All in one day we've had the company filing its quarterly reports, issuing results from the latest round of drilling (that has good grades and might impress...right up til you see how deep the intersects were found) and then getting a lawsuit slapped on its ass by one of its own directors!
Hi Danny!Here's the funstuff from that NR:
VANCOUVER, Feb. 25 /CNW/ - Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the "Company") reports today that Daniel E. Wolfus, a director of the Company, has commenced a lawsuit against the Company, in the state of California claiming fees of approximately $300,000 allegedly owed to him in respect of the Company's recently completed private placement.It is the Company's position that Mr. Wolfus in his capacity as a director of the Company is not entitled to remuneration as a "finder" or broker in respect of any private placement of securities. The Company intends to defend the claim vigorously. The directors and management of the Company believe that the claim being made by Mr. Wolfus is groundless as no agreement or understanding existed to pay Mr. Wolfus a success or finder's fee, and to do so would require the Company to contravene the TSX Venture Exchange policies.
The Company has not yet filed any defense in respect of the action and is considering with legal counsel its options in respect of jurisdiction and defenses. The directors have requested that he resign his position as a director, due to the obvious conflict of interest represented by Mr. Wolfus' lawsuit against the Company.
Now perhaps I'm jumping to conclusions, but would this Daniel E. Wolfus be in any way related to the Daniel Edward Wolfus who's been bailing his stock hand over fist recently at prices way higher than today's 77c (when trading was halted this AM)?
Evolving Gold Corp. (EVG) | As of February 24th, 2010 | ||||||
| Filing Date | Transaction Date | Insider Name | Ownership Type | Securities | Nature of transaction | # or value acquired or disposed of | Unit Price |
| Feb 23/10 | Feb 23/10 | Wolfus, Daniel Edward | Direct Ownership | Common Shares | 10 - Disposition in the public market | -293,000 | $0.918 |
| Feb 23/10 | Feb 23/10 | Wolfus, Daniel Edward | Direct Ownership | Common Shares | 10 - Disposition in the public market | -2,000 | $0.910 |
| Feb 23/10 | Feb 22/10 | Wolfus, Daniel Edward | Direct Ownership | Common Shares | 10 - Disposition in the public market | -55,000 | $0.930 |
| Feb 23/10 | Feb 22/10 | Wolfus, Daniel Edward | Direct Ownership | Common Shares | 51 - Exercise of options | 350,000 | $0.440 |
| Feb 23/10 | May 28/09 | Wolfus, Daniel Edward | Direct Ownership | Common Shares | 00 - Opening Balance-Initial SEDI Report | | |
Funny how these things kinda happen at the same time, innit? Looks like another Grandich sheep-shearing exercise went on here. I hope Cal's paying you well, Peter.
UPDATE: This is how the cute bullshit spilled from the Grandich less than a fortnight ago:
Evolving Gold (EVG-TSX-V $.91 ) – Outside of a significant drop in metals prices and some unknown calamity that occurs on its project in Wyoming, I don’t see much downside risk in the current share price.Here we are, two weeks later, 15% lower, heavy inside selling and the caca hitting the ventilador in the boardroom. What say you, oh wise owl?
Yes indeed retailers, you've been Grandiched again. Break out the KY Jelly