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I don't want to alarm you unnecessarily. Maybe the cutoff date was a bit before the middle of January. I'm not sure.
Well, that's an approximate cutoff date. Somebody else, maybe on the Yahoo board, said their buy about then was not listed and my buys since about then were not listed.
I'm pretty sure the cutoff date was after the middle of January and I know it was before the end of January.
I purchased on jan 15th, I don't see my name, or my Brokerage House as a holder. I've looked through a few times, maybe it's right under my nose, but where do you see the Jan 20th date as a cutoff? Thanks
Thanks for the S1 post Steuvin. All of my shares are accounted for except, like you the ones I bought after Jan.22, 2013. Also it looks like the (.8) factor was used to determine the total number of shares we will have of PGLC after the change over. Hope all is well.g
Yep feeling like a rockstar with all the others. I am not on the list but didn't buy until mid Jan. I was thinking of selling some other stuff and adding to my position here. Stock I bought(added to) with the pglc proceeds are up 100% but don't want to liquidate it, might wait until monday.
Not too sure where CRGC/PGLC's clearinghouse they got this list from, but I personally know 2 shareholders of CRGC from Feb 2012 who are NOT on this Amended S-1 Filing list, and whose shares are held in street name.
And I see at least first glance, Scott Trade's street name shareholders listed in at least one instance.
So much for "snapshot" accuracy.
Wierd!
On the flip side, really good to be in such "notable company" of all those listed individuals, trusts, etc.
Latest S1 contains the names of CRGC shareholders and the amount of PGLC they have. The cutoff point seems to be about January 22, 2013; that is, if you bought CRGC after about January 22 (as I did) those shares are not included in the S1 list.
See pages 44 and following.
http://ir.stockpr.com/pershinggold/sec-filings/content/0001521536-13-000090/0001521536-13-000090.pdf
$CRGC - $PGLC - Pershing Gold Corporation Expands Landholdings at the Relief Canyon Mine Project in Pershing County, Nevada
http://ir.stockpr.com/pershinggold/press-releases/detail/403
... "LAKEWOOD, Colo., Feb. 7, 2013 (GLOBE NEWSWIRE) -- Pershing Gold Corporation (OTCBB:PGLC) is pleased to announce that it has located 105 new unpatented mining claims and acquired by lease roughly 635 acres of private lands at its Relief Canyon Project in Pershing County, Nevada. Both the new claims and the private lands are strategic additions that add nearly 2,630 acres to Pershing Gold's land position. The Company now controls approximately 25,220 acres in the Pershing Gold and Silver Trend along the southern flank of the Humboldt Range." ...
CRGC Video Chart 2/6/2013
http://www.qualitystocks.net/videocharts.php
Thanks, Molee. Good article that I hadn't seen. Frost's investment record is rather amazing, although we aren't privy to his losing positions, huh?
I sold all my PGLC a while back and now have only CRGC
Steuvin, thanks for the reassuring note. I also thought Persuring would be paying a 1% per month penality for not having this change over completed in July. However CRGC let Pershing off the hook. Still holding for over a year. I own both companys so I guess that was ok. P.S. aren't you Hanna??
"I won't be comfortable until I see the Pershing shares in my account."
You have nothing to worry about. CRGC currently owns 76 million shares of PGLC. Those shares (8 PGLC shares owned for every 10 CRGC shares outstanding) are in CRGC's treasury.
The shareholders of CRGC own CRGC. Therefore, the shareholders of CRGC own 76 million shares of PGLC.
It is impossible for the shareholders of CRGC not to benefit from the shares of PGLC that CRGC owns, either through distribution or sale.
~ Here's a little info on Mr. Frost's activity .
http://seekingalpha.com/article/1156041-checking-up-on-dr-frost-s-latest-13g-fund-filings?source=yahoo
GLTUs
At todays conversion arbitrage price Frost trust would net $553,783. Lets all hope this switch over to Pershing goes as planned!! I won't be comfortable until I see the Pershing shares in my account.
I may be mistaken but it looks like a From 4 was filed by Frost in December 2012 selling some shares in Pershing and added shares of Continental. Owning over 5% on CRGC triggered a filing 13g. Maybe someone has a better explanation. I believe Frost still holds a lot of Pershing. JMO.
Could someone please explain the significance of the Schedule 13g filing today by Gamma Frost? It merely stated that Frost has 7,879,752 shares (8.3%), not that he has acquired or disposed of any shares. TIA
works for me gulfman. Thx. Hadn't seen the filing yet. Appreciate the headzup.
looks like Frost bought up a bunch of shares. It looks like we are in good company!!
Just FYI.CRGC/PGLC. On Friday I spoke with Mindy Joe at PGLC and she stated they are still waiting for the SEC to respond to the last filling submitted by PGLC. She said there is a now no time limit demanding the SEC to respond by, the only time limit set for a response by the SEC was on the first filling submitted. Mindy Joe also reiterated the fact they want this issue resolved sooner than later because it should be better for the company and over all stock price. PGLC though is on top of it and doing what is required from there end.g
Roy,
The weekly chart (which you referenced) shows more overbought than the daily chart. However, it also shows some interesting things that the daily chart doesn't.
If we can break .40 and stay above for a couple of weeks, we will have a true breakout. .40 would become the new support level. From a longer term perspective, which we can see on the weekly chart, CRGC is not really so pricey at all.
http://stockcharts.com/h-sc/ui?s=CRGC&p=W&b=5&g=0&id=p39455995332
Good daily chart too.
http://stockcharts.com/h-sc/ui?s=CRGC&p=D&b=5&g=0&id=p56620835595
Very strong volume day after day. A bit overbought but today ended on a strong note, showing continued strength.
CRGC's chart is less overbought and less "toppy" than PGLC's chart. That is a real positive. My sense is that CRGC is a safer buy here than PGLC, which makes sense. It is still a 25% discount to it's distribution price given both its price and PGLC's price as of today. That says to me that even if PGLC suffers some retracement from profit taking, CRGC won't (or at least not nearly as much as PGLC might.)
when PGLC runs this one follows
this could be the break...strong weekly chart suggests theis is a powerhouse in da making
Thanks Steuvin, I'll pass this along too.g
I posted the following on the PGLC board.
Roscoe Postle (RPA) did a pit optimization study. It shows where to mine. The average is .017 oz/ton but some areas are richer than that and some less rich. The pit optimization study pinpoints the rich areas and shows the economic benefit of mining there. It also shows which areas are not economic to mine. That is hugely important. While .017 oz/ton might be only marginally economic, when you throw out the uneconomic areas and retain only the economically feasible areas, you have a very clear picture of what you will get.
While the total is less with the optimized report than with the non-optimized report (463,000 vs. 554,000), it is clearly the preferable study. That is, the optimized pit report shows that there are 463,000 economically extractible ounces and it simply omits those ounces that cannot be economically extracted.
The above should be helpful in the discussion of whether or not an overall .017 oz/ton is economically feasible.
This is my understanding but I cannot swear that it is 100% accurate.
Hard to see how we could miss. The guy in the Seeking Alpha article suggests a buyout next year in the $3 range.
http://seekingalpha.com/article/1133641-pershing-gold-nearing-production-and-huge-exploration-upside
Good job Steuvin. I am petty sure we won't be sorry, in fact I feel we will all (us longs) be quite pleased.g
Bought some more just now at .345. I'm now totally loaded up. Never before have I found an arbitrage deal with a 25% discount.
Right on again Steuvin. Thanks.g
I posted the following on the PGLC board:
Why CRGC is a great buy if you can get it at today's closing of .32.
.32 for CRGC is equivalent to .40 for PGLC. Why? .32 is 80% of .40. And each share of CRGC will be exchanged for .80 shares of PGLC.
What the above says, in effect, is that if you were to buy shares of CRGC now at .32, PGLC would have to drop below .40 before the shares you receive in the distribution of PGLC for CRGC would result in a loss.
PGLC closed today at .54. Even extreme bears like Talidude do not suggest that PGLC will fall below 40.
In sum, if the bulls are right and PGLC goes up from here, your purchase of 100 shares of CRGC would net you 25% more profit than would a direct purchase of 80 shares of PGLC. Also, if the bears are right, if you buy CRGC here, PGLC would have to drop 26% or more in order for you to have a loss on your PGLC shares that you receive in the distribution.
Upside enhanced. Downside diminished.
Good move. You got a 34% discount.
Stevin, I just bought some more too for .32 at the very end of regular trading. g
Nice. Seems to be a low-risk move to do that.
I just bought a batch of CRGC at .30. PGLC was at .54 when I made my buy. .80 x .54 = .43. So I got my CRGC at a discount of .13, which is a discount of 43%.
I'll take that all day long!
I'm not sure it's a panic. Volume is somewhat higher than average, but lower than the past few days.
The stock was quite a bit overbought and ripe for some profit taking. Lots of people will buy on anticipation of good news and sell on the news.
Here's the chart:
http://stockcharts.com/h-sc/ui?s=CRGC&p=D&b=5&g=0&id=p78665227351
It shows that RSI and stochastics are now in oversold territory. Also, .28 should be support on the retracement from the recent breakout.
I just bought more at .285. I got a 28% discount compared to buying .80 PGLC.
What's up with the sell panic all the sudden?
The figures you cite, at $1650 per ounce=$930,600,000.
That is for just a small portion of the land PGLC can explore and mine.
It would probably be about $465,300,000 net if they could recover all the gold available in restricted area we are talking about. Figure about 50% net on what is mined. I don't know how much they figure they could recover, but they will use open pit and probably eventually get a lot of it.
I'm not sure how much a major would pay for such a deposit but it is no where near either the estimated total or even the net total allowing for extraction costs.
Lastly, the numbers we are talking about above pertain to only a small very part of the land Pershing holds for exploring and mining.
Can someone tell me how much this is worth in dollars?
Roscoe Postle Associates USA, Ltd. ("RPA") has completed an estimate of the in-pit mineral resource using pit optimizing software at Relief Canyon that shows a measured and indicated in-pit resource of 463,000 ounces of gold and an inferred in-pit resource of 101,000 ounces of gold.
Lovin this "As such, mineralized material reported by Pershing Gold today represents a nearly five-fold increase in the size of the Relief Canyon deposit. From the press release.
""These outstanding results underscore Pershing Gold's unique opportunity. We have a permitted and operational heap leach facility designed specifically to process the deposit at Relief Canyon. Our continued progress in expanding and upgrading the deposit keeps us moving forward on our critical path to resume mining at Relief Canyon. I am very pleased with the exceptional progress we have made," stated Stephen Alfers."
So we now know the reason for the large amout of volume and price appreciation. Looks like Good news!!!!
I successfully converted my PGLC shares to CRGC today. For me and others who have already made the plunge, it doesn't matter what happens to the arbitrage from here on now that I am converted as long as PGLC goes up in the long term. I had a number of PGLC shares that I sold. I used the proceeds to buy a lot more CRGC shares than I had PGLC. Even after you factor in the 10:8 swap, I am going to end up with a lot more PGLC shares than I started out with for the same investment. If you hold PGLC today, the only reason to keep it and not move to CRGC is the risk of CRGC not getting converted to PGLC. Otherwise, it's basically a built in return.
At this point the arbitrage is positive for CRGC. Eventually they will be exactly the same, all PGLC. Therefore, if you think PGLC is going up from here, buy CRGC now. If you think PGLC is overbought and is going down, either wait altogether or buy CRGC, depending on how far you think PGLC will drop.
Never, in my opinion, will the arbitrage actually be in PGLC's favor. The reason the arbitrage is in CRGC's favor is that there is a slight risk that something could go wrong and CRGC not become PGLC. I find that possibility very tiny, especially after the recent S-1/A filing.
Keep this in mind as you're selling all of your PGLC. What if a lot of people start to sell PGLC to pick up CRGC for the arbitrage? The PGLC stock starts to drop while the CRGC starts to rise. Hence, the arbitrage goes away and at some point could turn negative. I'm running with half and half. Somebody correct me if I'm wrong here.
I concur with Steuvin. I use Scottrade as well. Never had any issues with them.
I currently use OptionsHouse. I like them quite well as my first online trading platform. I don't have a ton of money so the lower trading commission eats up less of my profits. My entire portfolio is probably less than what a lot of people on here have traded just in this stock. I will probably have to switch to a different platform at some point. For now, it meets my basic needs. This is the first situation when I have wanted to do something that required timing.
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