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To bad WITM could not make iron ore work in China.
chevy56
GLTA
Administrative dissolution is initiated by the state upon the company failing to pay the annual renewal fee. From what I read the company can still be reinstated (effective to the date of dissolution) by paying this annual fee.
great, I was hoping they would come back for this new gold rush... still have a ton of shares in this company.
Thanks eom,
chevy56
GLTUS
looks like they filed to close the company down.
Whats this all about, any ideas? date 2/23/07 Wits Basin Precious Minerals, Inc.
900 IDS Center
80 South 8th Street
Minneapolis, MN 55402
1-866-739-0390
?
www.witsbasin.com
Share Price (2/23/07)
$1.15
52 Week Low
$0.19
52 Week High
$1.15
Market Capitalization
$110.63M
Shares Outstanding
96.2M
Approximate Float
$30M
Fiscal Year End
Thanks for the update...
chevy56
GLTA
Lol,
Not a Peep out of Wits..
chevy56
Happy New Year
GLTUS
Is this a chinese happy new yr or a US happy ny lol? Any word from anywhere? Boyu?
Happy New Year to us.....
chevy56
Sad to say, we are the committee...Lol
Going to send another e-mail this week...
Iron ore down...China slow...
chevy56
GLTUS
Subscribe to squeaky wheel get`s the oil...
We may need to form a shareholder committee and hire an attorney...
Turning blue from holding my breath....Lol
chevy56
2 e-mails no response..
GLTUS
Holding your breath? lol
Sent a e-mail.....
chevy56
malc,
Wording here......
Thanx chevy56
GLTA
I`m at a lost here....
Seems WITM have options...
(1) If either of the following occur:
(i) the Corporation receives proceeds of $10,000,000.00 or more in a cash offering; OR
(ii) the Corporation’s Common Stock trades at $3.00 or more (with proportionate adjustments for stock splits) for 90 consecutive trading days;
How all of this will play out, not sure...
chevy56
GLTUS
P.S. maybe someone reading the will know..
Yes... but does it do anything for us?
Looks like a settlement..........
chevy56
GLTUS
Item 1.01 Entry into Material Definitive Agreement
Standard Metals Processing, Inc. (a/k/a Cambrian Minerals Group, Inc.) (the “Company”) entered into an Agreement on July 29, 2016 with the holder of the Series A Preferred Stock, Wits Basin Precious Minerals, Inc., (“Wits”) and Wits’ secured creditor regarding exchange options for the Series A Preferred Stock.
Under the terms of the Agreement, upon the occurrence of a Triggering Event (as defined below), the holders of the Preferred Stock will receive the corresponding compensation, the “Triggering Events” and their corresponding compensation are set forth below:
(1) If either of the following occur:
(i) the Corporation receives proceeds of $10,000,000.00 or more in a cash offering; OR
(ii) the Corporation’s Common Stock trades at $3.00 or more (with proportionate adjustments for stock splits) for 90 consecutive trading days;
then all of the 10,000,000 shares of the Preferred Stock will be exchanged for 5,000,000 shares of Common Stock.
(2) If the Corporation has an average market capitalization (calculated by adding the value of all outstanding shares of Common Stock valued at the Corporation’s closing sale price on the Over the Counter Markets (or other applicable exchange) (the “Market”) of $200,000,000.00 or more over any consecutive 95 day period following the effective date of this agreement and the effective date of any required duly authorized amendment to the Standard’s Articles of Incorporation, the terms of the Preferred Stock and the subsequent consent of the holder’s secured creditor to the final form and terms of such amendment, and items (1)(i) or (1)(ii) of Section (b) have not been met, then the Corporation has the right to:
(A) issue the number of shares of Common Stock equal to the Stated Value using the average closing sale price of the Common Stock on the Over the Counter Markets of the prior 15 trading days of the date of the notice. The Corporation will provide 10 days’ prior written notice to the holder and any known secured party of such holder of the Series A Stock of its intention to proceed with this option; or
(B) issue a portion of the Stated Value in shares of Common Stock based on the valuation formula in 3(b)(2)(A) and pay the remaining Stated Value in cash.
If this Section (3)(b)(2) is triggered, the Corporation has three years to choose option Section (3)(b)(2)(A) or (B) and pay the Stated Value. The Corporation has 60 days from the date of notice of its election to pay under either Section (3)(b)(2)(A) or (B).
Upon payment of the Stated Value, the Series A Shares will be retired.
(c) If Section (3)(b)(2) is triggered and the Corporation fails to pay the Stated Value within the three year time frame, the Corporation will take all necessary action to return the Series A Preferred Shares in their original form (containing all original terms and conditions) to the holder with the exception that the Stated Value will be increased to $10,100,000.00 upon delivery and the Corporation will lose the exchange options provided in Section (3)(b).
The previous terms of the Series A Preferred Stock would have required the Company to make a payment of $10,000,000.00 upon the Company having an average market capitalization of $200,000,000.00. This Agreement gives the Company additional payment options and allows for the payment to be made completely or partially in common shares, depending on the Triggering Event.
Continue looking at this one....yeah just hoping ...
chevy56
GLTUS
Keep hope alive
Iron ore moving up.....
chevy56
GLTUS
Iron ore up $60 dollars, bloomberg..
chevy56
GLTUS
Yay to that....
chevy56
GLTUS
At least they are still responding.
Hope with any luck things will normalize in China...
chevy56
GLTUS
Well eom7,
E-mail from WITM, pretty much waiting on things to stabilize, not enough at this time for WITM to make a profit....
chevy56
GLTA
Hope for a return on my e-mail....
chevy56
GLTUS
Iron Ore is on fire.
Would be nice to hear something upbeat from WITM...
chevy56
GLTUS
Prices are going higher from what I have been hearing...
I sent an email to Stephen King.... no response.
Iron ore ralley....
chevy56
GLTUS
Interesting, thanks for that up-date eom7...
chevy56
GLTUS
Item 8.01 Other Events
Standard Metals Processing, Inc. (a/k/a Cambrian Minerals Group, Inc.) (the “Company”) entered into a Settlement Agreement on January 26, 2016 with Wits Basin Precious Minerals, Inc., Lee Levine, Michael Lepore, Mark McLain, Morton Waldman, Allan Staller, Thomas McAdam, Arthur Brown, and DJ Sikka to settle the claim for interference of contract. The Court previously dismissed with prejudice Wits Basin et al.’s claims of breach of contract and anticipatory repudiation of the contract.
The Stipulation of Dismissal with prejudice was filed on January 27, 2016.
Under the terms of the Settlement Agreement, the Company will issue a total of 630,000 warrants to purchase common stock exercisable at $0.30 per share and 630,000 warrants to purchase common stock exercisable at $0.70 per share. The warrants are divided among the individual parties. The warrants expire on December 31, 2018.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: January 27, 2016
No return on my e-mails....
chevy56
GLTUS
Al McLellan
Investor Relations
info@witsbasin.com
1-646-937-8790
Another year. maybe we will hear something....
Make this a Happy New Year....
chevy56
GLTA
Iron ore price continued to rally overnight, bucking weakness seen in other asset classes.
According to Metal Bulletin, the spot price for benchmark 62% fines rose by a further 1.84%, or 80 cents, to $44.37 a tonne.
The increase, the eleventh on the trot, marks the longest stretch of uninterrupted gains seen since March 2012.
From December 11, the date when the benchmark price fell to an all time record low of $38.30 a tonne, it has now rebounded by 15.84%, approaching the 20% plus level that marks a technical bull market.
It is also nearing $44.59 a tonne, an important technical level that marked the previous record low set on July 8 last year.
http://www.businessinsider.com.au/iron-ore-is-flying-2016-1
eom7,
I`m not sure, this might be our problem..http://pro.moneymappress.com/EADSLR3979/PEADRCAQ/?iris=445954&ad=b1b-anfcmoo16-pa2&test_id=1450282763&h=true
chevy56
GLTA
eom7,
Can only hope.....
chevy56
GLTUS
Happy Holidays
Just sent Al another email asking for a 2016 update.
China slowing down, making major structural changes to economy....
This may take awhile if ever...
chevy56
GLTA
Thanks! X-mas miracle here!?!?
Thanks! X-mas miracle here!?!?
Hope your Thanksgiving was a great one....
chevy56
GLTUS
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Wits Basin Precious Minerals Inc. (OTC BB: WITM) holds an impressive property portfolio which includes the Vianey Silver Mine in the state of Guerrero, Mexico, and the past producing Bates-Hunter Gold Mine in Central City, Colorado that experts believe may host up to ten million ounces of gold. In addition, a large exploration program called the FSC Project is underway on several hundred thousand acres in the famed, gold-rich Witwatersrand Basin area, South Africa, the most prolific gold-producing region in the world.
http://www.witsbasin.com/index.html
Wits Basin Updates Current Developments Related to Merger Progress and Acquisition of China Mining Properties
http://biz.yahoo.com/e/091218/witm.ob8-k.html
EXCERPT; China Gold, LLC ("China Gold"),
a) Kenglo One, Ltd. Financing
On December 14, 2009, Wits Basin Precious Minerals Inc. (the "Registrant") entered into a Loan Agreement (the "Loan Agreement") with Kenglo One, Ltd. ("Kenglo"), pursuant to which the Registrant issued to Kenglo a secured promissory note in the face amount of $5,000,000 (the "Kenglo Note") in consideration of a loan to the Registrant of $4,000,000. The Kenglo Note was issued with an original issue discount of $1,000,000, and otherwise bears no interest. The maturity date of the Kenglo Note is February 14, 2011.
As additional consideration for the loan, the Registrant issued Kenglo (i) a five-year warrant to purchase 16,000,000 shares of Registrant's common stock at an exercise price of $0.10 per share (the "Kenglo Warrant") and (ii) a third-party option to purchase from the Registrant 1,299,000 shares of common stock of Standard Gold, Inc. (f/k/a Princeton Acquisitions, Inc.) held by the Registrant at a price per share of $1.00 (the "Option"). Standard Gold, Inc. is a majority-owned subsidiary of the Registrant. The Kenglo Warrant contains standard anti-dilution rights, and includes a net exercise right on behalf of Kenglo.
As a condition to the financing, Kenglo required that the Registrant grant Kenglo a security interest that was pari passu to that granted to China Gold, LLC ("China Gold"), a significant lender to the Registrant, such security interest to include a pledge of certain equity interests held by the Registrant and a security interest in Hunter Bates Mining Corporation ("Hunter Bates") and Gregory Gold Producers, Inc. ("Gregory Gold"), each of which were previously wholly owned subsidiaries of the Registrant and are parties to certain security instruments with China Gold. Hunter Bates and Gregory Gold are currently majority-owned, indirect subsidiaries of Registrant. With the consent of China Gold to grant a pari passu security interest to Kenglo, the Registrant, Hunter Bates and Gregory Gold entered into a Security Agreement dated December 14, 2009 (the "Kenglo Security Agreement") with Kenglo, granting Kenglo a security interest in all of such parties assets. Pursuant to the Kenglo Security Agreement, the Registrant pledged its equity interest in 18,584,544 shares of Standard Gold (constituting approximately 85% of the equity interest in Standard Gold), its 35% equity interest in Kwagga Gold (Barbados) Ltd., and its 50% equity interest in China Global Mining Resources (BVI) Limited ("CGMR BVI") (subject to the consent of London Mining Plc, the other 50% holder of CGMR BVI), and Hunter Bates pledged its 100% equity interest in Gregory Gold.
China is dead-set on driving the prices of rare earths through the roof.
INCLUDE NIOBIUM --- TITANIUM AND NIOBIUM VERY RARE EARTH ELEMENTS.
USE; Avionics, radar, satellites, communication devices, fiber optics, targeting systems, navigation systems, guidance systems, advanced weapons components, special munitions, reactive armor, night vision, lasers, cruise missiles, smart bombs, main battle tanks, helicopter blades, air-to-air missiles, naval propulsion systems
Electric vehicle demand for [rare earths such as] dysprosium, neodymium and praseodymium is set to grow by an average of 790% in the next five years."
There are countless applications in which there are simply no substitutes for the rare earth metals.
| |
Scandium Yttrium Lanthanum Cerium Praseodymium Neodymium Promethium Samarium Thulium | Europium Gadolinium Terbium Dysprosium Holmium Erbium Ytterbium Lutetium |
Wits Basin Current Projects
1. Our primary holding is a 35% interest in the FSC Witwatersrand-type gold project in South Africa in Kwagga Gold Limited which owns the FSC Project - Witwatersand area of South Africa with option to increase to 50% interest for an additional $1.4 million. Partnership with AfriOre Limited. Current plan is for 3 drill holes. $2.1M invested in this project to date and in mid 2006 Wits will receive a report on the initial drilling efforts and then determine any additional investment level.
2. Owns the rights to Bates-Hunter Gold Mine in Central City, Colorado, US - purchased project on 07/26/06 thru seller financed mortgage for CDN$6.5M (5% interest only, $250K escrow payment and 3.62M unregistered shares). These terms are very favorable because no principle payment is required and shares remain unregistered until the mine is in production.
BATES HUNTER DEWATERING PROJECT STATUS: 162 out of 727 feet (reported in May)
Wits Basin Website - http://www.witsbasin.com/index.html
Standard Gold Mining Resources (OTCBB:SDGR.OB), majority-owned by Wits Basin, currently controls the Bates-Hunter Gold Mine exploration project located in Central City, Colorado. The Bates vein, formerly mined in the Bates-Hunter Gold Mine, was the second gold lode discovered in Colorado and helped spark the great Colorado gold rush of the mid-1800s. The Central City mining district produced approximately 4 million ounces of gold and almost 120 million ounces of silver. Nine principal veins underlie and are controlled by the Bates-Hunter property. These veins have historically produced approximately 250,000 ounces of gold to a depth of about 500 feet
3. Options to 31.5% of mining claims in McFaulds Lake area of James Bay area near Attawapiskat, Ontario, Canada. First drill hole completed 05/01/05 with no economic value.
4. Near surface oxide zone exploration rights to 19 mining claims over 304 hectares in Holdsworth Project - Hawk Junction, Ontario, Canada. Requires $150,000 to conduct initial testing. No money has been spent on this project thus far.
5. Undivided 50% interest in certain mining rights at the Vianey Mine Concession in Gerrero State, Mexico (prior producing Silver mine).map below
6. Undisclosed portion of the volcanogenic massive sulphide (VMS) base metal projet in Northern Ontario on the Hawk-Macnugget Claims.
Hawk Uranium, Inc. has both direct or option interests in four gold and two VMS exploration properties in Ontario, Canada plus a core holding of 3.3 million shares in Wits Basin Precious Minerals Inc. (OTCBB: WITM).
Wits Basin Website - http://www.witsbasin.com/index.html
7. ProjectsXiaonanshan Mine
[chart]www.witsbasin.com/images/map_xiaonanshan.jpg[/chart]
Project History ;
In March 2009, London Mining plc and Wits Basin Precious Minerals (OTCBB: WITM) executed a joint venture agreement to create a 50/50 ownership of the Xiaonanshan Iron Mine, the Matang iron deposit, and the Sudan concentrator plant.
The Joint Venture controls over 69 million tonnes of magnetite iron ore resources in a single deposit that can be processed with existing facilities at the Xiaonanshan mine and Sudan concentrator plants. Moreover, 22 million tonnes of additional resources are located in the nearby village of Matang; this resource is expected to support expanded operations. The operations currently have a total of 454 employees: 257 (17 staff) at Xiaonanshan and 197 (7 staff) at the Sudan concentrator plants.
[chart]www.witsbasin.com/images/xiaonanshan-detail-map.jpg[/chart]
General Geological Features of the Xiaonanshan ore deposit:
The Xiaonanshan iron deposit consists of fractured and brecciated andesite and diorite host rock at the upper margin of an underlying diorite porphyry intrusion. Fractures in the breccia contain dominantly magnetite with rare metallic minerals and gangue of plagioclase, actinolite, chlorite, apatite, biotite, quartz, and carbonates. The mineral magnetite (Fe3O4) contains up to 72% iron (Fe) and 28% oxygen (O2). Ore grades are quoted in total iron (TFe) and commonly average 24-27% TFe, which means that approximately 37% of the ore consists of magnetite.
A 1973 report shows a resource of 71.3 million metric tonnes (mt) grading 26.5% TFe using a cut-off grade (CoG) of 18-20% TFe. In a 2007 report, it was estimated that a total of 2.0 million tonnes had been extracted from this resource. The Xiaonanshan open pit mine is currently producing from a 3.7 million tonne portion of the resource.
[chart]www.witsbasin.com/images/xiaonanshan-working-face.jpg[/chart]
Xiaonanshan MineLinks
Chinese Embassy in London
http://www.chinese-embassy.org.uk/eng/
Chinese Government
http://english.gov.cn/
Ministry of Land and Resources
http://www.mlr.gov.cn/mlrenglish/
Steel and Iron Ore Companies in China:
Magang Steel, www.magang.com.cn/eng/
Baogang Steel, www.baosteel.com
Company Datasheet Link
http://www.witsbasin.com/reports/WITM_Fact_Sheet_022307.pdf
PRESS RELEASES
Wits Basin Enters into a LOI to Acquire PRC Mining Property
http://www.otcmarkets.com/stock/WITM/company-info
Reporting Status U.S. Registered & Reporting: SEC Filer
Audited Financials Audited
Latest Report
CIK 0000912875
Fiscal Year End 12/31
OTC Market Tier OTCQB
Profile Data
SIC - Industry Classification 1040 - Gold and Silver Ores
Incorporated In: MN, USA
Share Structure;
Market Value1 $3,619,044 a/o Nov 30, 2010
Shares Outstanding 180,952,179 - Nov 12, 2010
Float N/A
Authorized Shares N/A
Shareholders
Shareholders of Record 170 a/o Apr 15, 2009
Significant Failures to Deliver Yes - Reg SHO
Transfer Agent(s)
American Stock Transfer & Trust Company
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