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Hey Stk:............that is how a lottery ticket is. It is very quiet until all the numbers line up, then it is a new world after that.
Just have to wait it out...............:)
OK......you are not a smuck. but there is a pr stating that the OS has been raise to 10 billion and it is probably something that needs to be sterilized with a shareholders vote,IMO.
It is a guess on my part but may be that could be up too 1.5 issued so far.I get that from just extrapolating on what they are doing, which is borrowing on their shares. They had to do something to keep the doors open and pay for the latest activity.We don't know the actual amounts because they are on the pinks.
We also don't know what the outcome of the road trips will be and we await the details.
If they close on financing then the Tony Blair thing may mean something. right now it it is just and old photo Opp about some possible renters...............that is all.But I am hopeful.
IMO, it would take a long time to educate you on what has happened here. You seem to be unaware of even the large number of shares out and it also seems you have not even heard of the latest news concerning the SEC.
the news about Tony Blair is very old, and all we have here is rumors so far.This could be the weeks of weeks for IPWG if they get news..................if no news................then who in the heck knows.It could be dead.
Do some DD so you know what you are investing in and don't loose money on false assumptions.................that is all.good luck
rocky.........you better do some DD before you step on some Doo.....doo.
http://www.courthousenews.com/2009/09/28/SEC_Whacks_Florida_Penny_Stock_Game.htm
EC Whacks Florida Penny Stock Game
By VIRGINIA CHAMLEE
ShareThisShareThis
ORLANDO (CN) - Three men and their four companies defrauded investors of $7 million by selling billions of unregistered shares of penny stocks, the SEC claims in Federal Court. It sued Stephen Carnes, Lawrence Powalisz and Jared Hochstedler and their companies, K&L International Enterprises, Signature Leisure, Signature Worldwide Advisors, and Enzyme Environmental Solutions.
All four companies were "controlled primarily by one person, with limited operational histories and minimal revenue," the SEC said.
Carnes, 45, of Apopka, Fla., runs Signature Leisure and Signature Worldwide; Powalisz, 45, of Winter Park, Fla., runs K&L; and Hochstedler, 33, of Fort Wayne, Ind., runs Enzyme; the SEC calls them the "distributor defendants."
The scam involved alleged loans and promissory notes involving three supposed stock-issuing companies, Cross Atlantic Commodities, International Power Group, and Revenge Designs, according to the complaint.
To run the scheme, the defendants assigned a "debt" to the issuing companies, which issued the defendants shares which each "stock distributor defendant immediately dumps ... into the public market," the SEC says. The distributor defendants made more than "$7 million in illegal profits" in 2 years, according to the complaint. The SEC seeks disgorgement with interest, fines and injunctions.
I was just speculating with the information we have..............but along the lines of positive thinking the news of a meeting does imply that there is some possible funding at play. Now those people who would be contemplating investing in this would already have to know about the SEC issues.
The previous news of an investigation would have alerted them plus the company would have had to come clean with anyone that these factors are at work.So in a round about way, since they seem to be on a road trip and are planning meeting. It appears that all this noise has been looked at and everything is going forward................IMO.
Now we just have to wait and see what really happens.
JohnPauII:.........IMO they may be under a self imposed quiet period because of the TSX listing application.I think is they report to many material events it effects the application and they have to re-apply.
So............me thinks this is the quiet before the storm........a good storm, that is.........:)
Investor: we don't know enough about what actually happen yet,but we can speculate various scenario's.You talk about how it will effect the officer referred to.
IMO,there in fact could be NO effect if the person cooperated with the investigation. In fact we don't even know how this investigation was started. It could have been started by a complaint from IPWG or the officer....could it not???
What if IPWG felt something was not right and they alerted the SEC?? It is possible.
The complaint says:
42. Under the agreements, International Power assigned to Signature Leisure about $270,000 of alleged debt that International Power owed to one its officers for loans he supposedly made to the company. Signature Leisure signed promissory notes in consideration for the assignment and thereafter paid the officer about $126,000.
IMO,the points of alleged debt and supposed loans do leave an open window where those actions/justifications will have to be proven it seems to exonerate the practice.
So, if the money was well spent on the company the company and the officer should be OK, that is how I see it. So far they are not named as defendants it seems...........so may be it is not a problem???
I don't know if the company had to report the stock sales since they did not themselves sell actually the stock. They only lent the stock. It may just be a fancy loop hole in the law where you can sell stock indirectly without reporting it, by borrowing against it????? That is what it looks like to me.
Now this also brings up the questions about those agreements made by the two largest share holders where they said they would not sell their stock if it was under a certain price??? I guess this kind of wrap around is not really a sell.......yet on the other hand it seems to be???? Yes......NO???
That is the problems with laws..............they are so stinking hard to figure out and so many ways to get around them. The disadvantage to us investors is that when you lend money out this way and no one reports it...............we have no way to factor this into the price of the stock.
May be the law needs to be reworked since it seems this was really creative financing with lots of room for abuse. May be that is all that will come of this, a new law and some warnings???
May be this is the purpose of all this to send out a public signal to others to watch out until the law is reworked..............???I wish I was smarter to figure these things out.
I like that term "disgorgement".........typical lawyer/government term. The problem is that, IMO if they, the SEC gets any money back it goes to them.the guys with the long arm reach of the law. Not the company or "us" that got disgorged from our stock and our $$$$$.
Yeah.........IPWG could sue the guys........(get in line for sloppy seconds). But after all the "disgorgement" is done, guess who gets left holding the barf bag???
We the lowlie simple minded stock holder, that is who.
Lets hope that they can close a deal some where and IPWG can move on to make some income, so "we" fans out in the bleachers can get some of that ......."disgorgement"..........$$$$
Today's SEC news.............
At this moment I agree with you and that is how I read it. I only bought a small amount. I got so much already..........Its quite insane really.
I just need to get even. A profit would be a real message from God. It could happen though, and it has been a lot of fun hassling poor Mr. Edd. at his expense.
May be one day there will be an IPWG movie made. I have enough material to write a screen play on this thing.There is no feeling like doubling down and getting an "ace" when facing a storm of controversy.............We will see.
Why don't we buy..........buy ..............buy. Its a good deal now.But so is an enema when you got food poisoning.IMO
Yet, yet, .....yet.Ipwg investing will make you stutter. Hey!.....Where is Mr EDD???...............no tips on the great one today.How smart and rich he is and how he don't need our money? I guess you didn't see it coming did you bunkie?
Does this mean I have to keep my bouncing head statue for a while and can't trade it in n a full size one........Yet?.IMO.
Yet............they have not executed on anything yet. No meeting, nothing ...........yet.I remember when they announce they where going to have Add Power sales and financing for Indiana, didn't happen.
this jumping the gun is risky..........Yet..........
good point
They never issued a PR on the first SEC investigation. they probably don't have to do any thing.IMO..............so don't expect it.
Here is something to put in the mix
http://southflorida.bizjournals.com/southflorida/stories/2009/09/21/daily69.html?ana=yfcpc
Here is a better picture of someone who can stretch things.
Stinking one:..........Yee of little faith. You would not recognize a miracle stock if it hit you upside the face and landed in your portfolio by accident.URST is such a miracle stock.............yes it is and we own it! Wake up and believe.
IMO, just put it away, don't think about it like is a common stock.Don't mess with it ..........just add more when you can.
This is an uncommon stock. These are the life changing stock you dream about finding.The problem is that when you do stumble on to them you fail to see them for their full glory.You doubt.............let me be your witness. Feel the force.....OOOOmmm!!
Repeat after me...........I have seen the light........I believe!!!...........(-..-)
You are now healed.You will be OK and all will work out well.
The price fluctuates because of technical. all looking very good and a nice solid stair step chart. Plus...............we are in the right place at the right time.Once someone has a monopoly what happens to prices........??.........they go up...IMO
Look at what china is doing and follow the larger trend.
http://www.marketwatch.com/story/rare-earths-are-vital-and-china-owns-them-all-2009-09-24
Harfo:........IMO, the big money is going to be made by investors during this time period. Once they start production all the big gains will have been made in the stock.
If you load up once the stock is mature, you will not make the hundreds and thousands of percent return that are being made now.
It you want to make a lot of money you have to take some risks and know when to jump in. If you wait for complete safety and known quantities........the appreciation will be small.
People are buying this because they do have the goods and that is in the billions. In relation to the number of shares, it is still screaming deal. Plus there is the gamble of the unknown, meaning the reserve could be a lot larger and there could be other minerals there on their claims, which leaves a huge upside potential to the stock.
Sometimes you just have to admit you waited to long and don't let your analytical mind/ego get in the way. Take the leap with a comfortable amount and ride the wild pony.You will make enough here to have plenty to invest in other home rums. the lesson from this one will give you the nerve to act and seize the opportunity.
the more you wait.............the farther the stock goes away from you
filled the gap today...........now we can proceed.IMO.
They filed their 10-k.
Form 10-K for URANIUM STAR CORP.
21-Sep-2009
Annual Report
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Management's Discussion and Analysis of Results of Financial Condition and Results of Operations ("MD&A") should be read in conjunction with the financial statements included herein. Further, this MD&A should be read in conjunction with the Company's Financial Statements and Notes to Financial Statements included in its Annual Report on Form 10-K for the years ended June 30, 2009 and June 30, 2008.
The Company's financial statements have been prepared in accordance with United States generally accepted accounting principles. We urge you to read this report in conjunction with the risk factors described herein.
Plan of Operation
Our plan of operations for the period until December 31, 2009 is to complete the following objectives within the time periods specified, subject to our obtaining the necessary funding and/or permits for continued exploration of the mineral properties. The following table, although subject to revision, summarizes the anticipated exploration expenditures on our current properties for the period until December 31, 2009.
ESTIMATED EXPLORATION BUDGET
2009
Sagar Project (incl. Ferderber Claims) $ 20,000
Madagascar 1,200,000
Other 20,000
Totals $ 1,240,000
Madagascar Properties
Prior to the exploration work completed by Uranium Star in 2007 and 2008 there is no record of any previous mining or significant exploration activity within the Three Horses Property area. There is evidence locally of minor artisanal working and small exploratory pits for gems and gold by the local population.
Taiga Consultants Ltd. was retained by Uranium Star to manage exploration activities on the Three Horses Property in the summer and fall of 2007, throughout 2008 and 2009.
In 2007 Taiga began a grass roots exploration program with the goal of determining the potential of finding economic VMS and/or gold mineralization on the property. The program consisted of the following on the property:
a)
Stream Sediment sampling over the majority of the property area (182 samples)
b)
Reconnaissance geological mapping over the entire property and detailed geological mapping over selected stratigraphic horizons
c)
Prospecting over selected target areas (126 grab samples and 100 whole rock grab samples)
d)
Soil sampling over selected target areas (1684 samples)
e)
Limited trenching over selected targets (11 trenches over 525.5 metres)
f)
Construction of a cinder block base camp at Fotadrevo
g)
Construction of a one kilometre long gravel surfaced airstrip at Fotadrevo
h)
Repair and surfacing of the access road from base camp to the airstrip
i)
Remote Sensing interpretation using DEM, Landsat, Aster data
j)
Airborne DIGHEM V multi frequency EM and magnetometer survey over the entire property (7856 km) at 100 meter line spacing
In 2008 ground exploration continued with additional geological mapping, prospecting, rock soil and stream sediment geochemical sampling, trenching and ground geophysics, as well as diamond drilling. Again the primary target was VMS mineralization. While no significant intersections of sulphides were encountered, it became apparent through the use of a portable XRF (X-Ray Fluorescence analysis) instrument that there was potential for significant vanadium mineralization to be defined.
Thirty one (31) diamond drill holes, TH-08-01 to TH-08-31, comprising 4073.3 meters (13,364 feet) of diamond drilling were completed from October 7 to November 20, 2008 on the Three Horses Property. The objective of the drill program was to investigate several geochemical, geophysical, and/or geological targets defined during the course of exploration programs completed on the property.
[[Image Removed: [uranium10k091709004.jpg]]]
2008 Diamond Drill Hole Locations
Composited Vanadium Mineralization in 2008 Drill Holes
Lower Cut-off Grade of 0.3% V2O5
Hole From To Interval Grade
TH-08-01 106.68 115.82 9.14 0.43
TH-08-01 124.97 128.02 3.05 0.42
TH-08-02 67.06 79.25 12.19 0.44
TH-08-02 100.58 106.68 6.10 0.41
TH-08-07 39.62 42.67 3.05 0.32
TH-08-07 45.72 48.77 3.05 0.31
TH-08-11 45.72 51.82 6.10 0.40
TH-08-11 70.10 82.30 12.19 0.51
TH-08-12 30.63 33.53 2.90 0.62
TH-08-12 45.72 47.24 1.52 0.37
TH-08-12 53.34 60.96 7.62 0.53
TH-08-12 64.01 76.20 12.19 0.35
TH-08-12 82.30 99.06 16.76 0.45
TH-08-12 100.58 109.73 9.14 0.48
TH-08-12 112.78 114.30 1.52 0.31
TH-08-12 124.97 128.02 3.05 0.46
TH-08-13 38.50 44.20 5.70 0.40
TH-08-13 60.96 64.01 3.05 0.35
TH-08-13 65.53 69.80 4.27 0.40
TH-08-13 76.20 83.82 7.62 0.34
TH-08-13 86.87 91.44 4.57 0.35
TH-08-13 100.58 105.16 4.57 0.31
TH-08-13 106.68 120.40 13.72 0.47
TH-08-13 121.92 123.44 1.52 0.38
TH-08-13 126.80 141.73 14.94 0.47
TH-08-13 158.50 161.54 3.05 0.32
TH-08-14 3.05 5.64 2.59 0.34
TH-08-14 12.19 15.24 3.05 0.45
TH-08-14 18.29 27.43 9.14 0.33
TH-08-14 32.00 36.58 4.57 0.32
TH-08-14 38.10 48.77 10.67 0.42
TH-08-14 71.63 103.63 32.00 0.51
TH-08-14 108.51 109.73 1.22 0.33
TH-08-24 4.57 60.96 56.39 0.84
TH-08-24 73.15 79.25 6.10 0.42
TH-08-25 73.15 91.44 18.29 0.41
TH-08-25 100.58 103.63 3.05 0.46
TH-08-26 13.72 27.43 13.72 0.64
TH-08-27 9.14 12.19 3.05 0.33
TH-08-27 15.24 28.96 13.72 0.77
TH-08-27 68.58 82.30 13.72 0.49
TH-08-27 91.44 97.54 6.10 0.38
TH-08-27 146.30 150.88 4.57 0.49
TH-08-28 137.16 138.68 1.52 0.31
TH-08-29 82.30 85.34 3.05 0.31
TH-08-31 15.24 18.29 3.05 0.37
TH-08-31 27.43 33.53 6.10 0.40
TH-08-31 36.58 48.77 12.19 0.56
In the spring of 2009 a detailed hand-held XRF survey of soils and follow up trenching was undertaken. The goal was to define areas of interest with the XRF instrumentation. These areas of interest would then be trenched and channel samples collected and submitted to a recognized laboratory for conventional analyses.
In early 2009 it was felt that the vanadiferous trends were not sufficiently well understood in terms of their areal extent and also because of the lack of sampling in the weathered zone by the 2008 drilling, little was known about the distribution of vanadium near surface. It was felt that additional information was needed to trace the trends to allow for efficient and economical testing in future diamond drilling programs. The most favorable survey was considered to be shallow machine trenching, however, given the fact that in the weathered zone the vanadium mineralization is difficult to identify by eye and the exact location and width of the trends were not known a means was required to identify in the field the location and tenor of the vanadium mineralization to minimize the cost and disturbance resulting from trenching. Given the previous encouraging experience with X-Ray Fluorescence analysis of vanadium used on the drill core in 2008 this technique was chosen to allow for in field grade control. It is cautioned that the XRF analysis method is not a substitute for actual rock sampling and proper laboratory analysis and so the reader is advised that XRF data should only be taken as a rough indication of the elemental content of the rock being analyzed and not as a precise measurement of the amount of vanadium in the rock. The trenches were also channel sampled and those samples are being sent to a reputable laboratory in Australia for final analysis.
In the first half of 2009 a total of 56 trenches with a combined length of 8,168m have been completed. Trenches were completed in the Jaky, Mainty, Manga and Fondrana Zones. The layout of the trenches in the Mainty and Jaky Zones was designed to test for extensions of the surface extent of vanadium mineralization found in the 2008 drill holes into these areas. Trenches in the Manga Zone were located to test the regional structure, which joins the Mainty and Jaky Zones.
Trenching was completed by a 28 ton Komatsu backhoe, a 22-ton backhoe and a small wheeled backhoe was utilized for backfilling and trenching.
At this time the XRF method of analysis appears to serve best as a tool for locating and prioritizing target areas for detailed follow up exploration. With the data currently available for comparison no definitive and reliable conversion between XRF and Lab analyses values can be calculated at this time. However, the XRF data has been observed to follow the same trends as the lab data and so is considered by the Company as an excellent tool to allow vectoring over mineralized areas.
A trench has been plotted up in plan on the following Figure for the Mainty Zone. The XRF readings have been plotted as a curve for the trench in the field of view with a scale in %V2O5 on the right hand side of each curve. It can be seen that the readings are often in excess of 1.0% vanadium oxide and so are somewhat elevated compared to the values seen in the previous drilling below the weathered zone. In the case of the Jaky Zone the anomalous vanadium values, which define the zone, extend for over 1.1 km and for the Mainty Zone for at least one kilometre. The width of the zone defined by the XRF readings is also in excess of that seen in the sub-surface. Portions of the Jaky Zone are over 200 wide and for the Mainty Zone over 100m wide. It is felt that the XRF data is sufficient to map the areal extent of the mineralized zones but the exact tenor of the mineralization remains to be confirmed by the results of the channel sampling completed in the trenches.
The tenor of vanadium encountered in drill core coupled with the areal extent of vanadium-bearing trends, indicates the Three Horses Property has the potential to host a significant vanadium deposit. The mineralized zones defined to date represent an 18-kilometer strike length of an interpreted single stratigraphic horizon, which the Company believes is continuously mineralized.
[[Image Removed: [uranium10k091709005.jpg]]]
Mainty Zone - XRF 2009 Trench Data vs. 2008 Drill Core
Metallurgy
SGS Mineral Services completed preliminary metallurgical testing as described below
Generally the following observations can be made:
High free acid levels of 100 g/L H2SO4 led to higher V extraction in both samples than the test performed under 20 g/L H2SO4 conditions.
The tests performed with 100 g/L FA concentrations seem to continue leaching at 24 hrs (based on increasing extraction and decreasing residue assays.
Overall extraction of vanadium from the silicate sample is higher (78.2%) than from the oxide sample (69.9%).
Despite the higher extraction of vanadium from the silicate samples, acid consumption (using the 100 g/L series of tests) is generally lower with the silicate sample (179 kg/t) than with the oxide sample (250 kg/t). This can be attributed to higher co-extraction of acid consuming elements such as aluminum, magnesium and manganese.
It was observed that a precipitate formed in the filtrate of the Silicate Composite leaches if the pulp was filtered hot. These filtrate samples were filtered again and the precipitate from all of the filtrate samples was combined to be analysed. At 23% Ca this precipitate is presumed to be mainly gypsum.
[[Image Removed: [uranium10k091709007.gif]]]
Vanadium Extraction vs Time
Future Programs
The property merits an ambitious exploration program consisting of exploratory and infill diamond drilling over vanadium-bearing zones identified by diamond drilling in 2008 and in trenching completed in the first half of 2009. The goal of the program should be to establish a vanadium resource in the Jaky and Mainty Zones at a minimum and to continue exploration on other less well-developed target areas mainly the Fondrana and Maitso Zones.
The economic potential of the property rests upon the ability to extract vanadium using reasonable, potentially economic parameters. The Company will carry out further larger sample tests and more complete mineralogy and metallurgical testing of vanadium ores to establish the technological and economic parameters of vanadium processing. The goal of this work is to identify a potentially economic processing method to extract vanadium from both the silicate and oxide ore types, which are known to exist on the property.
The Company will begin the collection of weather, environmental and social data which would be required in any engineering and socio-economic pre-feasibility study.
The expected cost of the recommended program is US$1,200,000.
Sagar Property, Quebec
Taiga Consultants Limited executed exploration programs on Uranium Star's behalf in 2007. Both programs utilized a refurbished exploration camp on the east shore of Lake Mistamisk, and were helicopter supported by Expedition Helicopters Inc. The objective of both programs was to identify the source of the Mistamisk Boulder Field mineralization. During the course of exploration activities, 46 diamond drill holes (DDH) over 5,610 metres, and 164 reverse circulation (RC) holes over 2,625 metres were drilled. The RC holes were pattern drilled to try and establish a glacial transportation vector for the boulder field mineralization, while the DDH's were drilled to test geophysical anomalies on the Sagar Property. In addition to drilling, other exploration activities included prospecting of airborne geophysical targets, grid emplacement, ground magnetometer surveying, characterization of the lithogeochemical signature of Mistamisk boulders, and soil sampling.
Future Programs
In light of empirical observations collected during the course of 2007 exploration activities, other targets have been identified which could prove to be volumetrically more significant than the source of the Mistamisk Boulder Field. In order of priority, management believes future exploration on the Sagar Property should focus on the discovery of:
1.
Gold and uranium mineralization at redox boundaries along major faults. This work should focus on the intersection between the Romanet fault and the reducing lithologies of the Dunphy and Lace Lake formations.
2.
Unconformity associated polymetallic uranium-style mineralization at the Archean basement contact. The 'Kilo' soil anomaly should be targeted for this exploration due to the anomalous soil, RC, and DDH geochemistry, as well as the numerous coincident geophysical anomalies.
3.
Iron-Oxide Copper Gold (IOCG) mineralization. This work should focus on the east-west structure bisecting the Romanet Horst. In particular, the area to the south-west of the Lac Plisse showing should be drill tested as it has coincident gravity and magnetic highs, and has an anomalous IOCG-related geochemical signature for RC, soil, and water geochemical data. Additionally, the DDH geochemistry and alteration mineralogy observed from holes in the 'Alpha' soil target area should be re-examined in the context of IOCG mineralization.
4.
Source mineralization for the Mistamisk Boulder Field. The anomalous Alpha, Delta, and Kilo soil targets, as well as A, B, and E RC targets identified during the course of the 2007 exploration program should be examined to ascertain the source mineralization for the Mistamisk Boulder Field.
Other Expenses
Management anticipates spending approximately $120,000 in ongoing general and administrative expenses per quarter for the next twelve months. These general and administrative expenses will consist primarily of professional fees for the accounting, audit and legal work relating to our regulatory filings throughout the year, as well as transfer agent fees and general office expenses. However, the overall general and administration expenses will vary in direct proportion with the level of activity relating to future acquisitions and exploration programs.
Cautionary Note
Based on the nature of our business, we anticipate incurring operating losses in the foreseeable future. We base this expectation, in part, on the fact that very few mineral properties in the exploration stage ultimately develop into producing, profitable mines. Our future financial results are also uncertain due to a number of factors, some of which are outside our control. These factors include, but are not limited to:
- our ability to raise additional funding;
- the market price for gold;
- the market price for uranium;
- the results of our proposed exploration programs on our mineral properties; and
- our ability to find joint venture partners for the development of our property interests.
If we are successful in completing an equity financing, existing shareholders will experience dilution of their interest in our company. In the event we are not successful in raising additional financing, we anticipate that we will not be able to proceed with our business plan. In such a case, we may decide to discontinue our current business plan and seek other business opportunities in the resource sector. Any business opportunity would require our management to perform diligence on possible acquisition of additional resource properties. Such due diligence would likely include purchase investigation costs such as professional fees by consulting geologists, preparation of geological reports on the properties, conducting title searches and travel costs for site visits. It is anticipated that such costs will not be sufficient to acquire any resource property and additional funds will be required to close any possible acquisition.
During this period, we will need to maintain our periodic filings with the appropriate regulatory authorities and will incur legal and accounting costs. In the event no other such opportunities are available and we cannot raise additional capital to sustain operations, we may be forced to discontinue business. We do not have any specific alternative business opportunities in mind and have not planned for any such contingency.
Due to our lack of operating history and present inability to generate revenues, our auditors have stated their opinion that there currently exists substantial doubt about our ability to continue as a going concern.
Capital Financing
From inception to June 30, 2004, the Company raised $59,750 through the issuance of 9,585,000 common shares.
For the year ended June 30, 2005, the Company did not raise any new financing.
For the year ended June 30, 2006, the Company raised $795,250 through the issuance of 2,750,000 common shares and 2,265,000 share purchase warrants.
For the year ended June 30, 2007, the Company raised $17,300,000 through the issuance of 34,600,000 common shares and 29,000,250 share purchase warrants.
For the year ended June 30, 2008, the Company did not raise any new financing.
For the year ended June 30, 2009, the Company raised $680,000 through the issuance of 6,800,000 common shares and 3,400,000 share purchase warrants.
The Company anticipates that additional funding will be in the form of equity financing from the sale of our common stock. However, the Company cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of common stock for additional phases of exploration. The Company believes that debt financing will not be an alternative for funding additional phases of exploration. The Company does not have any arrangements in place for any future equity financing.
Results of Operations
The Company had no operating revenues since inception on March 1, 2004 through to the period ended June 30, 2009. The Company's activities have been financed from the proceeds of share subscriptions. From inception, on March 1, 2004, to June 30, 2009, the Company raised gross proceeds of $18,835,000 from private offerings of the Company's securities.
For the period from inception, March 1, 2004, to June 30, 2009, the Company incurred a loss before income taxes of $36,491,696. Expenses included $18,674,517 in mineral property and exploration costs. These costs charged to operations were for the acquisition of the Sagar Properties in Canada, Madagascar properties, and other abandoned properties including ancillary costs related to the mineral properties. The Company also incurred $1,570,275 in professional fees during the period. The Company had general and administrative expenses of $2,485,282; stock based compensation of $15,150,711, a foreign exchange translation gain of $506,596 and other income (including interest) of $938,717.
Liquidity and Capital Resources
As at June 30, 2009, the Company had cash on hand of $2,776,177.
The Company funded the business to date through the sale of our common stock.
The Company holds a significant portion of cash reserves in Canadian dollars.
Due to foreign exchange rate fluctuations, the value of these Canadian dollar reserves can result in both translation gains or losses in US dollar terms. If there was to be a significant decline in the Canadian dollar versus the US Dollar the US dollar cash position would also significantly decline. The Company has not entered into derivative instruments to offset the impact of foreign exchange fluctuations. Such foreign exchange declines could cause us to experience losses.
There are no assurances that the Company will be able to achieve further sales of common stock or any other form of additional financing. If the Company is unable to achieve the financing necessary to continue the plan of operations, then the Company will not be able to continue our exploration and our venture will fail.
Issuances of Securities
We have funded our business to date from sales of our common stock. During the year ended June 30, 2009 the Company closed a private placement comprising of 6,800,000 units for gross proceeds of $680,000. Each unit consists of one common share and one-half share purchase warrant . Each warrant is exercisable at $0.20 per share for a period of two years from date of issuance. In connection with the private placement, the Company paid 408,000 common shares and 408,000 broker warrants valued at $0.10 per unit as commission. Each broker warrant is exercisable at $0.10 per share for a period of 2 years from the date of issuance.
All of these shares were issued to non-US investors pursuant to the exemption provided by Section 4 (2) under the Securities Act for a transaction not involving a public offering. The offer and sale of such shares of our common stock were effected in reliance on the exemptions for sales of securities not involving a public offering, as set forth in Rule 506 promulgated under the Securities Act of 1933, as amended (the "Securities Act") and in Section 4(2) of the Securities Act, based on the following: (a) the investors confirmed to us that they were "accredited investors," as defined in Rule 501 of Regulation D promulgated under the Securities Act and had such background, education and experience in financial and business matters as to be able to evaluate the merits and risks of an investment in the securities; (b) there was no public offering or general solicitation with respect to the offering; (c) the investors were provided with certain disclosure materials and all other information requested with respect to our company; (d) the investors acknowledged that all securities being purchased were "restricted securities" for purposes of the Securities Act, and agreed to transfer such securities only in a transaction registered under the Securities Act or exempt from registration under the Securities Act; and (e) a legend was placed on the certificates representing each such security stating that it was restricted and could only be transferred if subsequent registered under the Securities Act or transferred in a transaction exempt from registration under the Securities Act.
On January 27, 2009, the Company issued 2,500,000 common shares to directors, officers and consultants as compensation for services rendered at a fair value of $250,000. The shares were valued at an estimated fair market value of $0.10 per share based on the prevailing quoted market price on the date of issue.
On April 21, 2009, the Company issued 1,600,000 common shares to directors, officers and consultants as compensation for services rendered at a fair value of $128,000. The shares were valued at an estimated fair market value of $0.08 per share based on the prevailing quoted market price on the date of issue.
On June 24, 2009, the Company issued 750,000 common shares and 375,000 share purchase warrants valued at $131,924 to a new director and to a special advisory member to the Board of Directors as incentive bonus for their current and future services. The share purchase warrants issued is exercisable at $0.20 per a period of two from the date of issuance.
These shares were issued in reliance on the exemption for sales of securities not involving a public offering as set forth in Rule 506 promulgated under the Securities Act of 1933 and in Section 4(2) and Section 4(6) of the Securities Act of 1933.
We anticipate that additional funding will be in the form of equity financing from the sale of our common stock. However, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock for additional phases of exploration. We believe that debt financing will not be an alternative for funding additional phases of exploration. We do not have any arrangements in place for any future equity financing.
There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing. If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to continue our exploration and our venture will fail.
Subsequent events
On August 17, 2009, we issued 2,500,000 shares of our Common Stock to directors, officers and consultants as 2009 Bonus Compensation Shares for their services to the Company. The foregoing securities is exempt from registration provided by
Section 4(2) of the Securities Act of 1933 and Rule 506 of Regulation D thereunder and Regulation S Securities Act of 1933.
On July 9,2009 the Company entered into a definitive agreement to acquire the remaining 25% interest of the "Three Horses Joint Venture" as referred to in note 5(f) for cash consideration of $100,000, which was placed in escrow until . . .
Harfo56:...........IMO, this is a rocket ship waiting on the launch pad.The story is still young. It is not going to be dull here.
They will be drilling and proving up the resource. That is no small thing. IMO, again, they have been down playing the size of the deposit.
The drilling should start soon and we don't know what else they will find there. Looking at the geology they have the potential to define a much larger resource of Vanadium than has now been estimated.Plus the hidden unknown cold be that we have something else on the property. The potential is there..........It is a rich area.
Plus with the people running this show, I would not expect them to sit idly by watching the pain dry for 18 months. That is not going to happen here.
IMO, this is to powerful of a play to try to trade to much of it for small gains. If you where out today picking your nose or golfing hopping to get back in at a cheaper price, you missed the ride. There is really no way of knowing when this will pop.
I speak from experience. I tried to trade a small portion of my position for quick gains. I now have 10,000 shares less than when I started.........Eehhrrr! I will sin no more.
No, he has never talked about it.The rumor years ago was that he was interested in doing a show if IPWG got financing and would head to a larger exchange.At that time the stock was high and so where the projects that they where going after.
Was it BS back then??.............Who knows? the conditions never materialized for IPWG to proceed any further.
Interesting that Brad is tossing that into the ring.A lot of stuff is being tossed around from the past. How valid is it now???
I think everyone knows it is on IPWG shoulders to produce on the hype. We can all jump up and down all we want to, but in the end we can't make the stock go up on hot air, not for long.
They have been very close in the past only to have something go wrong at the last minute it seems.I don't know why they always felt that they had to leak the rumors out and get everyon excited first, only to fail.
I am hoping it goes right this time. May be once a fool always a fool, don't know.I have nothing more than the rumors to go on.I don't like it and it makes me uncomfortable.............but that is my problem.
I guess I don't have to play the game.
Tebe: You are right,.......if they follow thru on just one project, it will cause the PP share to skyrocket because of the pent up selling pressure.
Right now.....only a few people believe, except for Mr Edd and clones of Mr. Brad. All good and well for the believers that are willing to take the lead and go out in front.Yet, I just feel sorry for Mr Edd because he is so over the top with the sales program that I am thinking he is becoming a little compulsive...........I just think it does no one any good to be too irrationally exuberant.
Really...........what the heck do we care if the price runs up this week or next week ahead of the news. What is the hurry to get it to run by glorification of opinions and rumors???
Man..........I am happy the day they announce the financing for anything.If it takes a month and it rockets in one day..........all the better. All we need is just one real project.Then there will be more than four others to follow. Why would there be a limit?
Mr.Edd..........in the old days.........we heard even better stories than yours from "yours truly" It is a crack up really..........your blind devotion. I remember the days when they had 50........yeppum, no less than 50 WTE projects in their back pocket.That was the secret line then.......:)
Those where the wonderful stories of yesteryear. There are many more such good stories I could share.........but what the heck, every generation has to re-learn what their old foogie elders learned the hard way. I crappa you not.
Is it out of the question??? 50 big ones...........I don't know, its possible if the conditions are right. But it all has to start with the first one..........then we can dream of poofy white clouds created by wonderful AddPower machines and WTE plants.........IMO.
Please.........give me the barf bag..........He earned every ounce of criticism. Give us more that than sugar coated MOU's
so I don' have to wait for the big secret unavailing.
Just produce one thing....................the money, then we can put a Toscano statue in every IPWG household. so far the only statue I have is the one with the bobbing head on my trucks dashboard.
I will be positive when we get facts Mr Ebb...........not when you get off stroking us.
They are not after hour trades.............they are T trades. they are MM's just balancing their books after all the volume.Relax,,,,,,IMO.
IMJTW2y:......thanks for the memory refresher. i forget all the details.
All we need is them to get financing for one deal and it will become what we have always hoped it could be. I wonder if Mr. Crouch is still around??
Last I heard he was in the solar or wind department. Maybe he could help with this?? Don't know.....sounding better than nothing.
You sure make a lot of noise for a small position..........what do you do when you have a large position??
Vick: No, Add Power has been demonstrated in Sweden. If you go back and read the old Pr's .They have a unit there that was/Is running to produce electricity. Enough for 30,000 or 300,000 homes, can't remember. Any way, that was a small unit 250 kw unit. It was used to test out the technology. It worked fine.
The story was that NRec would fund the development of a large unit/units. Larger units have a quicker payback and are more cost effective. there is also a greater demand for them. Large units sell for more money. rumor had it around 2.5 to 4.5 million each with a two year pay back on your investment.
these units may also produce carbon credits for industries that pollute. these credits are marketable and are another source of income. Depending how the Obama Admin handles the legislation here, seems to be something that will eventually be implemented. Add power could offset those costs.In Europe some of the carbon credit thing may be going on......not really sure on those details. I don't follow it.
Tebe: I think you misunderstand what Add Power power does. It does not take water that is at 100* degrees and turn it back in too steam.
What it does,IMO, is take the steam that has lost its ability to turn a high temperature turbine and use that low temp steam or water and turn an added on turbine to capture that left over energy to produce electricity.
Normally what leaves the high temp turbines is just wasted by venting or having to go through cooling towers before it can be released.
Add power captures that energy that would normally be lost and uses it. It has other applications, anywhere there is water or heat around 100 degree. It can then use that heat to generate electricity in low temp turbines. It could be used in the solar energy area where water is heated in collectors. It could be used on large commercial buildings where there is residual heat produced by all the people inside of it.
The way I understand large buildings is that they build up heat and they require energy to cool then down.With add power that heat could be turned into a positive and produce money, a two sided savings.
It could be used by the military on ships............etc anywhere there is heat around 100* You could in theory bold a small one on to your car engine exhaust and cooling system and capture that now wasted energy.
That is the story I was sold in the past..............
I also heard the IPWG had access to scrubber technology that would could be added on to sulfur power plants to reduce the harmful pollution.
All great stories..............lets see if they can produce a meeting first and come up with some financing, then may be.......
Hey Allie Baba...........How many shares you got???.....Now who is the Moron???.............Ehhhr!Follow your own advice and don't risk any more than you can afford to loose.
Dude...........we are all mental cases who invest here,that is for sure.If you are scared of me......You are not going to make it as an IPWG investor. You are going to have to be tougher than that..........IMO
good night
Ohhh boy.............the evil Gappa is at work today. It is funny how things go. In the past I was accused of being the biggest paid pumper working for IPWG. No I am part of the the big evil Jack conspiracy.
I guess you can't please all the people all the time. In fact I was never either one. I know none of you are investing in Gappa or Mr. Edd...........you should not.
Here is the reply I posted to KL today. We are just having little fun today fighting.Make what you want of it..........
KL................you are such a mental case................and yes, I don't trust you.............why?? Because you are blinded by the light. I know all the symptoms of the disease, having had it myself. Things may work out..............and they may not, but you have to realize you may be the one drinking the kool aid. Don't risk more than you can loose.
Chill out..............I want the stupid stock to go up................get it?
No..........I am not going to destroy the PP share. How could I do that in reality??? Only IPWG itself can do that with lack of performance. Only IPWG can make the stock go up or down. We out here are just entertaining ourselves thinking we effect the price much.
Now KL:............. Besides seeing agents everywhere..........do you also hear voices and see little green men?
IMO.................that means you have consumed to much gas for one day. May be Cinderella can give you a kiss to counter act the effect of Pinochioatosis.................(-..*)
Pinocchio is my running joke in reference to Mr. "T"
Yes............I know why we are down today. To give a "newby" a chance to buy..............amazing.... and you are teaching our young?
Exactly right.............
Mr Ebb..............this is what I posted on equity groups in reply to KL1777.Since it refers to you, ....... you might as well read it.
Kl...........................What is a basher? ...........A person who buys shares for years, who lends money to the company and buys more shares after it dumpsf is not a basher. I am watching out for my investment according to how how I see it.
I think it is worse to paint a false picture about management as is being done on some message boards right now. Why would I react to that??.........because I was lead to believe such stories in the past. Did those stories help?...............no, they created the history here.
I think it is better if people know the weakness of a stock. You might as well factor it in to the price so that later there are no surprises. So if the stock rises on good news such as the share holders meeting you know it is going up despite of the history and not a hyped pump.
When I see a rosy picture painted of the past it gives me the creeps because I know I lived through a different experience.I prefer to be told the truth and go from there. I can work with the truth...........because with that you can fix any problems.The Truth is not bad................it is the truth.
I bought more because I think this time around I think they may have the goods............that is very positive and not bashing. The action of buying is not bashing. IMO..................to distort the past is bashing.................yes that is bashing because it is not true.A basher tells lies...................
I Think IPWG can survive its past and learn from it and become stronger from it.I don't want distortions because that is from the past. I want "change"....................for a new IPWG.
I think we will all have to wait a little longer until they put out some PR's and tell us what they have. I am very positive on the future of IPWG..................But don't go down the old road and start to blow smoke up my ass again....................None of us need that.If I see too much of that it makes me think "we" got nothing. I don't want more of nothing.............I want facts, that is all.
On Peter............I have been very critical...............so that he stays on the strait and narrow path. He is a big boy and he can do that and can take the stuff I dish out. He is very tenacious and does not give up.................the upcoming meeting is a result of that. That is good.......................the lack of money in the past and all the decisions made do to a harsh financial environment are done. He may have had no other choice..................I have to give him that because he was the one in charge and knew all the facts.
OK...................we come to the present. I have the most shares ever........................it may turn out to be the best windfall I have ever had if the rumors and hopes of everyone here turn out to be facts.I think a company has to survive the harsh wind of criticism. and it will be stronger because of it. Under that environment ..............no games can be played and everyone is better off.
On the split rumors??....................I don't really know, yet there are a lot of shares. If they are making money and have deals..............it is a new world.I don't know what would be required to get on large exchanges and get financing. If the details warrant such a move and it is for the best..................what is wrong with that? We just have to wait and let the story unfold.
Thanks for the DD. I think it will benefit all.I prefer not to call often with small matters. they are buys. I am very impressed with the presentation they just did.
Texas`........in the past USPR was applying for tier 2......now it is tier one at the TSX. Can you tell us the difference? Is it due too market cap or a relationship too the size proven reserves?
I asked a few days ago and no one seems to have replied. That might be a good question if anyone calls the company.....IMO