Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Hollister is in auction until April 15 (possible new owner at the time the article was written) but that can be cancelled soon if we got the money we were looking for with Burnstone. Why would GBG spend a lot of money on Hollister and keep it in operation if they did not intend to keep it? I guess even if they sell it an operating mine that is expanding it's production and is profitable should still bring us more money on the sale so it is all positive as far as I can tell. April is going to be an exciting month that is for sure. Get some of mom's chicken soup into you and feel well soon ok T.
I know the the PPS has been strange and I do not have it figured out yet. So many weird things here no pump and dumps, no paid advertisments it has been so quiet, I mean come on we are in pinky land with two mines for sale and other properties on the books and no one seems to know we exist. I do not understand any of it but my gut tells me it is going to be good for us here. I really thought the price and volume would run up last week before the Burnstone auction ended but yet another surprise...but instead of running my gut told me buy somemore so I did. Time will tell.
Tamaman and I have repeatedly stated that we thought there was a good chance of rescuing Hollister if Burnstone sold high enough...all this just makes my gut feelings even stronger that this could happen. It never made sense to me that they would end the auctions on different dates unless they hoped to save Hollister. I guess we will know soon enough. Have a great night.
I do and I did...excellent DD G-Bear thanks again.
Yes it is possible I am hoping Burnstone sells for enough cash that GBG cancels the auction on Hollister but even if this does not happen they may continue with another property if both mines sell high enough. The probability is anyones guess and that is what makes this a very high risk play...no one can tell you what the odds are...we could lose evrything if the auctions do not make enough money to pay the debts. Do not spend money here that you can not loose IMO.
Just picked up another 130K, 500K total now locked and loaded.
That is because there is noting negative about it, gbg won the case and remains in Buisness Rescue. This case is an excellent example of why a company needs to go into Buisness Rescue rather than liquidation proceedings, the vultures will try to swoop in and get their share first (would not you if you could). If Credit Swiss won that case we would be done right now, Credit Swiss would have liquidated what they could got their 105M and the mineral rights would have returned to the state leaving the rest of us messed up...lets face it the mineral rights are what need to be protected and that is what the Buisness Rescue Plan did here...relax man everything is excellent here.
No worries here as far as I interpret it GBG won this case...buisness rescue remains...nice try but no cigar for credit swiss. Buisness as usual boys hold on to your shares they are going to be worth some money real soon...I have to buy some more of these little gems. Have a great night.
Could inside buys explain why the PPS has not moved away from a cent? I have not been able to figure out how the price has held up especially on some of the high volume days.
Agreed see my last post. Thanks.
Binding Bids in by 29 Mar.2013 (i.e. auction over on the 29th). Latest date to publish a rescue Plan is 31 May 2013 (could be sooner but no later than May 31st).See link.
http://www.greatbasingold.com/admin/files_pr/SouthgoldProgressReport5February2013_1.pdf
That said, the sale process is now underway and there are several interested parties. I remain of the view
that the prospects of a successful rescue are good. Once a final binding offer has been secured, I will be
able to prepare and publish a business rescue plan for consideration by all affected parties. I think it is
likely that such an offer will be secured by end March and therefore seek an extension from you, in terms of
section 150(5) of the Act, of the time in which I have to publish a business rescue plan from 15 January
2013 until 31 May 2013. If the offer and acquisition conditions that will influence the business rescue plan
are achieved sooner than this, I will notify all affected parties of an earlier publication date.
Yes that is the way I read it as well all bids in by date so it should not take long after this week to get an update on the rescue plan going forward from the bids...they needed to do it this way if they were to have any chance of cancelling the Hollister auction and keep that asset. I can not wait to see what bids and from who we got.
I read this as 5 - 8 bids will come in does anyone know for sure how many made the final approval? 7 approved - 2 dropped out + 3 pending approval = 5 - 8 approved.
http://www.greatbasingold.com/businessrescue/14032013/Southgold%20Progress%20Report%20-%2014%20March%202013.pdf
Looks like G-Bear may be right and gold may have found its bottom.
http://seekingalpha.com/article/1294711-gold-miners-have-reached-their-downside-targets-upside-ahead?source=google_news
Yes and I still think it is GBG's plan "A" but we seem to be the only two that think alike on this one...not sure why it seems totally logical. I would think plan "B" includes the sale of Hollister if Burnstone does not bring in enough cash. Plan "C" could be to develope its remaining property with the sale of the two mines...that's a lot of plans before complete liquidation don't you think?
Hey G-Bear I guess my question would be with the Hollister auction date after Burnstones if we get enough cash from Burnstone to cover all debt and perhaps even some cash in hand why would GBG not cancel the sale of Hollister? Have a great night and thanks for all the information you da bomb.
I hear you RBK and I have only been here since the stock started trading this year so I am certainly no expert on this stock but except for me an T no one else talks about this company actually being rescued all the language is about liquidation. I really hope for this company to survive hopefully with Hollister generating cash (the mine running through all this also makes me go hummmm). When I read over the rescue proceeding documents on their we site the general spirit of the wording held promise of rescue all over them and it seemed genuine, I was hooked hope my gut was right...not long to wait now I just wish I had more cash to spend before the 29th but I never spend what I can not lose I guess I will have to be happy with what I have.
Don't want to say I told you so but it is why I bought. In Canada buisness rescue is very different than bankruptcy proceedings, there is still a good chance that the company could cease to exist but they try very hard to keep it a going concern under a rescue plan. Thanks for the info G-Bear it just makes me more resolute that Hollister may remain with the company.
Thank you for that clarification.
I have not been able to find anything on the Mozambique property or the one in Tanzania. As far as I can tell both will stay with the company.
Ha ha ha love it don't hold back Nolda tell us how you really feel.
Nolda I do not think many or any of the posters on this board see this play through rose colored glasses we already know that our chances are a 50/ 50 proposition but the reward far out weights the risk IMO. I have never played a pink that was not highly volatile with potential of great reward...in fact I've never played a pink that was not highly volatile period. Have a great day.
Hey I actually managed to turn one into just under four thousand dollars with the NORTEL bankruptcy...it kind of went to hell in a hand basket after that though. It was my first bankruptcy play (I'm not a serious investor I just do this for fun). If I could do that well with NORTEL I think there is a real good chance of repeating or doing better with this one.
I've been in penny land for a few years now and seen some awesome stuff but this one is different than anything I've been involved with so far, I don't know what it means but I know it is unusual. We do not have too long to wait now I may pick up more next week if I can scramble the cash up in time.
Who is manipulating the stock price (so tight a range)?
Why schedule enough time between mine auctions to cancel the Hollister auction if Burnstone sells high?
If this is done why is VE holding their shares at any price?
Things that make me go hummmm.
Quite honestly I am surprised there is not more talk on this possible outcome it would make a lot of sense that they would put both assets in protection mode and concel one if the other sale goes well to me it is the only way to protect the assets from liquidation during the auction process. It did not surprise me that Hollister went into bankrupt protection with a healty delay in the auction date why not sell them all on the same day if they were truly throwing in the towel as a company. Stay tunned my friend GLTY.
Well aren't you a ray of fricken sunshine. How about if we get 800 - 1000 million for Burnstone the company remains as a going concern with one kick axe gold and silver mine (Hollister). It seems there are very few that think this will happen but it is why I'm in so I guess time will tell. This is a rescue plan not a liquidation and one heck of a lottery play. Have a great night.
I'm with you on this one...these guys are out but may hope for a little bump in their stock for a few weeks while everyone waits for the real players results. Still it has given us something to talk about and things are getting interesting here.
So if the sale valuation is close to 900M and Golden's asset valuation is somewhere near 2700M the buyer stands to make about 1800M $ on this deal...during the life of the mine that is a pretty nice purchase don't you think.
The six for Burnstone are what I like as I am hoping the three for Hollister will not be needed and we may have a salvaged company in a few weeks. Now that would cause a nice bump, a man can dream right.
The interesting thing is they are from almost every continent on earth and you know none of them want to be one upped this could turn out to be very interesting indeed. I know the Russians/ Chinese and the great U.S. of A do not have any love for each other.
Did not someone mention the Chinese might be interested a few days ago? Looks like they were right.
GBG is in creditor protection "Rescue Plan" (BC, Canada) which protects it's assets from liquidation so none of that good ol boy running off with the funds will happen here. Go to the GBG web site and there is plenty to read on the subject if you love the lawyer speak. So relax load up and enjoy the ride. Have a great day.
I don't think pi-polar has any shares...but he would like some just a little lower than the current price me thinks...I do agree with one thing he mentioned there's still 6 million ounces of gold on these sites and the stock price does not reflect that. Watch for bi-polar to work real hard between now and the end of March trying to pry you of your shares, gents we now have bashers...yet another good sign. Have a great day everyone.
Wow 5 mil day and keeping the price above a cent amazing. I think everyone needs to chill a bit when you have two of the larger gold fields in the world for sale the big boys are paying attention we don't need no stinking SH small time chit to up the anti there has to be at least a few huge players looking real hard. The world is getting smaller everyday and so are the gold fields. Remember they have to protect all assets from forced liquidation and the only way to do that is with a rescue plan. I still say if Burnstone sells at fair value they hold onto Hollister and that is why I am here. I guess time will tell. Have a great night all.
The trading on this play has me a bit miffed as well, first off why start trading again before the auctions are complete, second who is supporting the ask? at 2 million shares a day at 1.3 cents a share someone must be accumilating this stock or can you think of a different play? I don't know how many shares our group are buying a day but I expect there is at least 1.5 million shares a day someone is buying and keeping this price in a tight range but who and why? Now if I had an inside line and knew this thing was going to bounce pretty hard it sure would be nice to start the stock trading again and get what shares you could before the end of March, nice and easy especially when you know some outfits need to let their shares go. Hummmm. yes I think I will play this one out and hope for something nice to happen...if not oh well should have bought a new quad dang it.
If they were not interested in saving the company to some degree why auction rather than liquidate? Some of their creditors actually tried to force liquidation legally but the rescue plan blocked it from happening...so they are not doing this for their creditors, I'm sure the share holder is low on the priority at this time as well so I'm left with they actually feel they can save the company...without one of the mines it will be tough sledding so I still think they will try to keep Hollister. I guess time will tell but hope my gut is right.