Friday, September 16, 2011

Iron Creek Capital (IRN.v): Interesting

By way of disclosure, I own a few of these in a long term timeframe and I'm not about to sell them on any short-term pop, either. The company is in Chile looking for elephants in elephant country and it's the kind of play you need to give its due time. Explorers shall explore, don't bug them while they're concentrating hard.

Anyway, here's the interesting thing:

Iron Creek Capital Corp. (IRN)

As of September 15th, 2011
Filing Date Transaction Date Insider Name Ownership Type Securities Nature of transaction # or value acquired or disposed of Unit Price
Sep 15/11 Sep 14/11 Beale, Timothy J. Direct Ownership Common Shares 10 - Acquisition in the public market 180,000 $0.480

I've spoken to this Beale dude too and he's smart.  Something cooking?

Update: Reader RL is smarter than your humble scribe and sends this in:
Hello Otto,
I think the stock received by Timothy Beal were bonus shares issued by the company rather than
outright purchases on the open market.

Iron Creek Capital 500,000 bonus shares

2011-09-14 13:56 PT - Miscellaneous

The TSX Venture Exchange has accepted for filing the company's proposal to issue 500,000 bonus shares to insider Timothy Beale in consideration of services rendered for the company. Shares will be released on the following schedule:
  • Upon exchange approval, 100,000;
  • July 1, 2011, 80,000;
  • Jan. 1, 2012, 80,000;
  • July 2, 2012, 80,000;
  • Jan. 1, 2013, 80,000;
  • July 1, 2013, 80,000.
Shares are subject to a four-month hold period. If Mr. Beale ceases to be employed by the company prior to the issuance of all the shares, the company will issue a pro rated number of shares based on the next instalment due to him, based on his date of cessation.