|
1,615,000 |
$ 0.29 |
$ 403,275.00 |
$ 460,275.00 |
15.35% |
11.30% |
F |
|
210,000 |
|
210,000 |
$ 2.77 |
$ - |
$ 581,700.00 |
0.00% |
14.28% |
G |
1,250,000 |
200,000 |
|
1,450,000 |
$ 0.38 |
$ 475,000.00 |
$ 551,000.00 |
18.08% |
13.53% |
H |
214,000 |
|
|
214,000 |
$ 0.14 |
$ 29,960.00 |
$ 29,960.00 |
1.14% |
0.74% |
Legend
A = Acero-Martin Exploration Inc. (ASD:TSX-V)
B = Canadian Shield Resources (CSP:TSX-V)
C = Grenville Gold Corporation (GVG:TSX-V)
D = International PBX Ventures Ltd. (PBX:TSX-V)
E = Journey Resources Corp. (JNY:TSX-V)
F = Norsemont Mining Inc. (NOM:TSX)
G = Tech Solutions Capital Corp. (TSL:TSX-V)
H = G4G Resources (GXG:TSX-V)
This could be why, in reference to properties he has vended out over the years, Len de Melt has stated "[…] the best ones I've kept aside for my personal pet projects, which, as it turns out, is Grenville Gold […] Our plan is to put at least four mines into production over the next four years."
Mining Stocks to Watch…Grenville Gold – James West – Resource World Magazine 2007
Moreover, he is quoted saying "I liked the company so much I wanted to buy it!"
Further, "The opportunities that we have in Peru are very exciting and I am confident that we will be able to generate significant value for our shareholders"
Grenville Gold - September 26th 2006 News Release
Now on December 13th 2007, the following news could be read: "Journey Enters Into Letter of Intent With Grenville Gold to Acquire Interest and Form Joint Venture on Silveria Project […] The terms of the letter of intent between Grenville, its Peruvian subsidiary and Journey include certain payment and expenditure requirements by Journey. The payment requirement consists of a non-refundable deposit in the amount of CDN$200,000 upon signing of the letter of intent. Journey must also fund an amount of CDN$2,800,000 in development and exploration expenditures on the Silveria Property on or before March 15, 2008, at which time Journey will have been deemed to have earned a 25% interest in and to the Property, and a joint venture between Journey and Grenville will have been formed.
If Journey funds a further CDN$3,000,000 in development and exploration expenditures on the Silveria Property, on or before November 30, 2008, Journey will have earned a 50% interest in and to the Property under the joint venture. At this time, Journey will maintain an option to earn an additional 25% interest in and to the Property for a total 75% interest, by funding a further CDN$6,000,000 in development and exploration expenditures on the Property on or before January 31, 2011."
I contend that Grenville Gold is Len de Melt's no. 1 play and Silveria his no. 1 Property: it is very unlikely that JNY ever owns more than 50% of Silveria. Moreover, to earn interest in the Property Journey will have to substantially increase its share float for financing which will diminish the intrinsic value of each JNY share; Mr. de Melt surely knows this. Grenville Management meanwhile will be able to maintain a tight float…
After speaking with the company, I was told that if Journey meets its conditions on or before November 30, 2008, they will have earned 50% of the 100% interest in and to the Property under the joint venture (not 50% of 90%). Grenville would thus be left with 40% of the Property.
In the past Grenville has increased ownership to its now 90%-owned subsidiary in Peru which owns the Silveria Property, Espanola Property and the Chorobal Property; in the future perhaps 100% ownership for 50% of Silveria?
I_Luv_GVG
