John Toffan, chairman of Prime’s partner Stikine Resources (TSE), may wind up better off financially though he may never be as recognized for his role in the Eskay Creek gold discovery as Prime Resources (VSE) Chairman Murray Pezim. Reflecting the involvement in the British Columbia discovery by Corona (TSE) and lately Placer Dome (TSE), the share price of Stikine, which holds 50% of the property, has skyrocketed to more than $70.
As a result, Toffan was able to report a paper profit of $2.8 million after exercising 65,000 options on April 20. According to a recent Ontario Securities Commission’s Insider Trading Bulletin, the options were exercised at $12 when the shares were trading at $55.75.
Stikine has agreed to merge with Prime to form a company that would be held 40.66% by Corona. But Placer Dome’s recent $67.50-per- share offer for all of Stikine’s shares has opened the door to a bidding war and presumably some future profit-taking for Toffan.
Other mining insiders active in the stock market recently include:
Breakwater Resources (TSE) affiliate New Venture Equities bought 2.7 million shares for $2.296-2.427 to hold 6.2 million. Corona also bought 420,000 at $2.05.
Corona (TSE) (honorary) Chairman Murray Pezim bought 100,000 shares for $8 to hold 100,000.
Coniagas Mines (TSE) President David Vaughan bought 300,000 shares for 50-55 cents to hold 496,701.
Golden Crescent Resources (ASE) director William Dickie sold 8,000 shares for $1.40-1.70 to hold 762,066. He also holds 25,000 shares indirectly. President Vance White sold 10,000 shares for $1.25- 1.75 to hold 879,198 directly.
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