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OGC.AX: hint for those wanting out of Clown Act while keeping their AUD intact
http://www.asx.com.au/asxpdf/20090817/pdf/31k41yy35gw7vn.pdf
Good luck with it. You´ll probably need it
Yes, totally insane !!!
IAE trading as high as 55p in London this morning. That equals 1 CAD alredy!
North American Palladium Announces US$50 Million Financing
TORONTO, ONTARIO--(Marketwire - 08/17/09) - North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL - News)(TSX:PDL.WT - News)(AMEX:PAL - News)(AMEX:PAL.WS - News) has entered into an agreement with an agent to complete a private placement of up to US$50 million aggregate principal amount of 7% secured convertible notes of NAP (the "Notes") on a best efforts basis. The agent also has an overallotment option to place an additional US$15 million of Notes.
The Notes will mature four years from the date of issue and will be convertible, in whole or in part at the option of the holder, at any time after 90 days following the date of issue, into common shares of NAP at a conversion price of US$3.50 per common share, subject to adjustment in certain circumstances. The Company will be entitled to force the conversion of the Notes at any time, in whole or in part, into common shares at the conversion price if the volume weighted average trading price of NAP's common shares on the NYSE-Amex is equal to or greater than US$5.25 for 15 consecutive trading days. The Company will also have the right to repay the Notes, in whole or in part, at any time for an amount equal to 110% of the principal amount during the first two years following issuance or at 105% of the principal amount during the remainder of the term.
Upon closing, the Company will pay the agent a cash fee equal to 3% of the aggregate gross proceeds of the offering and warrants equal to 3.0% of issuable shares. The transaction is expected to close during the week of August 24, 2009 and is subject to the receipt of certain approvals, including the approval of the TSX and NYSE Amex.
The Company's intended use of proceeds is for financing exploration and development expenditures at the Company's Lac des Iles palladium mine and Sleeping Giant gold mine, funding capital expenditures and working capital requirements for a restart of the Lac des Iles mine, and for general corporate purposes.
The securities offered will not be and have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. The securities will be offered in Canada pursuant to a private placement exemption under applicable Canadian securities laws and will be subject to applicable hold periods in accordance therewith. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Cautionary Statement on Forward Looking Information
Certain information included in this press release, including any information as to our future financial or operating performance, the expected closing of the private placement of Notes and other statements that express management's expectations or estimates of future performance, constitute 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. The words 'expect', 'believe', 'will', 'intend', 'estimate' and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies. North American Palladium cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of North American Palladium to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Company's most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. There can be no assurance that the Private Placement will be completed. In addition, there can be no assurance that the Company's Lac des Iles or Sleeping Giant mines will be successfully restarted or that other properties can be successfully developed. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
AGT: How come the CEO of a company do a radio show and tell everything is rosy and the stock is going to double by Christmas when he knows the company just defaulted on one of the performance conditions on their loan and may not be able to make the next payment and /or have the loan removed?
IAE: Much better that they dont come out on a rough day like today. Anyway, IAE is about the only green on my screen today and level II looks fantastic!
Ecuador conditions getting better? see below from EC.V
Ecometals Announces Progress on Permits and Planning for Drilling Rio Zarza Gold Project Ecuador
* Press Release
* Source: Ecometals Limited
* On Wednesday August 12, 2009, 4:10 pm EDT
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Buzz up! 0
o Print
*
Companies:
o ECOMETALS LIMITED (Tier2)
TORONTO, ONTARIO--(Marketwire - Aug. 12, 2009) - Ecometals Limited (TSX VENTURE:EC - News; BERLIN:GDQ - News; FRANKFURT:GDQ - News) -
Ecometals Limited is pleased to announce positive progress in obtaining necessary permits for diamond drill testing on the Rio Zarza Gold Project of anomalous geophysical and geochemistry results and structural scenario analogous to Kinross' neighbouring Fruta del Norte Gold Deposit.
Rio Zarza Gold Project
The Rio Zarza Gold Project is located north of Zamora, the district capital of Zamora Chinchipe province, southeastern Ecuador. The project adjoins the Kinross (formerly Aurelian) exploration license which covers the Fruta del Norte epithermal deposit with a reported 13.7Moz Au (Micon, 2007).
Permits
The stages and permits necessary prior to continued exploration and drilling according to the new Mines Act and Government directives are as follows:
-------------------------------------------------------------------------
Permit Authority Status
-------------------------------------------------------------------------
Terms of Reference Ministerio de Ambiente Approved (before
for EIA Moratorium)
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Suspension of Ministerio de Minas approved
Exploration y Petroleo
Activities Lifted
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Water Management Secretaria Nacional approved
Study (Plan del Agua
de Agua)
-------------------------------------------------------------------------
Water Use Permit Secretaria Nacional approved
del Agua
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Environmental Impact Ministeria del Ambiente approved
Assessment Study (EIA)
-------------------------------------------------------------------------
Environmental Ministeria del Ambiente submitted for approval
Management Plan
(Plan de Manejo)
-------------------------------------------------------------------------
Environmental License Direccion Nacional submitted for approval
de Minas (DINAMI)
-------------------------------------------------------------------------
Environmental Bond Ministeria del Ambiente pending issue of
Renewal Environmental License
-------------------------------------------------------------------------
The final remaining Environmental Management Plan and Environmental License approvals are expected to be received this month. The renewal of the environmental bond is a routine process and immediately follows the Environmental License issuance.
Preparation for Drilling
In anticipation of the imminent approval of these permits, Ecometals is taking the following actions preparing for the start of 1200m of diamond drill testing of combined geological, structural, geochemical and geophysical anomalies:
- Requests for proposals from and negotiations with international and local Ecuador-based drilling contractors
- Camp refurbishment, including expansion for labour accommodation, core storage and logging shed
- Direct impact local community meetings to inform about drilling programme and environmental protection measures
- Local hiring in direct impact communities of labour and technical personnel
- Refinement of drilling targets, combining geophysics, soil and rock geochemistry, mapped geology and structure
- Established sampling, QA/QC and analytical protocols (fire assay Au, multi-element ICP)
Drilling will utilize a man-portable rig to minimize the environmental impact of access road construction. Drill holes will be inclined to determine the orientation of structures and mineralized veins. Holes will start using HQ (nominal 63.5mm) and reduce to NQ (47.6mm) with depth.
Core will be transported from the drill site to the Rio Zarza camp, where logging and sampling will be conducted. Samples will be despatched using full chain of custody documentation to the ALS Chemex sample preparation laboratory in Quito and analysed at the Als Chemex laboratory in Lima, Peru. ALS Chemex is an ISO certified laboratory.
QC will include standard insertion of control samples (blanks, Certified Reference Material, and duplicates) at 10% frequency, and the in-house Qualified Person will supervise drilling and sampling.
To view the Geology map of the Rio Zarza project area, please click on the following link: http://media3.marketwire.com/docs/ECCC0812.pdf
Further details and maps of the planned drilling program can be obtained from the Ecometals Web site (www.ecometalslimited.com).
Chief Executive Officer Fran Scola said, "The regularization of the mining industry and increased environmental protection measures in Ecuador have created a more equitable and competitive industry more in line with Canadian norms. This will add considerably to sustainable economic diversification and development, and Ecometals is pleased to be a contributor to this."
Qualified Person
SR McMullan, P.Geo, Vice President of Exploration for Ecometals Limited, is a qualified person according to National Instrument 43-101 definition and has supervised the preparation of the technical information included in this press release.
About Ecometals
Ecometals Limited is a Canadian-listed mineral exploration and development company focused on mineral resources in Latin America. Ecometals also has significant manganese and iron projects in Brazil at grass roots and development planning stages.
Safe Harbor Statement: Statements contained in this release that are not historical facts are forward-looking statements which involve risk and uncertainties, which could cause actual results to differ materially from those expressed in forward-looking statements.
These include risks relating to changes in economic or environmental conditions and the company's ability to execute its business model and strategic plans. The company relies on litigation protection for forward-looking statements.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
I have added more IAE as well this week. Slowly increasing average cost to mid 60s. Has anyone tried to figure out what type of numbers they may come out with in the quarter to be out by next week? The 3rd quarter report should be the first one really interesting, with 3 months of full production. If by then we are not close to 2 bucks I think I´ll throw in the towel at value investing!
PAL: I think what cl means is Palladium ( physical that is) ETF comes out, it will make Palladium explode being such a thin market. Then you only have 2 Palladium stocks: PAL and SWC. they might explode once Palladium price does
mid August I was told
like letting the fox to guard the chickens...lol
2.28 now... hows your EVG now ;= ?
wowowow, 2.5 dollar as "headline number" on a 9 dolar stock? glad I kept on buying today all day. Never too late to the party if the music its still going on!. Now where do I place my sell order? 30? 40? anyone guesses as how high this goes this week?
Thank you, great post!
But I guess it is not really comparable? i.e that silly gaming stock wasnt selling below cash like GRVY and didnt have a popular game out like Ragnarok?
Joined GRVY party at 1.65 today. Are youn in as well Bob?
August 6, 2009 e-mail: david_pescod@canaccord.com
Meanwhile, Hodson’s favourite pick going forward is now
another slightly kinky story because it’s a video game company
sporting a very low price which he suggests has more
cash in the bank than it is trading for and new products to
hit the market in the coming months Gravity Co.
This company was also mentioned on BNN today.
Trades as an ADR on Nasdaq. Symbol GRVY
27 million shares out
$54 million in cash
Closing price today July 6/09 $ 1.63
http://finance.yahoo.com/q/pr?s=grvy
http://finance.yahoo.com/q/ks?s=GRVY
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Gravity Reports First Quarter of 2009 Results
2009-07-08 09:00 ET - News Release
SEOUL, South Korea, July 8, 2009 (GLOBE NEWSWIRE) -- GRAVITY Co., Ltd. (Nasdaq:GRVY), an online game developer and publisher based in South Korea, today announced its unaudited financial results for the first quarter ended March 31, 2009, prepared in accordance with generally accepted accounting principles in the United States.
Revenues for the first quarter ended March 31, 2009 was KRW 16,607 million (US$ 12,991 thousand), representing a 9.27% increase from KRW 15,198 million (US$ 11,889 thousand) for the fourth quarter ended December 31, 2008 ("QoQ") and a 32.55% increase from KRW 12,529 million (US$ 9,801 thousand) for the first quarter ended March 31, 2008 ("YoY").
REVIEW OF FINANCIAL RESULTS
Revenues
Royalty and licensing fee revenues for the first quarter ended March 31, 2009 were KRW 10,816 million (US$ 8,461 thousand), representing a 16.99% increase QoQ from KRW 9,245 million (US$ 7,232 thousand) and a 56.82% increase YoY from KRW 6,897 million (US$ 5,395 thousand). The increase was primarily driven by higher Japan revenues from Ragnarok Online resulting from the weakening of the Korean Won against the Japanese Yen, which contributed to increased revenues in Japan.
Subscription revenues for the first quarter of 2009 was KRW 3,475 million (US$ 2,718 thousand), representing a 12.28% increase QoQ and a 21.50% increase YoY compared to KRW 3,095 million (US$ 2,421 thousand) and KRW 2,860 million (US$ 2,237 thousand), respectively. The increased subscription revenues QoQ mostly came from increased revenues from Ragnarok Online in the U.S., Canada and Korea. The increase in revenues YoY were attributed to increased revenues from micro-transactions of Ragnarok Online in the U.S. and Canada and commercialization of Requiem in the U.S., Canada, Russia and CIS countries in June 2008. This increase was offset by decreased revenues from Ragnarok Online and Requiem in Korea.
Mobile game revenues was KRW 1,852 million (US$ 1,449 thousand) for the first quarter of 2009, representing a 4.57% increase QoQ from KRW 1,771 million (US$ 1,385 thousand) and a 30.33% increase YoY from KRW 1,421 million (US$ 1,112 thousand).
Character merchandising, animation and other revenue was KRW 464 million (US$ 363 thousand) for the first quarter of 2009, representing a 57.31% decrease QoQ from KRW 1,087 million (US$ 851 thousand) and a 65.66% decrease YoY from KRW 1,351 million (US$ 1,057 thousand). The decrease QoQ was mainly due to the decreased revenues from Ragnarok DS in Japan in the first quarter of 2009 compared with its higher revenues when it was released in December 2008 and partly resulted from the decreased sales of mobile phone accessories by NeoCyon, a subsidiary of the Company. The decrease YoY was primarily due to a decrease in sales of mobile phone accessories by NeoCyon.
Cost of Revenues and Operating Expenses
Cost of revenues were KRW 5,427 million (US$ 4,245 thousand) for the first quarter of 2009, representing a 10.10% decrease QoQ from KRW 6,037 million (US$ 4,722 thousand) and a 27.68% decrease YoY from KRW 7,504 million (US$ 5,870 thousand). The Company's decreased cost of revenues QoQ was attributed to completion of the amortization on intangible assets in December 2008, which occurred when the Company acquired NeoCyon in November and December 2005. The decrease in cost of revenues YoY was mainly due to decreased cost of revenues related to mobile phone accessories, reduced amortization on intangible assets.
Operating expenses were KRW 5,667 million (US$ 4,433 thousand) for the first quarter of 2009, representing a 21.57% decrease QoQ from KRW 7,226 million (US$ 5,653 thousand) and a 15.56% decrease YoY from KRW 6,711 million (US$ 5,250 thousand). The decrease in operating expenses QoQ was mostly due to the decrease in commission paid and advertising expenses. The YoY decrease in operating expenses was attributed to i) decreased rent expenses which were due to relocation of the headquarter office in Seoul on February 1, 2008; the rent expenses for both old and new offices occurred between February 1, 2008 and Mar 16, 2008 as the lease agreement of the old office expired on March 16, 2008, which did not recur in the first quarter of 2009; ii) decreased R&D expenses; and iii) decrease in advertising expenses.
Income before income tax expenses and others was KRW 6,997 million (US$ 5,474 thousand) for the first quarter of 2009, which represents a 76.03% increase QoQ compared with KRW 3,975 million (US$ 3,110 thousand) and a 2,616.91% increase YoY compared with a loss of KRW 278 million (US$ 217 thousand).
As a result of the foregoing factors, Gravity recorded a net income of KRW 5,253 million (US$ 4,109 thousand) for the first quarter of 2009 compared with a net income of KRW 1,654 million (US$ 1,294 thousand) for the fourth quarter of 2008 and a net loss of KRW 4,513 million (US$ 3,531 thousand) for the first quarter of 2008.
The balance of cash and cash equivalents and short-term financial instruments was KRW 67,233 million (US$ 52,596 thousand) as of March 31, 2009.
Note: For convenience purposes only, the KRW amounts have been expressed in U.S. dollars at the rate of KRW 1,278.3 to US$ 1.00, the noon buying rate in effect on June 26, 2009 as quoted by the Federal Reserve Bank of New York.
About GRAVITY Co., Ltd.
Based in Korea, Gravity is a developer and publisher of online games. Gravity's principal product, Ragnarok Online(tm), is a popular online game in many markets, including Japan, Taiwan and Thailand, and is currently commercially offered in 38 markets. For more information about Gravity, please visit http://www.gravity.co.kr. etc.etc
C
LMA.TO: big drop to 90 cents. bought a few more. disspointment over drilling results or something else?
did he mention if he will sell tomorrow if gold drops 1%?
HGC should be the next EVG, explorers (NOT producers) are the game of the day, but too much heated plays like EVG or EAS have started to come down the last few days. Just laws of gravity. HGC very good chances to break out very soon.... everybody get on board!!
still writing letters ? he is better fit cleaning shoes IMHO
Yeah!!! HGC rocks!! made my (birth)day along with IAE, APG and LMA !!!
Comrade Congress and PAL getting pumped. Will be a good week to be in PAL.
http://seekingalpha.com/article/153239-cash-for-clunkers-could-be-a-boon-for-palladium?source=yahoo
OGC.TO: Toronto clelarly overshoot on this, took the chance to sell down some more in order to re-adjust my folio of junior golds. Australia doesnt seem so impressed about the report, quoting at 1.01 AUD right now. That only equals to 90 cents CAD. No wonder with 24M shares bought at 1 by the institution sharks you can make lot of dought shorting at will, few cents here few cents there, multiply by 24M and it´s all good...except for us the little guy who got ripped off...
well IAE should clearly be above 1 buck already no matter if oil at 60 or 70
what did I tell you? he bought an interim top after having sold a low 3 months ago. and we have won a confirmation on a very useful investing tool: a dumb contrarian indicator
IAE.V: Notice cash payment increased by 8m or 5cents a share! The stock of course did nothing on the news. I´m actually surprised it didnt tank with the rough day today for commodities and commodity related equities.
The undervaluation here is becoming so brutal that it almost looks to good to be true...
I dont think earnings release are going to help much.
First, there were already lots of info on them pre-announced on the PP presentation, they are basically already known. Secondly, these jackasses are going to show up at the conference still without a CEO after many weeks and just right after screwing every small investor on OGC with a lousy PP. And third, knowing the poor communication and promotion skills of the interim CEO Jim Askew from his AGM letters, I suspect he will find a way to screw up the presentation (i.e. highlight all negatives).
At this point I´m only hoping someone takes over OGC, I´ll take whatever they pay me and be happy to know these clowns have to look for a new job
OGC.AX now 1.01. Good to know the f bankers can still milk this cow. Can milk it for weeks to come with 24M shares. Just short any spike and its all good. And all of this was decided without a CEO and ahead of earnings. I´ve come to think about it, the next big thing might be just award a few million options at 50 cents to all the crooks, they might find out the salary of an actual CEO and award a few more options.They all deserve it for the great permanent job of trashing the stock price
Followed you today on LMA, looks very good.
OGC placement looking like crap, large volumes lately in Australia and price slowly converging to PP.
Glad I sold a lot in TSX to fund LMA purchase amongst others lately
Reminds me not to ever fall in love with one single position
Plus you cant go wrong with a name like LA MANCHA!
your short wont work here, sorry
hows your AEX pump doing?
if you already "played it" why bother with the insider sales on it?
EAS 50 cents my a$$, all their properties altogether already worth that
EAS keeps making new highs despite Disbrow selling
thank you for heads up. great as usual! just saw the Areva connection while looking at LMA. that is one neat aspect I wasnt aware. not your usual junior stuff...this is GOOD!!! definetely will buy some at least. AREVA brings sweet memories. last time I dealt with them they bought my Pan African Mining, PAF for a nice 3 bagger. having AREVA as major holder is certainly a nice cushion..
LMA.TO: Bobwins, good luck with the results. I will be looking into this and some others I have on my list since I will probably lighten up on huge OGC.TO position from here. I dont like stupid managements. Just a few questions if you dont mind: whats your pruchasing price average on LMA? how do you rate their management in terms of "shareholder friendliness" (nasty things as excesive options, huge dilutive placements,etc) ? whats your take on OGC PP when they are supposed to be cash flowing 20M a quarter and apparently no need for the move?
TIA
Why not at 50 cents? This company has some rare ability to shoot on its feet everytime the stock price gains traction: 1.40, they fired the CEO without having a replacement, now at 1.20 when the chart was looking good again, they dump cheap shares to do what they could have done out of cashflow!
HGC: this might have helped, dont know that site but looks like they have been pumping hard EVG as well
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=27299191&l=0&r=0&s=HGC&t=LIST
http://agoracom.com/