John Usher, chairman of the Board of the Sittee River Wildlife Reserve in Stann Creek, is one of the parties who, according to a release dated Monday, July 5, from Northern Spirit Resources Inc., is being awarded compensation in “finder’s fees,” in the form of shares in the company for helping to win their petroleum concession in Belize.
Richard F. Boyd, CEO of Northern Spirit Resources Inc., a Canadian company, announced that they had “…received regulatory approval for the compensation to arm’s length parties who were instrumental in the acquisition of the two Belize Production Sharing Agreements.”
As we have previously reported, the contracts are for exploration over nearly quarter million acres of Belize in the Orange Walk and Cayo districts within blocks previously relinquished by other petroleum contractors.
Usher, through his local company – Belize Lake View Properties Limited, receives 400,000 common shares as “finder’s fees” – valued, according to a June 30, 2010, release, at 25 cents (Canadian) a piece, or nearly BZ$200,000.
Amandala understands that Usher (who is described as a land developer and the main man behind Sanctuary Bay Estates of Stann Creek) is also the chairman and director of Belize Lake View Properties Ltd., a company formed through the Barrow & Williams law firm in August 2006.
(There are no annual filings for Belize Lake View Properties Ltd. at the Belize Companies Registry to say who are the current directors, and annual reports for ’07, ’08, and ’09 do not appear on file.)
Northern Spirit says it is also issuing 100,000 common shares to a Canadian individual, who we have since found out to be Errin Kimball, president, CEO and director of Western Canadian Oil Sands Inc, also as “finder’s fees.”
According to its release, Northern Spirit is additionally issuing what it describes as gross overriding royalties in the form of a 1.5% of production revenues under the contracts (convertible to shares) to Russel Moore and Mereniuk, and a further 3.5% of production from the oil concessions to both Moore/Mereniuk and Usher’s company, Belize Lake View Properties Ltd.
The shares are to be released, said the company, under a Contractual Escrow Agreement.