appreciated - TIA -
> http://www.globalminingobserver.com/first-mining-finance-moneta-porcupine-keith-neumeyer-160/?rq=moneta -
Neumeyer Rebuffed by
Moneta Porcupine
Issue 160, April 2016
First Mining Finance, the gold vehicle backed by dealmaker Keith Neumeyer, has been pursuing gold junior Moneta Porcupine for several months, Global Mining Observer reports. The approach has been rebuffed but not disclosed.
Toronto-listed Moneta owns the 4.3m ounce Golden Highway project in Ontario. Neumeyer first approached the company two years ago and has made several approaches since, but has failed to land an agreement.
First Mining Finance listed last year and has been aggressively buying small gold companies. It held talks in February in London with a former Moneta insider, but according to sources involved, has failed to win over any significant pool of investors, who are believed to be backing current management.
Neumeyer, who privately jokes that he is “creating unemployment” in the industry by turfing out management teams, entered mining in the 1980s. He was vice president of investor relations at First Quantum, before reinventing himself in silver, founding Mexican silver play First Majestic. Neumeyer has founded First Mining Finance to focus on gold.
Oban Mining
Oban Mining, the junior gold developer backed by mine-builder Sean Roosen, has also approached Moneta Porcupine, according to sources, but has not tabled an offer. “The conversation ended very quickly,” a source involved in the process says. Moneta's management is understood to have signed confidentiality agreements with several larger companies that can advance its assets, rather than warehouse them.
Both Oban and First Mining Finance have been scooping up distressed gold assets in the current downturn, in predominantly paper-funded deals. The two companies have amassed 5.5m and 7.8m ounces respectively, paying prices as low as $2.20 per ounce. They are thought to have previously competed for assets.
But some analysts question whether First Mining has bought anything of any real long-term worth. Its Pickle Crow project is flooded, its Springpole project is sitting under a deep lake and its Duparquet property is bristling with arsenic. The company has more than quadrupled its share count in the last 12 months.
Going Hostile
Despite being courted by other companies, Moneta Porcupine has a low cash burn rate and is understood to be happy to sit out the cycle, rather than drop the goods at the bottom of the market. Moneta's shares have surged ahead of gold this year, up 54 per cent. Until recently, First Mining had put on a more modest 15 per cent, as the company has continued to issue stock to buy new assets, but its shares have spiked in recent days, up over 30 per cent on zero news flow.
First Mining Finance internally has plans to upgrade its listing in Toronto, allowing it to buy shares in target companies, giving it greater leverage going into takeover talks. The company has openly discussed going hostile on firms that rebuff its advances, but has also maintained that it has a long list of possible targets. “There's a list of targets and we're not going to comment on that list,” a company insider said.
- God Bless -
Recent ME News
- Potter Handy Law Firm Represents Nearly 5,000 Clients in 23andMe Data Breach Case • Business Wire • 04/30/2024 03:00:00 PM
- 23andMe to Present Preliminary Efficacy and Biomarker Data for 23ME-00610 at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting • GlobeNewswire Inc. • 04/24/2024 08:05:00 PM
- 23andMe announces CEO’s intention to pursue a potential take-private • GlobeNewswire Inc. • 04/18/2024 12:00:00 PM
- 23andMe to Present Data on Two Clinical Stage Immuno-Oncology Programs at the American Association for Cancer Research (AACR) Annual Meeting 2024 • GlobeNewswire Inc. • 04/05/2024 08:05:00 PM
- 23andMe Initiates Phase 1 Clinical Trial for its Dual Mechanism Antibody, 23ME-01473, Targeting ULBP6 • GlobeNewswire Inc. • 03/20/2024 11:30:00 AM
- 23andMe Launches New Feature Connecting Customers to Historical Individuals from Hundreds and Even Thousands of Years Ago • GlobeNewswire Inc. • 03/19/2024 12:00:00 PM
- 23andMe Launches New Genetic Reports on Common Forms of Cancer • GlobeNewswire Inc. • 03/06/2024 12:30:00 PM
- 23andMe Announces Three Presentations from Clinical-Stage Immuno-Oncology Programs at the American Association for Cancer Research (AACR) Annual Meeting 2024 • GlobeNewswire Inc. • 03/05/2024 09:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/21/2024 09:36:48 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/07/2024 09:07:48 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/07/2024 09:03:56 PM
- 23andMe Reports Third Quarter Fiscal 2024 Financial Results • GlobeNewswire Inc. • 02/07/2024 09:01:00 PM
- Moneta Gold and Nighthawk Gold Complete At-Market Merger to form STLLR Gold Inc. • Business Wire • 02/06/2024 12:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/31/2024 12:50:09 PM
- 23andMe Launches Month-Long Initiative to Amplify ARRAY’s “Seat16” Program for Acclaimed Film ORIGIN by Ava DuVernay • GlobeNewswire Inc. • 01/31/2024 03:12:36 AM
- Nighthawk Gold Obtains Final Court Order for the Proposed Arrangement • Business Wire • 01/30/2024 10:00:00 PM
- 23andMe to Report FY2024 Third Quarter Financial Results • GlobeNewswire Inc. • 01/24/2024 09:05:00 PM
- Moneta Gold and Nighthawk Gold Announce the Proposed Directors for the MergeCo Board • Business Wire • 01/22/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/08/2024 12:45:21 PM
- 23andMe announces further expansion of 23ME-00610 Phase 1/2a clinical trial in advanced neuroendocrine and ovarian cancer patient cohorts • GlobeNewswire Inc. • 12/19/2023 01:00:00 PM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 12/01/2023 09:06:04 PM
- Nighthawk and Moneta Announce At-Market Merger to Create a Leading Canadian Gold Development Company • Business Wire • 11/28/2023 12:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 11/21/2023 09:41:49 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 11/21/2023 09:40:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/13/2023 09:06:11 PM
FEATURED Cannabix Technologies Launches New Compact Breath Logix Workplace Series and Prepares for Delivery to South Africa • May 7, 2024 8:51 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM