News Releases
| May 17, 2010 Resinco Capital Partners Provides Letter to Shareholders | |
| Vancouver, British Columbia CANADA - Resinco(tm) Capital Partners Inc., ("Resinco" or the "Company") announces that the following letter has been mailed to its shareholders of record: Dear fellow shareholder, This letter represents our first shareholder communication featuring our new corporate identity. The transition to Resinco Capital Partners Inc. ("Resinco") from Longview Capital Partners Incorporated ("Longview") was announced in our last letter to you dated November 19th, 2009. The transition to Resinco was formally announced in a press release dated November 26, 2009 and the re-engineering and rebranding exercise was completed by December 1, 2009. This exercise resulted in a number of initiatives being introduced to include; • Company name change • Establishment of new trading symbols on the TSX (RIN) and Frankfurt (L6V) exchanges • Change in investment mandate • Publication of a new investment criteria Since our last shareholder letter there are a number of key announcements we would like to share with you. They are as follows: 1. Acquisition of the following securities. (i) Follow-on investment in Lions Gate Metals Inc. acquiring a further 97,000 common shares which increased Resinco's ownership position to 2,827,937 shares representing 27% of the issued and outstanding shares of the company. (ii) Acquisition of 2,000,000 common shares of Galena Capital Corp. representing 3.4% of the issued and outstanding shares of the company. (iii) Acquisition of 375,000 common shares and 187,500 common share warrants of Mesa Uranium Corp. representing 5.1% of the issued and outstanding shares of the company assuming the warrants are exercised. (iv) Acquisition of 375,000 common shares of Candente Gold Corp. and 187,500 common share warrants representing 1.1% of the issued and outstanding shares of the company assuming the warrants are exercised. (v) Acquisition of 2,500,000 common shares in Oriental Minerals Inc. as part of a $6.6 million private placement which was closed on December 17th, 2009. At closing Resinco owned 12.0% of the issued and outstanding shares of the company. (vi) Exercise of 3,724,741 Special Warrants in Woulfe Mining Corp. (formerly Oriental Minerals Inc.). Following exercise of these warrants Resinco owns 25,374,353 common shares and common shares warrants representing 14.41% ownership of the company. (vii) Follow on investment in Cue Resources Ltd. acquiring 1,595,400 common shares in a shares-for-debt conversion agreement. At the conclusion of this transaction Resinco now holds common shares and common share purchase warrants totalling 18,691,351 representing 23.89% of the issued and outstanding shares of the company assuming the warrants are converted. In summary, since our last letter dated November 19th, 2009 we have successfully executed seven (7) transactions. The transaction forecast for the remainder of 2010 remains positive. 2. In December 2009 we launched our Technical Advisory Board ("TAB"). The TAB's mandate is to provide education, guidance, counsel and advice related to the technical aspects of potential and current investments. Members of the TAB initiate and lead the technical due-diligence on all new deals. The TAB also provides on-going commentary on the operational plans and activities of portfolio companies. Initially we launched the TAB with four (4) members (Murray McClaren, John Kerr, Dr. Martin Keeley, and Dr. Rainer Lehne) and since then have added two (2) further members (Chris Healey and John Park). Since its inception, the TAB has evaluated in excess of twenty (20) deals. We are already experiencing the benefit of their individual and collective wisdom. 3. In January 2010, John Icke, President and CEO, exercised 1,520,000 options. He now owns directly and indirectly 6,620,000 shares and 1,380,000 options to purchase shares, representing 6.0% of the issued and outstanding shares of the company. 4. In the first quarter of 2010 the company announced the appointment of PricewaterhouseCoopers LLP. ("PwC") replacing Manning Elliot LLP. The Board felt that engaging PwC was a significant event in so far as PwC has a global presence capable of supporting Resinco's geographical investment diversity and they also have a strong mining and exploration practice able to provide Resinco with the highest quality professional audit, tax and consultancy planning support. 5. Resinco announced positive 2009 year-end earnings with a net income of $ 4.7 million or $0.04 per share. As of December 31st, 2009 the Company had investments with a fair market value of $16.9 million or $0.14 per share compared to $9.4 million as of December 31st, 2008 representing a far market value increase of 80%. Subsequently Resinco has filed its first quarter 2010 financials for the three months ending March 31st, 2010. During this period the Company earned a net income of $ 587,000 as compared to a net income of $ 470,000 (an increase of 24.9%) for the same period in 2009. At period-end the Company held investments with a fair market value of $ 17.25 million which translates into a per share value of $ 0.14 as compared to $ 0.10 per share in March 31, 2009. Management views Resinco's progress as satisfactory rather than spectacular, however, it is confident that it will continue to experience further improvements in value generation throughout 2010 and beyond. 6. Since our last letter the Company has been involved in a series of marketing initiatives designed to generate new interest in the organization and refresh the knowledge of current or lapsed investors. In December 2009 there was a Resinco launch luncheon held in London at which some forty (40) institutional and high net worth investors attended. In addition similar presentations were made in Geneva, Zurich, Frankfurt and in London (again) during April 2010 when in excess of one hundred and twenty (120) attendees were provided with an update on the status of Resinco. Additionally, there have been a number of favourable articles written about the Company in publications such as Resource World magazine and in The Stealth Investor newsletter. As always on behalf of the Board and all of our employees we would like to thank you for your continued support. If you have any questions or queries, please do not hesitate to contact me at your convenience. Yours truly, John Icke President, CEO and Director About Resinco(tm) Capital Partners Inc. Resinco (Resource Investment Company) is a global investment company which specializes in providing early stage financing to private and public exploration and mining companies in the hard rock minerals, precious metals, rare-earth minerals, oil, gas, water and renewable energy markets. For more information on Resinco, please visit www.resincocp.com. For more information, please contact Resinco Mike Rodger Investor Relations 604-696-6515 info@resincocp.com www.resincocp.com Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements. The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release. | |
