Thursday, May 2, 2013

Crap-Ex finished - F&M walks

So the biggest, most awesomest iron ore deposit EVER dreampt about by any monkey anywheres on planet earth has fallen on hard times as F&M decides the Bumring, Harris and Matich crew are just too much and this Co can't raise more dopey money at any level. Yes indeedy do we score another prognostication 100% bang on.

We keep saying it and its always true citizens. This continual process of separating Venture chit from the massive chitpile is NOT rocket science.
"Cap-Ex Iron Ore Ltd. has provided an update on changes to its executive team and corporate offices.

The company, and Forbes and Manhattan Inc. (F&M) have mutually agreed to terminate the management services agreement between the company and F&M as of April 30, 2013. The following changes will occur:

The corporate office will be relocated back to Suite 2000, 1177 W Hastings St., Vancouver, B.C., V6E 2K3, from its present location in Toronto, Ont. Valery Zamuner will resign as chief legal officer and as the corporate secretary. Paul Bozoki will resign as chief financial officer of the company. Jasvir Kaloti, former chief financial officer of the company, will assume the position of chief financial officer and corporate secretary.

Francois Laurin, director, president and chief executive officer, will maintain his position to ensure the orderly transition of the company and its business.

Mark Morabito, special adviser to the chief executive officer, will remain in such capacity.

As a result of the company's operations being relocated to Vancouver and the downsizing of its activities in Eastern Canada, it is expected that a reduction in expenses will allow the company to continue its business plans while decreasing capital requirements and dilution to current shareholders. Consequently, the private placement announced April 15, 2013, is being reduced in size.