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I don't think termination of the FIA is the crucial factor here (it's only another example for HENC to distrust TGC current management).
The reason everyone is fighting over control should be proof of the worth of the underlying assets.
All in all I think it's more of "the enemy of my enemy is my friend", to find each other in a common goal and that culminates into the AGM on july 15th.
O I get it, it tried to verify your previous statements regarding those wells and they proved to be incorrect so why would I waste further time on anything you say ?
Besides, I received messages from other forum members saying exact the same thing...how's your fiction novel coming along ?
"As I said earlier, I want what will be the best financial outcome for ME ME ME ME ME!"
IMHO then it's obvious which one to choose, with the dissidents team you will have a chance to increase ownership when clawing back some of Perseville's piece. In the worst case everything remains as it is now.
Both will drill before january so that's the same for both sides.
Next to that there is also a sense of right and wrong. We are all here for our financial gain but that doesn't mean we are crooks. If you vote current management back in then you're rewarding them for screwing us all over...and encourage them to do it all over again since they don't think there will be any consequences.
Interesting stuff to say the least, would like to hear if and when a shareholders suit is started.
No, no change
Welcome aboard !
It looks like we have a power struggle on our hands here so I don't see an immediate deal on the horizon between henc & tgc. A deal will depend on the outcome of the Tgc AGM.
We'll have to wait untill then before we can move forward.
It's not legal if it doesn't originate from an agreement. That's why I keep asking for documented facts to prove the statement. Unless proven otherwise it's nonsense, logical isn't ! Lol
And so far he hasn't come up with any proof of his statements...
I would wait before deciding to stick with the "bandits" as your friend says. Things seem to be heating up and I think we'll see a lot more news before the AGM, probably from all 3 sides.
So far we've had a lot of noise from the newcomer and no documented facts. Tchaunchy has more credibility in my book.
This is really turning into a mess...
It's nonsense if you ask me, all are owners and if some owners drill without consent of all related parties then recuperation of a part of the cost is the logical thing to do.
I haven't seem any proof that tells me otherwise. The only thing that matters is to drill at least one well before january.
Interesting and questionable but also not validated: current TGC presentation is from june 5th and that info is not in there. I know since I check each new version for new information.
In what document are these drilling terms set and what is the final date before all conditions must be met, you mentioned 2 months ?
Why wasn't this communicated together with the circular or shareholders letter, this would shed a new light on the cancelling of the farmin.
I want to see this validated first in an official document or PR before I can take this seriously.
I've reread all AGM documents, none of them contain the information that you claim to be there.
Why don't you provide us real document proof for all your statements so we can decide for ourselves if it's true or not.
I think you need to reread the documents on the TGC website:
In the shareholders letter it is mentioned that the cost for a well is 2,5 million, so HENC's share would be half that number if everyone pays it's share.
If no wells are drilled then the concession is lost for everyone. I don't know where you get the get the idea that someone can claim the whole concession if someone doesn't pay. In the farmout agreement drilling costs would have been recuperated by the profits of the drilled oil wells untill the specified sum has been recuperated.
"Henc however will have to raise two million in the next two months to fund its share of JUST THE FIRST well, according to Tgc Info circular. If Henc does not pay, it loses the right to the structure being drilled. Tgc earns the right to the whole concession. "
My posts were to show that there were better choices then cancelling the farmin. Another farmout to a new partner was for example also possible. It's simply my opinion that it was a very bad decision and it's probably all linked to a conflict of interest with Perseville, that'w why I'm curious for that "evidence".
We will know more next week...
tchauncy,
Looking forward to seeing some of that evidence and perhaps the operational/drilling/financial plan of the strongbow crew announced next week. Should make for an interesting week...
Smooth,
Even in your scenario (which I consider to be on the very high side) with drilling costs of 15 million$ then TGC would still end up with around 25-30% ownership if you apply the same math as I explained in my previous post and we wouldn't have to have that 5% in limbo as is now the case.
The TGC AM circular states that a well would cost 2.3 milion, this would give 11.5 million as total cost for a 5 well program. Applying the same math would give TGC 30% ownership or more.
Also I consider both scenarios above still to be quite expensive, I've heard prices for a dry hole should be around 1.5 million $
So in either scenario: your worst case or current TGC management's own calculated one the verdict is the same:
WORST DECISION EVER !
Cancelling the farmin was NOT a good move, however they try to spin it:
- a 5 well program would probably cost around 9 million $
- TGC already has 3 million $
- TGC could earn 41% ownership via the farmin AND with Perseville taking up 1/3 of the drilling costs for the 5 wells (this was all published in their corporate presentation).
So a small calculation gives us:
- 3 million alrady available
- 3 million will be payed by Perseville
- 3 million still to be found -> for example they could have sold another 5% of the PEL
-> So even if they sold another 5% ownership to get that extra 3 million they would still have ended up with around 35% ownership of both PEL's. Right now they have 20% (with 5% in limbo and probably lost) with no immediate chance to gain more ownership.
Cancelling the farmin was the WORST decision ever and it's not a sign of good management !
I meant to say that the most important part - at least for me - is to know if current management is in any way linked to Perseville. If the strongbow team has that on paper then that would make killer evidence and see the current BOD dragged to court.
I'm now waiting to see what the strongbow team will reply to today's announcment.
Also it seems people from TGC read these boards, from today's PR:
The Terra Nova Team will hold the dissidents to strict compliance with the requirement that they have not solicited more than 15 persons prior to filing the dissident circular. Given numerous message board posts over the past weeks, the Terra Nova Team is concerned that the dissidents did not comply with the mandatory proxy solicitation requirements.
Now isn't that funny, wonder if Holloman also does the same...
Current management already told us they were ready to drill in the 4th quarter 2014, remember that ? And here we are 9 months later with still no wells drilled, that's called a credibility issue.
The strongbow group would also get to drilling immediately, see below.
I sent a mail to caetano asking him a few short questions:
Do you already have sufficient backing at the next AGM to succeed ?- We believe we do. There are a lot of concerned shareholders that would definitely like to see a change for the better.
Do you think there is any change to get a new agreement with HENC ? I imagine HENC is now quite delighted to have 48% ownership of those PEL’s. - we have a great working relationship with Holloman and I’m sure we can come to terms in achieving common goals.
Do you think TGC could get to drilling quickly if a new management team is in place ?- Absolutely, we are here to restructure and commence drilling ASAP - already in the works if we get elected.
The main topic here should be who is all linked to perseville ? If the strongbow crew has that on paper then that's killer evidence
buy TGC in Canada, you should have no problems finding a broker for that ticker, the OTC is thinly traded
Management proxy is out, will the strongbow crew also file a proxy ? First time i encounter such a situation so not sure how this works...
And what entity is trying to take over ?
I am not so thrilled with cancelling the farmin, that was a bad move.
I would love to see drilling in august but I'm a bit sceptic: new potential management speaks of raising extra funds and trying to claw back WI from perseville.
A deal with Perseville will have to be struck. If this goes to court then this could take a while.
Let's first see what comes out of the TGC AGM...
http://www.energynewsbulletin.net/storyview.asp?storyID=826950866§ion=Industry+Moves§ionsource=s74&aspdsc=yes
TROUBLES are continuing for the PEL 112 and 444 joint ventures in the Cooper Basin, with a gang of four rising up to oust the incumbent board at Terra Nova Energy following that company’s recent decision to halt its earn-in plans.
Four new directors have been proposed, to replace the board by major shareholder, Canadian businessman Michael Caetano.
Caetano is asking the shareholders of the Canadian-based oiler to ditch the existing board and vote in himself, Kent Harold Edney, Robert Madzej and Peter Cockcroft at the company’s annual general meeting on July 15.
Caetano is concerned by a recent decision to pause the earn-in with Hollomon Energy Corporation as the JV was moving towards drilling a 2-5 well program on the Western Flank of the basin.
Caetano wants to conduct a new capital raising and conduct a strategic review of recent transactions, which he describes as “concerning”, particularly a transaction between Terra Nova and junior partner Perseville Investing, which sees Terra Nova decreasing its interest in each of PEL 112 and 444 in favour of Perseville.
Perseville, a British Virgin Islands-based corporation, is controlled by Carlo Civelli, who is the father of Terra Nova director Nico Civelli.
Carlo Civelli was appointed as a senior adviser to Terra Nova on March 5, 2014.
Caetano understands that prior to this purchase Perseville had acquired a 25.83% working interest in PEL 112 and 444 from third parties for a purchase price of $2.1 million.
Terra Nova had an option to move to 55%, but in February announced a capital injection of $3 million from Perseville for a 5.166% working interest in each block.
At that time the PEL JV intended to move ahead with all guns blazing under Terra Nova’s operatorship, however three months later Terra Nova announced it would no longer use its option to move to 55% and would sit at its current equity.
The company blamed the current oil environment and concluded there is potential to generate higher returns for its shareholders by funding a smaller proportional share in exploration costs.
But Caetano is concerned that the termination of the agreement prevents Terra Nova from increasing its interest, and dilutes it to about 20%, at a time when Perseville can increase its own interest in PEL 112 and 444, especially as Terra Nova announced reduced costs for the planned drill campaign.
He said the actions are not in the best interest of Terra Nova and have benefited insiders of Terra Nova through their relationship with Perseville.
If the gang of four is elected they want to discuss terms with Hollomon to restore Terra Nova’s right to increase equity, in PEL 112 and 444, forensically examine recent decisions with Perseville to determine compliance with corporate and securities laws, and raise the cash to needed drive the exploration programs.
Caetano is an executive at Canadian real estate concern Skyline Custom Homes and oiler Strongbow Resources.
Of the three other nominees, the best known name to Australian investors is industry veteran Peter Cockcroft.
The Singaporean-based businessman was a founding director of Kuwait Energy Corporation, the largest private oil company in Kuwait, and in recent years has served as the chairman of ASX-listed oilers Blue Energy and Baraka Petroleum, with directorships of Australian Oil Company, European Gas, Nuenergy Gas, Arturus Capital and Kairiki Energy.
He has worked for BHP Petroleum, Premier Oil, Shell, and the national oil companies of Indonesia and Korea as well as the energy adviser to the President of East Timor from 2002 until 2007.
Edney is a petroleum engineer with more than 10 years’ experience with firms including Epic Consulting Services (now part of Baker Hughes), Thunder Energy, Breaker Energy and NAL Resources.
He has been chief operating officer of Strongbow since April.
Madzej has over 10 years of experience in business development and finance, and has been a director of Strongbow since 2013 and was Edney’s predecessor in the COO role.
Terra Nova had less than $C280,000 in cash at the end of January, but was due a $3 million payment from Perseville.
PEL 444 sits north of PEL182, host of the Vanessa gas discovery, and PEL11, host to the Snatcher-Charo oil fields.
PEL 112 is further south, on trend with the Butlers, Perlubie and Parsons oil fields.
Oh boy, things are really getting complicated. The Strongbow side has Holloman as shareholders so this looks like Holloman wants to get a more friendly management in power at TGC. This is now a waiting game untill the AGM - july 15th.
This move makes it sound that TGC was correct in proclaiming it's operator status and the % required to decide on an operator, with this move Holloman could get TGC on it's side and isolate Perseville. This is getting ugly.
A removal of current management however would be a good thing, the cancelling of the farmin is like the worst thing ever decided.
Maybe we should align with the Strongbow side, I wonder how to get in touch with these guys...
If the current management get's booted and the new team goes after Perseville then we end up with more legal issues, that doesn't make drilling going to happen any faster, looks like I won't be far off from my sept-dec timeframe.
I hope someone from the henc & tgc board is able to attend the tgc annual meeting. It might prove to be interesting...
Company presentation is back online. Doesn't look like much has changed. 500.000 options have expired so that's good.
Welcome to my neighbours, i'm from Belgium
Numbers look great. I'll already be very happy if both stocks end up somewhere in the middle between your low and high number.
most trades are on the CND venture exchange: ticker TGC
When drilling is announced, then we'll move
My guess is they pulled the corporate presentation offline untill everything can move forward again. There are too many variables right now that make that presentation incorrect on several points. When a new version is online then that would signal a deal between both sides.
Henc makes it sound that the operator role is not important to them. It's an ouverture to a deal. The return of wi is what will be bickered about. A deal this month is possible, both want to drill and that's the important part.
A great read, keep your updates coming.
Cellceutix to Present Poster on Kevetrin, a Novel p53 Targeted Therapy for Solid Tumors at American Society of Clinical Oncology (ASCO) Annual Meeting
BEVERLY, MA--(Marketwired - May 28, 2015) - Cellceutix Corporation (OTC: CTIX) (the "Company"), a clinical stage biopharmaceutical company developing innovative therapies with oncology, dermatology, anti-inflammatory and antibiotic applications, today announced that the Company will be sponsoring an abstract publication at the American Society of Clinical Oncology (ASCO) 2015 Annual Meeting being held May 29 - June 2, 2015 at McCormick Place in Chicago, Illinois. The poster will provide an overview of the Company's ongoing Phase 1 clinical trial of Kevetrin as a monotherapy for advanced solid tumors being conducted at Harvard Cancer Centers' Dana-Farber Cancer Institute and partner Beth Israel Deaconess Medical Center and will include information on the activation of p53 through inducing p21 gene expression. The poster will be presented during the poster session titled, "Developmental Therapeutics -- Clinical Pharmacology and Experimental Therapeutics" in S Hall A.
Details of the poster presentation:
Saturday May 30, 2015 from 8:00 AM to 11:30 AM CDT
Title: A phase 1, dose-escalation, safety, pharmacokinetic, pharmacodynamic study of thioureidobutyronitrile, a novel p53 targeted therapy, in patients with advanced solid tumors
Presenter: Geoffrey Shapiro, MD, PhD. - Director, Early Drug Development Center, Senior Physician, Associate Professor of Medicine, Harvard Medical School
Location: S Hall A
Poster Board Number: Board #323a
Abstract No: TPS2613
Category: Developmental Therapeutics -- Clinical Pharmacology and Experimental Therapeutics
Sub-category: Cytotoxics and other Novel Agents
Citation: J Clin Oncol 33, 2015 (suppl; abstr TPS2613)
The link on the ASCO website is: http://abstracts.asco.org/156/AbstView_156_149817.html
"The Poster at ASCO is a meaningful advancement in the progression of Kevetrin as we look towards Phase 2 trials to further evaluate our novel compound's effect on p53 in solid and liquid tumors," commented Krishna Menon, Chief Scientific Officer at Cellceutix. "We are pleased to once again present at ASCO. We believe the interest in Cellceutix has never been greater."
Following the presentation at ASCO, Cellceutix will make the poster available on its website.
Sign-up for Cellceutix email alerts is available at
http://cellceutix.com/email-alerts/#sthash.VNkn7FY9.dpbs
About Cellceutix:
Headquartered in Beverly, Massachusetts, Cellceutix is a publicly traded company under the symbol "CTIX". Cellceutix is a clinical stage biopharmaceutical company developing innovative therapies in oncology, dermatology and antimicrobial applications. Cellceutix believes it has a world-class portfolio of compounds and is now engaged in advancing its compounds and seeking strategic partnerships. Cellceutix's anti-cancer drug Kevetrin is currently in a Phase 1 clinical trial at Harvard Cancer Centers' Dana Farber Cancer Institute and Beth Israel Deaconess Medical Center. In the laboratory Kevetrin has shown to induce activation of p53, often referred to as the "Guardian Angel Gene" due to its crucial role in controlling cell mutations. Cellceutix has begun a Phase 2 clinical trial with its novel compound Brilacidin-OM for the prevention of Oral Mucositis in patients with head and neck cancer. Brilacidin-OM, a defensin mimetic compound, has shown in an animal model to reduce the occurrence of severe ulcerative oral mucositis by more than 94% compared to placebo. Cellceutix's anti-psoriasis drug Prurisol has recently completed a Phase 1 clinical trial and is being readied for a Phase 2 trial. Prurisol is a small molecule that acts through immune modulation and PRINS reduction. Cellceutix's lead antibiotic, Brilacidin, has completed a Phase 2b trial for Acute Bacterial Skin and Skin Structure Infections, or ABSSSI. Top-line data have shown a single dose of Brilacidin to deliver comparable clinical outcomes to the FDA-approved seven-day dosing regimen of daptomycin. Brilacidin has the potential to be a single-dose therapy for certain multi-drug resistant bacteria (Superbugs). Cellceutix has formed research collaborations with world-renowned research institutions in the United States and Europe, including MD Anderson Cancer Center, Beth Israel Deaconess Medical Center, and the University of Bologna. More information is available on the Cellceutix web site at www.cellceutix.com.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that could cause Cellceutix's actual results and experience to differ materially from anticipated results and expectations expressed in these forward looking statements. Cellceutix has in some cases identified forward-looking statements by using words such as "anticipates," "believes," "hopes," "estimates," "looks," "expects," "plans," "intends," "goal," "potential," "may," "suggest," and similar expressions. Among other factors that could cause actual results to differ materially from those expressed in forward-looking statements are Cellceutix's need for, and the availability of, substantial capital in the future to fund its operations and research and development; including the amount and timing of the sale of shares of common stock to Aspire Capital; the fact that Cellceutix's compounds may not successfully complete pre-clinical or clinical testing, or be granted regulatory approval to be sold and marketed in the United States or elsewhere. A more complete description of these risk factors is included in Cellceutix's filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. Cellceutix undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unantic
I met tchaunchy (was a different nickname) a long time ago on the KNDI yahoo boards when I was looking into KNDI. I sold when it hit 20$, I aim to do much better here.
There's no denying the potential, that's why we are all here. The latest developments just made it a bit more murky...waiting for the dust to settle and for more funds to clear.
actually TGC office locations and admin work are already shared with another Civelli company: Callinex mines.
Sharing things with Perseville would be more difficult since the company is located in the Virgin Islands.
If the joa is not part of the fia then that would be my reading as well.
Both sides seem to read things differently so i'm waiting for a compromise.
Next few weeks won't be boring...