TERAS RESOURCES INC. (“TRA”) In a November 6, 2015 news release , President Peter Leger announces the termination of finance director Padley but does not provide any indication to shareholders as to why in his news release.
President Peter Leger issued a news release on November 6, 2015 saying the company had terminated Michael G. Padley, Teras’ finance director. At that time the company’s shares were trading in the $.07 range; but have since dropped to the $0.03-$0.035 range; down about 50%.
When we look back to the last private placement undertaken by Teras earlier in the year we see that of the Insiders, the largest Insider participant in the private placement was Padley who was terminated in November. The dollar amount of Padley’s contribution in that last private placement was equal to approximately 28.8% of the cash on hand, as of the company’s latest financials. That money in the till would be the very dollars that are paying President Leger’s paycheck as the President. There had been little activity and no news releases until President Leger’s latest news release of January 15, 2016 in which Leger announces that the company has agreed to issue him 1 million shares at a deemed price of five cents per share in consideration of certain services provided to the company pursuant to a share issuance dated February 14, 2012. For the time being, JuniorMining.com will place Teras Resources in our avoidable category.