Sunday, December 16, 2018

Alex Black's RIO2 - Millions into the ether - Update We have discovered a too interesting 'co-incidence' between 2 VSE companies linked to the BridgeMark scam. Micheal McPhie of Prize Mining (PRZ.v) and Alex Black of RIO2 (RIO.v) both used a lawyer at DLA Piper in Calgary to execute finance documents. That would be Mr. Mitchell Smith. Mr Smith's boss would be a very long term director/insider of RIO2 and a partner at that precise office, Mr. Daniel Kenney.

Mr. Kenny and his firm has been doing extremely well lately. "the Company incurred legal fees of $526,446 (2017 - $167,555) to a firm in which a director of the Company is a partner."
Kathryn Johnson CFOWhen RIO2 was first implicated in the BridgeMark scam I began an investigation into the company's financials and the $10m raised. RIO2, while 'doing' virtually nothing with their flagship property found a way to blow $10.2m in 9 months. Where precisely this cash went surely isn't obvious. The co has a paltry $3m in net current assets at last report.

It is appearing to this layperson that many millions simply vanished ... i.e. was capitalized, not shown as any expense. "Further development costs were capitalized to the asset from acquisition by Rio2 on July 24, 2018 to September 30, 2018." This accounting treatment is grossly improper and IMO fraudulent.

Alex Black, CEO.

Meanwhile, like every other public scam company involved with BridgeMark, the share price of RIO2 has sewered to ever new 52 week lows with 'anonymous' leading the charge downward.

14:38:52V0.45-0.0051,50039 Merrill Lynch1 AnonymousK
12:59:39V0.45-0.0053,00079 CIBC1 AnonymousK
12:59:39V0.45-0.00510,00085 Scotia1 AnonymousK
12:36:08V0.45-0.00550079 CIBC1 AnonymousK
12:36:08V0.45-0.0052,50085 Scotia1 AnonymousK
12:33:27V0.45-0.00510,00085 Scotia1 AnonymousK
12:25:40V0.45-0.0053,00079 CIBC1 AnonymousK
11:04:46V0.45-0.0055,00085 Scotia1 AnonymousK
Robbie Grossman robbie.grossman@dlapiper.comOn a whim, I checked, at random, into confirmed BridgeMark PoS GBLT Corp. Corporate secretary is lawyer Mr. Robbie Grossman.

A newly minted partner this 'man' is, earning his button in February with, wait for it ... DLA Piper (Toronto).
See ----->Micheal McPhie - BridgeMark Venture Scam