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Message: Northern Capital Resources Corp(NCRC)

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Northern Capital Resources Corp(NCRC)

posted on Nov 11, 09 09:03AM

NCRC is a PRIVATE company that is controlled by the president of Legend,Joe Gutnick. In the just filed 10Q it states that Legend participated in two private placements from NCRC and that Legend "invested" almost A$10 MILLION for a 21.3% interest in the company. It also states :The Company to date has not been provided with current financial
information by NCRC in order to make an assessment of the fair value of the
assets of NCRC. As such, it is not able to disclose the financial impact on the
Company of the business combination until it receives such information and is
able to assess the fair value.
How are us shareholders supposed to know where our money went?

What is NCRC and what does it own other than a "substantial interest" in Golden River resources,GORV on the OTCBB, that Gutnick runs and owns 97% of the stock? GORV holds a 68.7% interest in TSX listed Acadian Mining. So did Legend just indirectly "fund" Acadian Mining??

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