As of this writing Mineworx has received commitments for over 80% of the Rights Offering, which if fully subscribed would inject about $4.8 million into the treasury. The management team and directors have exercised 100% of their Rights.
Based on communications to management and to The Howard Group, it’s clear that some people are having difficulties exercising their Rights, specifically Canadians that hold the stock in discount brokerage accounts, such as TD Waterhouse, RBC Direct Investing, etc.
Tips and Tricks include the following, which came from a shareholder who has an account at TD Waterhouse:
- Going into the branches doesn’t work;
- Phone the online brokerage through the bank’s app,
- Download the TD app,
- Click the three horizontal lines in the left corner,
- Click Contact Us,
- Click Call Us,
- Click Direct Investing.
The investor was talking to a representative in less than 35 minutes.
A tip is to try to access alternative contacts other than the main phone number, this could include preferred customer numbers.
Another approach is to head to Twitter or Facebook and make a complaint directly to the company. We understand this has worked for a few shareholders and they received a message to contact them shortly afterwards.
Investors should look to exercise their rights as soon as possible. The deadline is fast approaching, as it is on March 8, 2021. Please remember that your requests have to be processed by the brokerage back offices and the Transfer Agents so don’t risk missing out by leaving exercising to the last minute.
The process for completing the transaction is very quick and simple when you have reached a customer service representative. We can only recommend patience and remember that Tax and RRSP seasons also occurring at this time too.
Although you have given the instructions to your brokerage firm the funds and rights might not leave your account until close to the closing of the Rights Offering, so ensure you keep the required funds in your account until you are sure that the transaction has been processed.
If you have any questions, please do not hesitate to contact Don Weatherbee at donw@mineworx.net or Dave Burwell at dave@howardgroupinc.com