Lexit
11 years ago
FYI- Jaqcues Vallee of Excel Mining got beaned by the AMF.
Google Translation:
Montreal - Several criminal decisions related to the illegal distribution of securities of companies Andréane Mineral Resources , HE- 5 Resources and Minerals Izza recently been made under which fines totaling $ 1,263,000 were imposed against four individuals and three companies.
In June 2013, Andrea Cortellazzi pleaded guilty to six counts of unlawful practice of broker and investment aid illegal and fined a total of $ 40,000 . In October 2013 , Serge Ollu also pleaded guilty to 33 counts of illegal practice and using illegal distribution and was fined a total of $ 303,000 . In October , Denyse Raynault also pleaded guilty to 30 counts of using illegal distribution and fined a total of $ 225,000 in his capacity as administrator of the company HE- 5 Resources at the time of the alleged . Finally, in November 2013 , Jacques Vallée pleaded guilty to eight counts of using illegal distribution and fined a total of $ 60,000 .
As companies Izza Minerals and HE- 5 Resources, they both registered guilty pleas to a series of heads of illegal distribution and respectively fined of $ 75,000 and $ 240,000 . As the company Mineral Resources Andréane , she was convicted on 16 counts of illegal distribution after a trial in absentia in November 2013 , she was sentenced to fines totaling $ 320,000 .
The Financial Markets Authority is the regulatory and supervision of the financial sector in Quebec .
- 30 -
information:
Media only:
Sylvain Théberge : 514 940-2176
Information center :
Quebec : 418 525-0337
Montreal : 514 395-0337
Other areas : 1 877 525-0337
www.lautorite.qc.ca
Twitter: @ lautorite
https://translate.google.ca/translate?sl=fr&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.lautorite.qc.ca%2Ffr%2Fcommuniques-2013-corpo.html_2013_ressources-minieres-andreane-plus-de-1-2m-en-amendes-imposees17-12-2013-09-3.html
Lexit
13 years ago
Info on Galli & another AMF hearing for EGM.
There are 2 ongoing cases: 2011-026 & 2011-033
9.
Autorité des marchés financiers
(Girard et al.)
IAB Media inc., Conseils Hilbroy inc. et Jean François Amyot
(Davies Ward Phillips & Vineberg s.e.n.c.r.l, s.r.l.)
6570542 Canada inc. et Andrew Barakett
(O’Brien Avocats, s.e.n.c.r.l.)
Neuro-Biotech inc., Wanderport Corp., Andrea
Cortellazzi et Serge Ollu
2011-026
Alain Gélinas
Claude St Pierre
20 janvier 2012
9 h 30
Requête visant l’émission de
diverses ordonnances de
sauvegarde incluant un huis clos et
une ordonnance de non-publication
17.
Les Mines d’Or Excel inc.
(Me Louis Riverin)
Autorité des marchés financiers
(Girard et al.)
2011-033 Alain Gélinas
Claude St Pierre
9 février 2012
9 h 30
Demande de révision d’une
décision de l’Autorité des marchés
financiers
18.
Les Mines d’Or Excel inc.
(Me Louis Riverin)
Autorité des marchés financiers
(Girard et al.)
2011-033 Alain Gélinas
Claude St Pierre
10 février 2012
9 h 30
Demande de révision d’une
décision de l’Autorité des marchés
financiers
More info on 2011- 026 here: http://www.bdrvm.com/documents/decisions/2011-026_AMF_c._Excel%20Gold%20Mining_global.pdf
The move is interesting, it's the same address as Allison Taylor Partners: 1155 René-Lévesque West, Suite 2500:
EXCEL GOLD MINING INC. ("EGM")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: August 11, 2010
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the documentation with
respect to a Non-Brokered Private Placement announced on July 22, 2010:
Number of Shares: 10,500,000 common shares
Purchase Price:
.10 per common share
Warrants: 5,250,000 warrants to purchase 5,250,000 common
shares
Warrant Exercise Price:
.15 for a 24-month period
Number of placees: 30 placees
Finder's Fees: Allyson Taylor Partners Inc., Caldwell
Securities Ltd. and RWS Capital Services Inc.
received an aggregate of $105,000 in cash and
1,050,000 warrants to purchase 1,050,000 common
shares, each exercisable at a price of
.10 per
share over a period of 24 months following the
closing of the Private Placement.
The Company has confirmed the closing of the above-mentioned Private Placement via the issuance of a news release dated July 22, 2010.
1155 René-Lévesque West, Suite 2500 is one of those rent an office and address places.
Harvey's still on the Board and in the AMF's lawsuit and so is Porsche racer Martin Harvey:
http://canlii.ca/fr/qc/qcbdr/doc/2011/2011qcbdr63/2011qcbdr63.html
http://www.cnw.ca/fr/releases/archive/June2011/05/c2874.html
http://www.m1035fm.com/actualites-regionales/un-homme-daffaire-de-berthierville-dans-la-mire-de-lamf.html
Mr. Harvey's was busy on the Porsche circuit last summer, I wonder how he found time to manage Excel Gold Mining, then again he had Jean Michel de Montigny and his friends in the office so why would he hang around.
Galli's a former CEO of Haemacure it was on the TSX, symbol HAE. It was delisted in 2010:
TSX Delisting Review - Haemacure Corporation (HAE)January 7, 2010
January 7, 2010 (TORONTO) – DELISTING REVIEW Haemacure Corporation (the “Company”) - Further to TSX Bulletin # 2009-1393 dated October 28, 2009, TSX has determined to delist the common shares (Symbol: HAE) of the Company at the close of market on February 5, 2010 for failure to meet the continued listing requirements of TSX.
More info on Galli:
http://web.archive.org/web/20081221075154/http://www.haemacure.com/rtecontent/document/080520R&R.pdf
http://www.tmx.com/en/news_events/exchange_bulletins/bulletins/1-7-2010_TSX-ReviewHAE.html
http://www.highbeam.com/doc/1G1-193025296.html
http://canlii.ca/en/ab/absec/doc/2010/2010abasc256/2010abasc256.html
http://canlii.ca/en/bc/bcsec/doc/2010/2010bcseccom112/2010bcseccom112.html
http://smallcappodcast.com/2008/06/10/joseph-galli-haemacure-tsxhae/
http://www.onemedplace.com/blog/archives/870
http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=8951999
http://www.profilecanada.com/companydetail.cfm?
company=2599727_Pentor_Alliance_Corp_Saint-Laurent_QC
https://www.ic.gc.ca/app/scr/cc/CorporationsCanada/fdrlCrpDtls.html?corpId=2784181
EarnestDD
13 years ago
12.21.11 EXCEL GOLD MINING INC. ANNOUNCES TRANSFER TO NEX - APPOINTMENT OF JOSEPH
GALLI AS PRESIDENT, CEO AND DIRECTOR - CORPORATE UPDATE
MONTREAL, QUEBEC – (Stockwatch – December 21, 2011) Excel Gold Mining Inc. (TSX Venture:
EGM) (the “Company” or “Excel”) today announces the transfer of its listing from the TSX Venture
Exchange (the "TSXV") to the NEX board of the TSXV (the "NEX") as a result of the Company not
being able to evidence its ability to meet the Tier 2 Continued Listing Requirements (“CLR”). As
previously disclosed, a cease trade order was issued by the Autorité des marches financiers (“CTO”)
and as a result the Company’s common shares were suspended by the TSXV on September 6, 2011.
Prior to the suspension in trading, the shares of the Company were halted by the TSXV on July 18,
2011 pending clarification of Company affairs.
The common shares of the Company will be listed on the NEX effective December 22, 2011 and
trading will remain suspended until the cease trade orders are revoked and Company has satisfied the
Exchange’s Requirements. Effective December 22, 2011, the Company’s trading symbol will change
from EGM to EGM.H.
Appointment of Joseph Galli
The Company is at the same time pleased to announce the appointment of Mr. Joseph Galli as
President, Chief Executive Officer and Director of the Company, which appointment became effective
November 28, 2011 and is conditional to the approval of regulatory authorities.
Mr. Galli has been mandated by the Board of the Company to undertake any actions necessary to
have the CTO on the Company removed by the Autorité des marchés financiers (AMF) and the other
jurisdictions and to get the shares graduated back on the TSXV. Immediate actions include the followup
and assistance with the TSXV review of the Company’s affairs and the completion and filing of the
annual financial statements for the last fiscal year and of the interim financial statements for the last
quarterly period as soon as possible.
Mr. Galli is the Founder and Managing Partner of PENTOR Alliance Company and PENTOR Capital
Corp. Over the past 25 years, he has completed dozens of restructuring, due diligence and acquisition
mandates in numerous industries on behalf of private equity and venture capital firms and industry
clients. He is also an investor in a number of early stage public companies in Canada and the U.S.A.
He has a Bachelor of Finance Degree from Concordia University in Montreal.
Accepting his appointment, Mr. Galli stated: "As a shareholder in Excel Mining, I feel that there is
value that can be unlocked and this is why I have accepted to join the Board of Directors and to take
on the CEO role. Our objective as a Board is to remedy any outstanding issues in order to get the
shares of the Company trading once again and to unlock the value in the Company."
Mr. Galli is replacing Mr. Jacques F. Monette who resigned as President and CEO on November 28,
2011. Mr. Monette will continue to be a director of the Company.
Corporate Update
The Board of Directors of the Company is now composed of Joseph Galli, Martin Harvey, Jacques F.
Monette and Yves Rougerie.
The Officers of the Company are now Joseph Galli, President and Chief Executive Officer and Martin
Harvey, Chief Financial Officer and Secretary.
The Audit Committee is now composed of Martin Harvey (Chief Financial Officer), Jacques F. Monette
(Independent Director) and Yves Rougerie (Independent Director).
The offices of the Corporation have now moved to 1155 René-Lévesque West, Suite 2500, Montreal,
Quebec H3B 2K4.
About Excel
Excel is a Canadian based junior exploration company focused on building shareholder wealth
through the acquisition and development of strategic assets in mining friendly jurisdictions, particularly
in the region of Notre-Dame de Montauban, in the province of Quebec.
For more information please visit our Corporate Web Site at www.excelgoldmining.com or contact:
Mr. Joseph Galli, President, CEO and Director
Excel Gold Mining Inc.
(514) 871-4913
jgalli@pentor.com
Lexit
13 years ago
There was some "quiet" movement in that direction recently:
Excel Gold appoints Rougerie director, committee member
2011-09-20 17:41 ET - News Release
Mr. Jacques Monette reports
EXCEL GOLD MINING INC. IS PLEASED TO ANNOUNCE THE APPOINTMENT OF MR. YVES ROUGERIE AS A MEMBER OF THE BOARD AND AS MEMBER OF THE GEOLOGIC RESOURCE EVALUATION COMMITTEE
Excel Gold Mining Inc. has appointed Yves Rougerie as a member of the board of directors and as member of the geologic resource evaluation committee.
The company welcomes Mr. Rougerie to its board of directors. Following the resignation of two of its officers at the end of July, 2011, the company became in default with Toronto Stock Exchange policy to maintain a minimum of three board members. The addition of Mr. Rougerie will not only fill the vacant seat on the board to become compliant with the exchange policy, but, as well, he will fill a very important role in the company's current and future development phase for the resource calculation of the Montauban mining territory and preparation of an NI-43-101-compliant report.
About Mr. Rougerie
Mr. Rougerie graduated in 1983, BSc, Earth sciences, geology, from Universite du Quebec a Montreal (Quebec) and is a member of the Quebec Order of Geologists.
Mr. Rougerie has been co-chairman, president and chief executive officer of Abitex Resources Inc., Val d'Or, Que., since 2008. He has over 30 years of mineral exploration experience and has been in the mining geology industry across North America. Most of the experience accumulated has been in gold, base metal and uranium exploration, as well as in mining development in northwestern Quebec's Abitibi mineral belt.
The company will provide further updates to its shareholders this week, now that the board of directors is compliant with the exchange policy and that decisions can be taken objectively in the best interests of the company's shareholders. The company would like to apologize to its shareholders for these delays, but it assures them of the full dedication to move forward and the company is taking all necessary steps to begin trading as soon as possible.
For more information, please visit the corporate website.
Excel Gold Mining directors Chodos, Dufresne resign
2011-08-30 10:50 ET - News Release
This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
Here is a sample of this item:
Mr. Jacques Monette reports
EXCEL GOLD MINING ANNOUNCES THE RESIGNATIONS OF MR. CLAUDE DUFRESNE AND MR. PETER CHODOS AS DIRECTORS AND MEMBERS OF THE AUDIT COMMITTEE MONTREAL, QUEBEC
Excel Gold Mining Inc. directors Peter Chodos and Claude Dufresne have resigned as independent directors and members of the audit committee of the company effective as of July 18, 2011.
Following decision 2011-026-001 rendered by the Bureau de Decision et de Revision des Valeurs Mobilieres du Quebec on July 11, 2011, on ex-parte cease trading orders requested the Autorite des Marches Financiers on 35 parties including the company, after an inquiry was made by the AMF, but where such request for an order on the company was rejected by the Bureau, and the TSX Venture Exchange subsequent decision to halt the trading of the company's stock until certain verifications are made, both directors who had joined the board only in December, 2010, have chosen to resign since they felt that they have no information or knowledge of what could have happen prior to their terms. The board would like to thank them for their support and wish them all the best in their future endeavour. The remaining board members wish to appoint at least one new replacement independent director as soon as the stock resumes trading.
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3AEGM-1877693&symbol=EGM®ion=C
Lexit
13 years ago
Still Halted !
TSX wasn't impressed:
Excel Gold Mining Inc., Comments on Decision 2011-026-001 of the Bureau de decision et de revision des valeurs mobilieres (Quebec)
Excel Gold Mining Inc. EGM
8/8/2011 8:52:25 AM
Aug 08, 2011 (TheNewswire.ca via COMTEX News Network) --
(via Thenewswire.ca)
MONTREAL, QUEBEC - (August 8, 2011) - Excel Gold Mining Inc. ("Excel") (TSX VENTURE: EGM) hereby comments on Decision 2011-026-001 of the Bureau de decision et de revision des valeurs mobilieres (Quebec) (the "Bureau") which was rendered July 11, 2011 (the "Decision"), following a submission made by the Autorite des marches financiers (the "AMF") for ex parte cease trading orders against 35 parties including Excel, for the alleged manipulation of stock of different companies. The Bureau rejected the AMF request for such an order on the stock of Excel since it found it was not imperative to do so. Notwithstanding such conclusion, the TSX Venture Exchange has halted the stock of Excel until certain verifications are made.
As support for its claim, the AMF submitted to the Bureau a Company document showing a "90 Days Operational Plan" (the "Plan"), from May to August 2009 (the "Period"), and alleged that such Plan described the steps of a manipulation scheme. The Document was obtained by the AMF following a search it made at the offices of the Company in July, 2011 in the course of an inquiry to establish the existence of network of stock promoters and involving various companies and individuals. The persons related to the Company who were referred to as parties in the Submission were the Directors of the Company at the time, namely Mr. Jacques Vallee (Director from June 2008 to November 2010), Mr. Daniel Pauze (Director from November 2002 to April 2009) , Mr. Patrick Lessard (Director from February 2007 to November 2009) and Mr. Martin Harvey (who has been a Director since January 2007 and is still a Director today) and Mr. Michel De Montigny, who has been a consultant to the Company during the Period and who is still today.
The Board of Directors, on July 17, 2011, composed of Mr. Jacques F. Monette, President and Director (Director since September 2010), Mr. Martin Harvey, Chief Financial Officer and Director, Mr. Peter Chodos, Independent Director (Director since December 2010) and Mr. Claude Dufresne, Independent Director (Director since December 2010), reviewed the Decision of the Bureau, obtained and reviewed the Plan in question and sought explanations from Mr. Harvey and Mr. De Montigny.
Following its reviews, the Board of Directors understood the following:
The Plan outlined strategies to build shareholder value since the Company did not have much assets or liquidities at that time, namely through the purchase of qualified mineral properties by way of share issuances and investor relations activities.
For proof, the AMF highlighted the section relating to investor relations since the Plan was referring to attainment of certain trading targets.
Though the Board of Directors understood that the Plan's wording may have been questionable, it appears the Plan was only a roughly drafted hypothetical working plan made strictly for internal discussion purposes and which contained strictly suggestions for the Board of the time to look at. As for the trading targets referred to in the Plan, it appears they were more suggestions of ideal levels of stock price the Company would have liked to attain with its efforts to build shareholder value. Mr. Harvey, then a Director, also confirmed that such Plan was rejected by the Company and was never used, except that it did allow the Company to review interesting qualifying mineral properties, which the Company decided to purchase subsequently over a period of one year and paid with share issuances.
No investor relations firms were engaged nor inappropriate press releases were disseminated during the Period, stock volume was not overly active and the price did not move drastically. Moreover, it was stated in paragraph 15 of the Decision that there was no factual proof of promotion as far as Excel was concerned.
In its submission to try to demonstrate that a network did exist, the AMF also alleged as proof that the acquisitions of the mineral properties were made with third parties that were also part of the inquiry or prior inquiries of the AMF in other cases.
Even though these mineral properties were held by such third parties, not well known to the Board members at the time, Mr. Harvey explained that the Board of the time had determined that such mineral properties were very interesting assets to purchase based on supporting geological historical documentation and that their acquisitions were all made for valuable consideration and in accordance with accepted industry practices, such acquisitions having all been filed with and been approved by regulatory authorities. Since then, the Company has spent approximately $2 million in exploration on such properties.
In the description of the Company by the AMF in its Submission, it was alleged that Mr. de Montigny represented himself as General Manager of the Company on certain occasions. The Board of Directors wish to clarify that the position of Mr. De Montigny with the Company is not one of General Manager nor one of an Officer but one of a consultant only, assisting the Officers and the Board of the Company with work coordination regarding mining exploration campaigns, statutory work, prospection and communication related to mining, as well as filings and reporting. Mr. de Montigny had begun rendering services to the Company in April 2009. He did not held any positions but assisted in negotiating and evaluating the acquisition of the Montauban mining lease and 2 adjacent mining concessions from the company "Golden Goose". He also helped organize all of the mining data and gathered and assembled the documentation to prepare the fall 2009 drill campaign. He has helped coordinating exploration work campaigns with the geologists and drilling companies. From January to November 2010, he assisted the Company with a 2004-2005 tax re-assessment file and the preparation of a statutory work report, and the comprehensive data compilation and Gemcom modelisation of the mine and drill holes. He assisted in the preparation of the 2010 annual shareholders meeting, as well as preparing the December 2010 drilling campaign that ended in March 2011.
Except for Mr. De Montigny and Mr. Harvey who claim never having had knowledge of any wrongful acts, the other members of the Board were appointed subsequently to the alleged events and did not recognize nor had any knowledge regarding the other companies and individuals which are named as parties in the Decision. Furthermore, these Directors were not, nor have they ever been aware, of any alleged wrongful acts purported to have been committed by Excel or any individuals related to it.
Finally, the Company intends to cooperate fully with the authorities to determine whether there were any wrongful acts committed.
About Excel
Excel is a Canadian based junior exploration company focused on building shareholder wealth through the acquisition and development of strategic assets in mining friendly jurisdictions, particularly in the region of Notre-Dame de Montauban, in the province of Quebec.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Contact: info@excelgoldmining.com
Jacques F. Monette
President and CEO
Excel Gold Mining Inc.
(514) 844-8770
Copyright (c) 2011 Thenewswire.ca - All rights reserved.
Lexit
13 years ago
NOTICE OF HEARING - AMF
Interesting that Cortelazzi, Ollu and De Montigny et al are not contesting for Excel Gold Mining (EGM) or MRES.
It would appear that this is game, set and match for EGM.
Montréal, August 11, 2011 – The publication of this press release constitutes the method of service authorized by the Bureau de décision et de révision (the "Bureau") of a notice of hearing related to the matter of IAB Média inc. in respect of Neuro-Biotech inc., Wanderport Corp. and Andrea Cortellazzi.
The notice of hearing is attached to this press release and is also available (in French only) on the AMF website under News at www.lautorite.qc.ca/en/news-2011-conso.html.
On July 11, 2011, at the request of the Autorité des marchés financiers (AMF), the Bureau issued an order prohibiting in particular any transactions in the securities of Wanderport Corp. and NeuroBiotech inc. on account of allegations of market manipulation.
Specifically, the decision prohibits Wanderport Corp., 65705442 Canada inc. and Conseils Hilbroy inc., in addition to their officers, directors and employees, as well as Jean-François Amyot, Andrea Cortellazzi and Andrew Barakett from carrying out transactions in the securities of Wanderport Corp.
Further to this decision, IAB Média inc., Jean-François Amyot, Conseils Hilbroy inc., Yannick Lessard, 6570542 Canada inc. and Andrew Barakett asked for a hearing.
The hearing will be held on September 13, 2011 starting at 2:00 p.m., in the Paul-Fortugno room located at 500 René-Lévesque Boulevard West, no. 16.40, in Montréal, Québec (H2Z 1W7).
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial industry.
– 30 –
Information:
Media only:
Sylvain Théberge: 514-940-2176
Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
Source: http://www.lautorite.qc.ca/files/pdf/salle-de-presse/communiques/2011/com11aout2011_audience_neuro-biotech-ang.pdf
Lexit
13 years ago
ROTFL !!! what a PR...Pure unmitigated lies !!!
EGM puts out a PR (see below)commenting on the AMF's recent proceedings, in which they say De Montigny was NEVER a General Manager, NEVER and officer or director... just a "consultant".
ROTFL....that's not what he was sending out to nervous Swedish investors:
De Montigny sent out emails to Swedish investors when the first halt occured.
He posted a cellphone number:
Dear Mr. XXXXXXXXX,
As you have noticed, we have been halted trading Thursdayand Friday, but we have resolved the situation on Monday afternoon. Amisunderstanding with our transfer agent is the reason for this extraordinarymeasure to have happen. We have taken all necessary dispositions to correct thesituation.
We would like to apologize for the inconvenient it mighthave caused, and we thank you for your comprehension.
If you would like more information, please don't hesitateto contact me at 514-884-6131 or you can reply to this email as well.
Please accept my sincere salutations,
Yours truly,
J. Michel de Montigny
General manager
https://www.avanza.se/aza/press/forum/forum.jsp?forumId=1159&postId=2155868
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=65483145
Jean Michel is slipping because when he gave his interview to the Nouvelliste reporter, he said he was "directeur général de la société" which is the equivalent of the CEO of a company:
http://www.cyberpresse.ca/le-nouvelliste/economie/201103/07/01-4376713-or-a-montauban-excel-gold-mining-plus-optimiste-que-jamais.php
Directeur General translates as CEO on Government of Canada web sites:
http://www.phac-aspc.gc.ca/media/nr-rp/2011/2011_0323-eng.php
http://www.tc.gc.ca/eng/mediaroom/releases-2011-h004e-6221.htm
http://www.tc.gc.ca/fra/medias/communiquer-2011-h004f-6221.htm
Excel Gold Mining Inc., Comments on Decision 2011-026-001 of the Bureau de decision et de revision des valeurs mobilieres (Quebec)
Excel Gold Mining Inc EGM
8/8/2011 8:52:25 AM
Aug 08, 2011 (TheNewswire.ca via COMTEX News Network) --
(via Thenewswire.ca)
MONTREAL, QUEBEC - (August 8, 2011) - Excel Gold Mining Inc. ("Excel") (TSX VENTURE: EGM) hereby comments on Decision 2011-026-001 of the Bureau de decision et de revision des valeurs mobilieres (Quebec) (the "Bureau") which was rendered July 11, 2011 (the "Decision"), following a submission made by the Autorite des marches financiers (the "AMF") for ex parte cease trading orders against 35 parties including Excel, for the alleged manipulation of stock of different companies. The Bureau rejected the AMF request for such an order on the stock of Excel since it found it was not imperative to do so. Notwithstanding such conclusion, the TSX Venture Exchange has halted the stock of Excel until certain verifications are made.
As support for its claim, the AMF submitted to the Bureau a Company document showing a "90 Days Operational Plan" (the "Plan"), from May to August 2009 (the "Period"), and alleged that such Plan described the steps of a manipulation scheme. The Document was obtained by the AMF following a search it made at the offices of the Company in July, 2011 in the course of an inquiry to establish the existence of network of stock promoters and involving various companies and individuals. The persons related to the Company who were referred to as parties in the Submission were the Directors of the Company at the time, namely Mr. Jacques Vallee (Director from June 2008 to November 2010), Mr. Daniel Pauze (Director from November 2002 to April 2009) , Mr. Patrick Lessard (Director from February 2007 to November 2009) and Mr. Martin Harvey (who has been a Director since January 2007 and is still a Director today) and Mr. Michel De Montigny, who has been a consultant to the Company during the Period and who is still today.
The Board of Directors, on July 17, 2011, composed of Mr. Jacques F. Monette, President and Director (Director since September 2010), Mr. Martin Harvey, Chief Financial Officer and Director, Mr. Peter Chodos, Independent Director (Director since December 2010) and Mr. Claude Dufresne, Independent Director (Director since December 2010), reviewed the Decision of the Bureau, obtained and reviewed the Plan in question and sought explanations from Mr. Harvey and Mr. De Montigny.
Following its reviews, the Board of Directors understood the following:
The Plan outlined strategies to build shareholder value since the Company did not have much assets or liquidities at that time, namely through the purchase of qualified mineral properties by way of share issuances and investor relations activities.
For proof, the AMF highlighted the section relating to investor relations since the Plan was referring to attainment of certain trading targets.
Though the Board of Directors understood that the Plan's wording may have been questionable, it appears the Plan was only a roughly drafted hypothetical working plan made strictly for internal discussion purposes and which contained strictly suggestions for the Board of the time to look at. As for the trading targets referred to in the Plan, it appears they were more suggestions of ideal levels of stock price the Company would have liked to attain with its efforts to build shareholder value. Mr. Harvey, then a Director, also confirmed that such Plan was rejected by the Company and was never used, except that it did allow the Company to review interesting qualifying mineral properties, which the Company decided to purchase subsequently over a period of one year and paid with share issuances.
No investor relations firms were engaged nor inappropriate press releases were disseminated during the Period, stock volume was not overly active and the price did not move drastically. Moreover, it was stated in paragraph 15 of the Decision that there was no factual proof of promotion as far as Excel was concerned.
In its submission to try to demonstrate that a network did exist, the AMF also alleged as proof that the acquisitions of the mineral properties were made with third parties that were also part of the inquiry or prior inquiries of the AMF in other cases.
Even though these mineral properties were held by such third parties, not well known to the Board members at the time, Mr. Harvey explained that the Board of the time had determined that such mineral properties were very interesting assets to purchase based on supporting geological historical documentation and that their acquisitions were all made for valuable consideration and in accordance with accepted industry practices, such acquisitions having all been filed with and been approved by regulatory authorities. Since then, the Company has spent approximately $2 million in exploration on such properties.
In the description of the Company by the AMF in its Submission, it was alleged that Mr. de Montigny represented himself as General Manager of the Company on certain occasions. The Board of Directors wish to clarify that the position of Mr. De Montigny with the Company is not one of General Manager nor one of an Officer but one of a consultant only, assisting the Officers and the Board of the Company with work coordination regarding mining exploration campaigns, statutory work, prospection and communication related to mining, as well as filings and reporting.
Mr. de Montigny had begun rendering services to the Company in April 2009. He did not held any positions but assisted in negotiating and evaluating the acquisition of the Montauban mining lease and 2 adjacent mining concessions from the company "Golden Goose". He also helped organize all of the mining data and gathered and assembled the documentation to prepare the fall 2009 drill campaign. He has helped coordinating exploration work campaigns with the geologists and drilling companies. From January to November 2010, he assisted the Company with a 2004-2005 tax re-assessment file and the preparation of a statutory work report, and the comprehensive data compilation and Gemcom modelisation of the mine and drill holes. He assisted in the preparation of the 2010 annual shareholders meeting, as well as preparing the December 2010 drilling campaign that ended in March 2011.
Except for Mr. De Montigny and Mr. Harvey who claim never having had knowledge of any wrongful acts, the other members of the Board were appointed subsequently to the alleged events and did not recognize nor had any knowledge regarding the other companies and individuals which are named as parties in the Decision.
Furthermore, these Directors were not, nor have they ever been aware, of any alleged wrongful acts purported to have been committed by Excel or any individuals related to it.
Finally, the Company intends to cooperate fully with the authorities to determine whether there were any wrongful acts committed.
About Excel
Excel is a Canadian based junior exploration company focused on building shareholder wealth through the acquisition and development of strategic assets in mining friendly jurisdictions, particularly in the region of Notre-Dame de Montauban, in the province of Quebec.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Contact: info@excelgoldmining.com
Jacques F. Monette
President and CEO
Excel Gold Mining Inc.
(514) 844-8770
Copyright (c) 2011 Thenewswire.ca - All rights reserved.
Lexit
13 years ago
Hell hath no fury like a journalist scorned.
Oh, my...last year's Nouvelliste reporter who did a glib feel good write up on EGM just found out the real story behind EGM.
My favorite line is this one (Google Translation):
When we ask the CEO of the company, Jean-Michel de Montigny, when they begin, he replied simply: "It's coming, it's coming!"
ROTFL !!!!!!!!!!!!!!!!!!!!!!!!
http://www.cyberpresse.ca/le-nouvelliste/economie/201103/07/01-4376713-or-a-montauban-excel-gold-mining-plus-optimiste-que-jamais.php?utm_categorieinterne=trafficdrivers&utm_contenuinterne=cyberpresse_B13b_economie_449_section_POS1
Now, for two news items...and Louise Plante is madder than a wet hen today...LOL !!!!!!
Google Translations:
Published on August 2, 2011 7:11 | Updated August 2, 2011 at 10:14
Is Gold mine in Montauban window dressing?
Louise Plante
The Nouvelliste
(Three Rivers) Excel Gold Mining, a company that owns stock in the mine of Notre-Dame-de-Montauban, is currently under the scrutiny of the Financial Markets Authority (AMF), the regulator and to Financial Sector Regulation in Quebec.
The news is not without some concern about the possible revival of old gold mine.
The AMF has indeed issued a statement on July 21 about restraining orders and closing operation of websites for 13 companies and 18 individuals practicing the so-called pump and dump, an operation consisting of an artificial boost to pocket as profit.
We also learned that the AMF has discovered a document giving the procedure for handling three months in the title of Excel Gold Mining. The operations of this company have not been blocked, the parties have not yet been heard. This explains that the website is still functioning.
In addition, shareholders of Excel Gold Mining would be related to Neuro-Biotech and Wanderport, two other targeted companies.
Several well-known names in the Mauricie region are listed in a press release and the AMF in an article about it in the pages of The Business Press July 30, including Michel De Montigny, Executive Director of Excel Gold Mining, (who are gives links to organized crime) and who have participated in the said pump and dump scheme.
Jacques Vallée director of EGM and Daniel Pauze, public relations, which in the latter two cases, were present at a major press conference of Excel Gold Mining in September 2009, at the site of the mine at Notre Dame de Montauban, also be of interest to the AMF. At the time, they then announced that all hopes were for the revival of mining.
More recently, in March, Mr. De Montigny had also granted a telephone interview to say the least optimistic Nouvelliste, always about the imminent resumption of activities of the abandoned gold mine.
According to Louis Beauchamp, communications with the AMF, all those beautiful words could be part of an operation to boost the stock exchange.
"We did not go to see if there was much gold there, says Beauchamp, but it does not say that we will not see either. The purpose of our investigation and more on the way to make these people, the pump and dump, or to say that mine is promising, while public relations surrounding it. "
At AMF, we recall that this procedure or to do a lot of noise around a project of mine, was common in British Columbia a few years ago, until the adoption of a law makes it virtually impossible.
"This is what it seems to help is a shift (of this approach) to the east and even the continent, says Mr. Beauchamp, as in this case we even worked with the U.S. SEC. It must be said that the context is suitable with the current interest in the mining sector. "
Mr. Beauchamp insists the press conferences held by Excel Gold Mining may actually serve only a smokescreen and to put pressure on the title.
Nice pic of Pauze and Jacques Vallee !
http://www.cyberpresse.ca/images/bizphotos/233x350/201108/02/354721-daniel-pauze-relationniste-excel-gold.jpg
Daniel Pauze, Public Relations of Excel Gold Mining in the company of Jacques Vallée, Director, during the famous 2009 press conference on the mine site of Notre-Dame-de-Montauban, when we launched the exploration and drilling.
http://www.cyberpresse.ca/le-nouvelliste/economie/201108/02/01-4422755-mine-dor-a-montauban-de-la-poudre-aux-yeux.php
News Item 2:
Louise Plante
the Nouvelliste
Published on August 2, 2011 7:36 | Updated August 2, 2011 at 10:15 am
Excel Gold Mining: the mayor has never believed in the revival of the mine
(Notre-Dame-de-Montauban) The mayor of Notre-Dame-de-Montauban, Jean-Guy Lavoie, ensures he never really believed in the revival of the old gold mine in Excel Gold Mining.
"I am no longer one of them other since last year," he said out of hand "It is not complicated, I made ??them more confident."
Mr. Lavoie has not digested that since 2009, the mine has cut all ties with the Municipality. "No phone, no statement. They made holes in December and then nothing after. "
He adds that he contacted Daniel Pauze, publicist of Excel Gold Mining in the winter of 2010, to complain about the ways of the company. "I told him that there was a way of doing things. I told him: you're advertising and we're never aware of. It looks crazy in this. "
The mayor said that last spring, a television station had gone to Notre-Dame-de-Montauban to do a story on the mine and the people of Excel Gold Mining had not even presented despite that an appointment was made ??formally. "To save face, they are people of the municipality which gave an interview to the journalist," he said.
He added that, of course, the municipality would have been very happy to witness the revival of the mine, given that it is well-paid jobs, not including royalties.
"Unfortunately, we never had any contact associated with Excel Gold Mining, neither I nor any other board. What is happening here confirm that I have a good pif, "he jokes.
Mr. Lavoie also told that he preferred to work on another project for the mine, but he prefers not to say anything more.
The news did not tell anyone else of Excel Gold Mining.
http://www.cyberpresse.ca/le-nouvelliste/vie-regionale/mekinac/201108/02/01-4422765-excel-gold-mining-le-maire-na-jamais-cru-a-la-relance-de-la-mine.php?utm_categorieinterne=trafficdrivers&utm_contenuinterne=cyberpresse_meme_auteur_4422755_article_POS3
Lexit
13 years ago
Today's La Presse news coverage on EGM.
Oh my, the Hells Angels...again...
Google Translation:
The heat is on, Francis Vailles of La Presse has latched on to this one. Amyot, Barakett are about to become household names just like Cortelazzi and Ollu.
The Financial Markets Authority (AMF) is undertaking legal action against what it believes to be a real organized network of market manipulation.
The AMF investigation is including 13 companies and 18 individuals who played a role in this matter, including financial Andrea Cortellazzi, Ollu Serge and Jean-Francois Amyot.
According to the AMF, the network is working to boost the shares of the stock market shells by publishing false news. Its members would benefit by selling their shares after a rise caused by their operations, to the detriment of small shareholders. The scheme is similar to what is called in English the Pump & Dump . It would be parallel to the stock markets, including the Pink Sheet.
The AMF investigation lasted a year. In September 2010, the agency seized documents in a small mansion located on rue Redpath Crescent, on the slopes of Mount Royal, and in another room in Montreal. It is particularly seized documents outlining the steps needed to boost the price of two equities transactions through targeted press releases.
The summary of the AMF investigation in a document filed with the Bureau decision and overhaul (BDR), in late June The BDR is sort of the securities tribunal in Quebec.
Neuro-Biotech
At the request of the AMF, the BDR has agreed to ban all trade in the securities business and Neuro-Biotech Wanderport, in addition to requiring the closure of the website "ItsAllBull.net", which was promoting Wanderport . The order also applies to officers and directors of both companies, in addition to businessmen Serge Ollu, Andrea Cortellazzi, Jean-Francois Amyot Andrew and Barakett.
Neuro-Biotech promotes blood tests to detect stress. According to the AMF, the company issued a statement in March 2011 reporting a meeting with Russian Deputy Minister in Montreal. Verification, no meeting took place, supports the AMF.
Another disturbing element: Neuro-Biotech announced in January 2011 have reached an agreement with a company in Israel.But the company denies having signed this agreement.
The Neuro-Biotech Patents have been developed in Quebec, but the firm is governed by U.S. law and its major shareholders are incorporated in the Bahamas. Last March, the company moved its headquarters from Switzerland to Russia.
Neuro-Biotech has incorporated a subsidiary in Quebec in the summer of 2010 called Neuro-Biotech Lab Canada. The president of the Canadian subsidiary is a security guard working for Garda in Dorval. But the agent told the AMF had never agreed to chair the company and said he did not know who was able to submit this information.
Excel Gold Mining
The AMF investigation is also another company on the Stock Exchange, Excel Gold Mining (EGM), and certain of its shareholders, who have links with two other companies on the stock market.
The AMF has got hold of a document describing exactly the steps for 90 days to handle the title of EGM, in spring 2009. In fact, the title went from 2 cents per share in February 2009 to 12 cents in June 2009, a gain of 500%. The BDR has declined to block transactions EGM without hearing the parties involved.
In addition to those mentioned above, the AMF considers that a dozen other people were involved in the scheme. Among them, there is Michel de Montigny, the businessman who had close links with a senior member of the Hells Angels. The AMF also notes that Salvatore Brunetti is part of a privileged group who had shares of Excel Gold Mining in 2009. Salvatore Brunetti is a member in good standing of the Hells Angels.
Two people, Daniel Ryan and Carol McKeown, have been under the scrutiny of the AMF and Exchange Commission last year for another case of stock manipulation. In May, they were sentenced each to a penalty of $ 150,000 in the United States.
Other include Jacques Vallée, Nicolas Matossian, Dominic Gingras, Patrick Lessard Yannick Lessard, Martin Harvey and Daniel Pauze.
http://lapresseaffaires.cyberpresse.ca/dossiers/crimes-economiques/201107/29/01-4422126--lamf-bloque-un-reseau-organise-de-manipulation-boursiere.php
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