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I too am disappointed that there was not at a minimum a CEO corner explaining that there will be a delay.
I suspect, however, that we will forgive them once they show us their hand.
IMO
I'm not boozing yet but will be in about an hour.
Especially if we close green.
I've picked up some shares trading too, but I find those opportunities have dried up. I thank the wolf pack for pumping this up that one day :)
At this point, I feel like the stock is ready to recover and I'm not trying to pull those moves anymore and potentially miss out on nice gains.
Let's grow this company the right way and make all the time I put into my DD worth it!!!
Feeling very confident here. Go FLPC.
Very well said.
Yea, I agree with you. I was hoping for something this morning, but with their time lines, I should know better than to get my hopes up. It's been such a boring couple weeks, but I'm very encouraged that we have been pretty flat. I feel better and better about this being the bottom.
I don't know what the delay on news is presently, but things sound like they're progressing and a steady stream of news is expected to start coming out.
Jimmy is tight lipped with details, but has reassured me that we should still expect to hear from the company shortly.
My portfolio can sure use some outstanding news. The suspense is killing me!
They owe us a CEO corner at a minimum, don't they?
Lol... Stoking the fire T-Man?
People are getting agitated and frustrated with the lack of progress, news, and information. And rightfully so.
The right news this week and everybody will forget all about it.
From the Tonaquint SPA PR...
" Additionally, the issuance of the Shares will not be registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Tonaquint's representations as expressed in the Stock Purchase Agreement (SPA).
Under the SPA, Tonaquint shares are characterized as "restricted securities" under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Tonaquint must hold the Shares indefinitely unless subsequently registered for resale with the Securities and Exchange Commission."
You bought into an idea that didn't work out. It's a penny stock, Pitt. And they still have a lot of life left in them.
No problem. I see the board is dead. Things will pick up.
I'll probably talk to jimmy once news is released. We have a pretty good relationship and he gets back to me quickly.
I've been on vacation, just relaxing in the sun. Have only been checking in a couple times a day.
FLPC
He's pretty open with respect to operational things.
We exchanged some emails the last day or two concerning investor expectations given that the end of the fiscal year is coming up. He's well aware that we are all pissed and is trying to rebuild our trust and respect. There is supposed to be news this week.
That being said, I think the news we really really need is financing news. It appears to me that most of what has been accomplished to this point is preliminary/setup work in order to fix/change the company. They have a limited number of people and limited funds. He expects things will being getting off the ground in August and progressing at an accelerated rate through the end of the year.
That's positive news, in my opinion.
You're right, certainly, it is frustrating to see them miss timeline after timeline. I've gotten on them for this and reminded them that the unfortunate sentiment of investors right now is that no news is bad news. I'm just telling you what I've been told, I'm not trying to make excuses for them.
Jimmy told me that my fears and concerns will start unraveling in a positive way from this week moving forward. Here are some key takeaways I have been able to get:
1) Once what they have been working on starts having positive effects, there will be no need for further dilution.
2) Clarity will be more evident starting next week. There is a 10 year plan and a means of financing things without using toxic methods.
3) The immediate focus of the company is getting their mill up and running. I know a couple things about the mill. a) It's a modular type of design, like a set of legos, parts can be changed/swapped very quickly and cheaply and b) it's an extremely flexible design and cheaper to operate. The technology they have access to through G8MI is their competitive advantage. It allows them to process ores that have lower concentrates while other small mining companies cannot do so profitably.
4) There are mines all over the place in Nevada, but efficient means of processing the ore is limited. The plan as I can see it is to evaluate all the available mines in the area, pick the best options, lease them, extract ore, process, pay a royalty, and move on to the next one. They kind of remind me of locust.
5) I think we should all be prepared for Fencemaker and Arabia not being the first mines that are online. While Fencemaker is a good property, they've already given us a lot of hints about it potentially not being their primary source at first. I get the impression that it's going to require more money to make Fencemaker profitable, and right now there are cheaper and quicker sources of better ore.
Basically, from what I'm told, they don't want to put news out while the convertible guys are dumping shares. As of Wednesday, I was told that a steady stream of news is now only a matter of days away. I would suspect news early next week, maybe even Monday. I'm also told that dilution is going to end.
At least we have some bid support.
News is now a matter of days away, according to my exchanges with the COO.
Lol, have fun wasting the SEC's time.
You do know this is a penny stock, right? It's a penny for a reason. There's quite a bit of risk that sh*t won't work out right. They got the mine up and running, but their plan to turn that into revenues simply didn't work. That does NOT make it a scam. By your gorilla logic, every company that went busto is a scam. That's simply not true.
They're very transparent in their filings with respect to where all the dilution is coming from. The risk was apparent. If they couldn't get funds together to deal with the convertibles, the current situation was bound to happen.
It's good that the company sets a timeline of late 2014, but you should be more realistic and realize that this is an aggressive timeline. Is this company a scam and a failure if the mill isn't operational until Q1 2015?
That's right.
I personally have been getting mixed messages from the company. I wouldn't be surprised if there isn't a more efficient, short-term plan toward profitability once we get our mill up and running. I'm led to believe that the process and technology they have access to is not something that is readily available to small mining operations in the area.
It's hard to figure out what is going on dilution wise. Obviously something hit this week. It would make sense that it was the July 4th convertible, but if my math is right it should have only been 10-12M shares? Has to almost be gone.
Looks like news in the very near future.
The company will get back to their previous market cap range if they can correct the ship and get to revenues next year. If that happens, the net result of their mistake will be the negative impact of the dilution. It's a lesson learned, there's a lot of risk when you're using toxic financing.
In other news, I'm expecting some sort of CEO corner or something this week. They did promise us bi-weekly updates.
In my latest exchange with Jimmy, he expressed that clarity will be more evident from this week moving forward and that news is only a matter of days away. Again, they wanted to wait for all the convertible shares to be sold through because they think what they have to offer will make for a more favorable market.
With respect to your concerns T-Man, Jimmy reiterated Don's message, that there may be no need for future dilution, though he conditioned that on the need for his work having positive effects.
It's a touchy situation.
They don't appear to have enough remaining shares to secure their debt given the current pps and trend.
On the other hand, the company has told us (and Jimmy has told me) that the dilution is going to end soon.
I suspect the plan is as follows:
They're waiting for the market to settle down and for all the issued shares to be sold off (it's possible that there were some issued recently, as there was a note due recently, I believe). Once the market stabilizes, they will start releasing news. As I understand it, there is a lot of news in the pipeline that should be coming out over the next month.
They need enough AS to guarantee their investors will get paid back, but they believe that the pps will appreciate over the coming months as they update us on progress and their plan moving forward becomes more clear. Should the market become more favorable, their need to tap the AS lessens.
A/S and O/S going to 3B eventually, well that's simply just one scenario. We all know failure is possibility, and that scenario could play out if the company fails to get to revenues. There's other scenario's, however, that point to a much lower O/S in the long run.
Let's look for some news soon!
Was it a dilution Tuesday?
For what?
You're ignoring the long run impact of such an announcement would have on the stock, including making the mill that much more of an obtainable target and confidence that dilution would be limited moving forward.
A penny is a very obtainable short term goal, but ddm didn't suggest that's all she got in her. It took 6-7 months to get here from 0.08, Pitt. There's going to be a lot of flipping all the way up. What we need, however, is financing news that will jump start an uptrend.
It bubbled that high on one mine... What could happen with multiple properties, a mill, and a clear and definitive path toward profitability?
We'll see what news and developments the company gives us over the next few months. It's mill or bust, though. We get to a mill, 0.08 is a sustainable PPS. It could bubble way passed that though, of course.
We just don't want to jinx ourselves!
There's nothing to complain about, but at the same time I'm cautiously optimistic that this will be a solid week for us and will continue to signal a reversal.
Let's get some updates on our properties!
I'd bet there was some carry over from the 70M odd shares issued the last two weeks.
Jimmy said, per Don, any outstanding shares that were yet to be sold should be sold through this week.
I like what we are seeing a lot.
Why is yesterday not showing up in scottrades history/chart?!
We've been flat/slight positive for the last 12 trading days despite some of the steepest levels of dilution we have seen. The fact that we should get a reprieve from dilution here shortly and the prospect of significant news and progress coming over the next four weeks, makes me firmly believe that what we have experienced recently is the bottom.
From the horses mouth:
The dumping should end soon, anybody who has shares from convertibles are running out.
The company is planning a steady stream of updates once the market settles down that will address when, how, and why they are moving forward.
They're working 24/7 in Reno to fix past issues and issues moving forward. Jimmy is making a lot of progress and his plan to clean up and stabilize the company is 90% complete.
Me too.
In my opinion, Dr. Johnston and Jimmy represent the future of this company and I believe they have the experience and resources we need to make this work.
Right now, it's a bit of a transition period, but things are going to happen. It starts with info about all of our properties, hopefully their timeline is still this week.
I fired an email off to Jimmy earlier today being very critical of the massive dilution last week and the carry through this week. I'm not sure how or if he will respond, but he's usually pretty responsive even when I send him frustrated emails. :)
I've been very critical of the company, but I don't always voice those concerns in public forums. Our new COO, Jimmy, has been very critical of the former management as well. He has told me that he will turn the company upside down if that's what it takes to turn a profit, and seeing as how he is president of G8MI and now has 483M votes, I suspect he has the means and the say so to do it. As I understand, his plan went into full effect on June 23rd.
Believe what you want to believe, but I've communicated with the guy regularly over the last month and the company is transitioning toward bigger and better levels.
Well, there's two parts to the equation here. That kind of news would hopefully mean people won't be willing to sell at low levels, which will raise the price. Also, there's a lot of investors who don't have positions right now and are waiting to see what happens. They'd rather invest at a higher price knowing there is financing than to get in now and risk never getting financing and losing everything. I personally know two people I talk to off the boards that that have small positions now but will invest more once the company demonstrates progress.
It's hard to imagine that if news like that came out and dilution ended that this thing would continue to slide. You'd think that at that point people in the know would be loading up.
What I'm told is that the company believes the market will be more favorable as the things they have been working on go public over the coming month.
Poor Bob, taking all Don's heat.
If that's your prediction, why are you here? Didn't you sell a few months ago when you first starting bashing them? I thought you would be back this fall. Couldn't resist chiming in after the drop today, huh?
Your DD obviously comes straight off of this board. If you paid attention, maybe you'd realize that you're not the only one happy about the current situation. You'd also realize the difference between who Bob is and who Don is.
Management was simply not experienced or knowledgeable enough to run this company. Their strategy was basically to start blasting and hope for the best and they put all of their eggs into one basket. When they realized they were not able to create positive cash flow via their original strategy, it required them to change strategies and focus there attention on the mill.
Unfortunately, planning a processing site is a little more involved and takes longer than works for your timeline. Feel free to come here this fall and b*tch about the mill not being done... It won't surprise any of us as that's not the company's timeline right now.
Between now and then, what do you want them to do? Sit around and twiddle their thumbs? They're in the process of reevaluating all of their properties and determining what the most effective and cost efficient way to proceed mining will be. They're trying to go about it in a more scientific manner, attacking the lowest hanging fruit first to help us in the short-term by getting to bigger revenues quicker.
If you paid attention, you might realize that there are some new people managing the operations and planning of the company now. It's completely possible that the BOD that you are having a hard time keeping straight may be seeing changes.
As far as lithium goes, what exactly do you want them to say about it? That they are obligated to perform $1M in exploration work by the end of the year, unless they are able to renegotiate the terms of their agreements? Lithium is at best 5 years down the road and getting there is conditional upon making the antimony projects work.
Bottom line is you and many of us here made an investment in an idea that simply did not work out. Of course we are going to lose value, but they have instilled enough confidence in me that their new plan is much more well thought out and will succeed with their new leadership.
Let's get some of those website updates out!
Can I get an Amen!
It's just the beginning!
Ring bell, ring.