Under the Glass: insiders' C$2.6 million turns into 10% notes, one man holds three jobs, two directors leave on consecutive days

Future Mineral (TSX: FMR)

Future Mineral is buying the remaining 52% of a nickel, zinc and lead project in Poland from vendors that its October 16 release says include "many" who "are current or former directors and officers of the Company." The C$2,600,000 owed to them will now be paid in promissory notes bearing 10% a year, maturing 24 months after closing, 12% on overdue amounts, secured by a first ranking pledge of the Polish subsidiary's shares. The outside date moves to December 31, 2026. The release does not say why the terms changed.

Pacific Arc Resources (TSXV: PAV.H)

Pacific Arc's CFO, Stephen Brohman, resigned effective October 14. Director Mark Klein, already interim CEO and corporate secretary, becomes interim CFO as well. The release gives no reason.

Syntheia (CSE: SYAI)

Syntheia announced the resignation of director Riccardo Forno on October 7 and director Imran Butt on October 8. Neither release gives a reason or says how many directors remain.

Why it matters

None of these releases explains itself. When insiders are on the other side of a deal, or a finance chief leaves a shell, the reason is the first question to ask.

Sources: Future Mineral (syndicated copy); Pacific Arc; Syntheia October 7 and October 8.