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It could be that the Seller does not believe that News is just around the corner and even if there is some news it will have no impact on the Stock.
It could be that the Individual selling relatively large blocks of stock has given up on the Company and / or has a very low cost base and is moving on.
IMO it is highly doubtful that a significant, if any, short position exists.
Were they pumped to the public and then never follow through? Were there all kinds of JVs and deals in the works and they just never seemed to materialize? Reverse splits? Dilution in excess? A constantly dropping share value with an ever increasing debt to the CEO/officers?
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All of the items you mentioned are red flags to the Market. In the case of Sarissa all of these items are present in their history. What adds to the uncertainty of the Company and it's stock is that further "information" creeps into the conversation from supposed "in the know" individuals that something meaningful is happening next week - two weeks from now - etc. The current "excitement" is the experienced Fortune 500 potential Board of Directors representative(s) who is bringing funding with them.
This type of "information" is misleading and takes on a life of its own. Because it doesn t happen, with it s attached storyline, anywhere near it s supposed timeline it makes it appear as though the Company is misleading the Investor base. The problem is that the Company had nothing to do with providing these timelines but since it didn t happen there is an assumption that they did not live up to their commitment.
There is a lot that Management, now and before, can be held responsible for but certain elements are simply not their fault. They have been perpetrated by others who may or may not have any fact at their disposal.
That said the realities of what the supposed separate Niostar is going to look like is interesting. Apparently they have several millions of dollars of debt, no cash reserves and presumably the need to go further with expensive going forward Mining / Exploration / Development requirements. Unfortunately many of the items listed above could very well happen with such a new listing vehicle.
It is my understanding that this new Board of Directors being discussed, if true, is for the Niostar entity. If they are applying for a separate Niostar listing, and if there is really going to be an experienced Board / Management presence, I would think that this wouldn t occur until that process was underway / approved by the Regulatory Authorities.
If these people were truly going to be involved due to their respective interest in the Niostar Asset why would they want to be connected with a dismal performing Company (Sarissa)? It makes no sense for them to attach themselves to Sarissa.
This said I find it hard to believe that such a scenario is taking place "behind the scenes". The Market works on expectations and the lack of Share volume, lack of Management communication with the Investor / Market and a general disinterest in the Company provides some insight as to what the Market genuinely believes.
Based on the comments by some the Company Management is speaking with Individuals about joining the Board of Directors of the Sarissa subsidiary Niostar. According to the same sources it is their belief that Funding will be provided along with Mining experience through these prospective Board Members.
It should be noted that while the Company had previously indicated they are talking with these type of people there are no details / names / facts provided.
The Company had stated, previously, that it is their intention to separate Niostar from Sarissa and have it listed independently on a Canadian Stock Exchange and to provide Shareholders of record (on a date to be determined ) a stock dividend position ( 30 to 1 if I recall correctly ).
In large part due to Sarissa s history it is my opinion that if the Market accepts the Niostar narrative the pricing will be reflective of that storyline. I do not believe that the structure being commented on will act as a catalyst for Sarissa stock pricing - in any meaningful way.
IMO Investors will want to read a business plan which would be available within any Prospectus that a Niostar listing would require.
IMO it is clear that Scott has the Control Block of Sarissa Resources. While it most likely is not 50 percent of the authorized stock it, in my opinion, does represent the controlling interest.
IMO the pricing of the stock is not a reflection of Company Executives purposely allowing, or motivating, the price to drop. It is simply the Market not being interested in Sarissa and / or the narrative that has been presented.
The rumours perpetrated to somehow elevate the Company s status are counter productive. For example if the Company (Niostar) does have some sort of established / experienced Money Group coming on Board which will represent a substantial change in direction then let it play out. The Individuals suggesting this type of change is occurring should then position themselves accordingly.
The stock is dead in the water until something of substantial change occurs. Let it play out. That said people are fed up with the story line. Factual change is required.
We shall see if they put the money up or not.
The suggestion, by some, is that the "Fortune 500 Board of Directors" will bring their own Funding with them if I understand it correctly.
The only way I can possibly see this as real is if this Group somehow believes that the Asset has such great future value that they would proceed to purchase it. If this were to be the case I am not certain as to how the normal Shareholder would benefit in the short to middle term if at all.
I have doubts that a Joint Venture would be viable as Sarissa Management, over the years, has not shown any real acumen for the Business. A Mining JV requires there to be experience and Financial wherewithal on all sides. Sarissa can not offer this type of partnership as it is presently structured.
Furthermore the depth of Documentation, Geological Data, Geological Reports etc are not available for the potential hundreds of million dollar investment that would be required for the type of Individual / Group to consider their involvement. The Reports, provided to date, are rudimentary albeit sufficient, as I understand it, to obtain regulatory approval. The standards for regulatory approval is much lower than what an Investor would require to invest hundreds of millions of dollars.
If an Individual / Group is indeed considering an involvement it would be wonderful. However, at this time, it doesn t seem plausible but stranger things have happened.
There would be a lot to tackle but if Scott and Dan have been working towards this goal much, if not all - short of the actual Listing Application / Prospectus, would be completed should this new Board of Directors with it s associated Funding decide to move forward.
I don t know if any of the posted information is accurate but if it is one would expect the Company to announce it shortly. With this weeks holiday (Wednesday in Canada / Friday in the US) it may be unreasonable to expect such an announcement this week but IMO next week would be a must if it is to have any traction.
"I do not see a BoD worth having being willing to come to a stinky pink with a horrible record and put their money and time into it on the hopes that Scott doesn't screw up again."
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If I understand correctly what is being posted by some who apparently are in the know is the suggestion that the involvement, Board of Directors and Funding, would be entirely directed to Niostar. Therefore it would follow that these two events would occur concurrently with a Niostar Listing Application and realistically only consummate once the Niostar Listing application was approved by the Regulatory Authority(s).
Therefore you would have a new Niostar listed Company no longer associated with Sarissa Resources (expect for the conditions of separation). Presumably the intention is for this new Company, Management and Directors, to be fully responsible for all future going forward decisions / Operations.
The factual details would be laid out in the Listing / Prospectus documentation when such an Instrument is filed with the Authority. This would include a description as to how Sarissa, and / or it s Shareholders, will be compensated, Funding requirements and how this would be completed, Debt repayment as well as all other relevant information / data.
Based on the info posted is the assumption then that Niostar will have a new slate of Directors, an initial Funding (operations / development expenditures) of some sort in place, a Plan to handle / pay / extinguish Niostar s Debt s as well as an Application submitted for a new Niostar Listing and Prospectus?
I presume that the intention is then to separate Niostar from Sarissa, once Regulatory Approval is granted.
The potential Board of Directors being discussed - are these Sarissa Resources potential nominee Directors or are they Niostar potential nominees ?
Are these Director positions being referred to not potential Niostar Directors? If I recall the Press Release that references Directors this was the Company s intention. Has something changed?
Based on this recent "News" common sense tells me that there would be strong buying pressure. So far that has not materialized.
The Directors and Officers of the Company have Legal Responsibilities to all Shareholders of the Company. It is necessary for them to understand that requirement.
When the Company officially announces such a relationship I will accept it as fact.
Until there are facts to back up such a scenario (as described) it really means nothing.
The Market tells the story.
The following is a Post that the current President wrote in April 2014 (set out below). In fairness it was written and posted prior to his September 2014 official (Director / Officer) involvement with Sarissa.
In Dan s ten month tenure as President / Director he has been unable to complete the items referred to in the Posting.
If this was the basis of his Plan why hasn t it been implemented?
Lack of money? Lack of experience? Unrealistic expectations?
The answer is probably all three - and more!
That said Dan took on the Job and the responsibility. The Company needs to provide a full and complete report to the Shareholders without delay. Warts and all. There is absolutely no downside in doing so at this time. You never know what help will be offered " if everything is put on the table ".
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dmbao Wednesday, 04/23/14 09:23:45 AM
It is my understanding that the budget for the remain twin holes is greater than that but not a ton. Not sure the reason for the discrepancy.
It seems to be closer to 500k to complete the twinning and get an updated NI report.
AS far as priorities I am unsure. Ideally IMHO the company should be pursuing several thinks in unison.
I look at uplisting as priority one because that shows the seriousness of the plan. It also can happen faster than the updated NI report. Both are needed from what I understand to expand the options for further financing which of course it needed.
I look at it as a reboot of the company, spin out NioStar to a new listing and at that time announce that a updated NI calculation is presently being completed and the funds are already on hand to pay for it. Might be able to get away with talking about how this updated NI calc will bring the 6 billion or whatever presently defined as historical into an indicated or whatever category as well and the deeper drilling is expected to expand the resource beyond that.
A month or two later you hopefully have this report completed and its the first milestone of the uplisted company.
In between the time of uplisting to updated NI calc you already have IR, PR campaigns. Telling the story we already know assuming its true. The Keevil connection, Scott's grandfather initially was involved in discovery of the property, all the gulf minerals stuff and the historical record including the feasibility. All the growth in Niobium uses market prices and growth rates and how only one real source exists.
Pretty much our version of what Nio-Corp have done with the Elk Creek property.
I believe but don't have the facts entirely that we are also not too far from completing Pre-Feasibility after that NI calc is done. This would be another significant milestone that could be completed this year.
All of this time the company would also be exposing the project and what is needed to fund the next stage full feasibility to every private equity, hedge fund, bank , brokerage, steel company other end user and family office that might take an interest with a plan, a time line and why feasibility will be proven.
The entire effort not counting the last part of the sales job would not cost more than 1.25 million. Something we need to raise right now.
Completing these steps should give us a similar market cap to Nio-Corp which is 6 x our and climbing as of late.
Seems very doable to me and could be completed by September or sooner. If there is a road block other than money to accomplish this I am unaware of it.
IMO - more likely scenario is that the Market does not have any faith in the ability of the Company to meet the goals they set out. The pricing is a reflection of that belief.
Frankly there is no money in it for a MM to be involved in the Company s stock. There is no volume and no outside interest in the stock. Their time and effort is best spent elsewhere in order to maximize their potential profits.
Management, old and new, have done a horrible job in running the Business of Sarissa Resources and the pricing is the result.
There are no "bogey men" out there only a Company that has not delivered.
The actual issue is the operations of Sarissa Resources and their ability to provide a stable and economically viable Business environment to the Company and it s Shareholders. Essentially bringing Value to the Stock that each Shareholder owns.
They, individually and as a group, have failed to meet this standard. Hold Management s feet to the fire. They deserve this attention not a fellow Investor.
Is that an AMC Gremlin?
There has been no Announcement by Sarissa that they have applied for a separate Niostar listing. Nor has there been any Corporate Announcement as to a new Board being appointed for either Entity.
Since Niostar remains a subsidiary of Sarissa a better comparison would be that it is a car without an Engine.
I suppose you may be right however is this really a stock to play with in this manner? There is so little volume and really no outside buying. Any potential profits are negligible.
I suppose you may be right however is this really a stock to play with in this manner? There is so little volume and really no outside buying. Any potential profits are negligible.
Touché !
IMO it serves no purpose.
IMO it is not so much that Dan, or anyone else that may be in that position, is restricted by Scott but that the requirements of operating a Public entity can be onerous.
Not only do you have responsibilities to the Public Company operating requirements but you have all of the elements and functions that are necessary to be conducted for the particular project to move forward.
It is a difficult combinations of jobs that need to be handled almost simultaneously. If you don t have the money, experience and dedication to the process the chances of a successful outcome is very close to nil.
The problem with this Company is not Posters providing their opinion, self serving or not (which IMO is a ridiculous comment in itself), but the fact that the Company is unable to provide the "full and complete Geological Reports" that is required to secure meaningful Financing and / or List Niostar as a separate Public Entity (as the Management indicated was their intention).
IMO Sarissa is not a scam.
IMO the Company has the same set of problems that many Company s in this arena have - that being a lack of Financial Resources to complete an organized and complete Work Program. In this case it is completing the required Geological Studies and Reports that are needed to prove out the Asset and / or apply to list Niostar as a separate Entity.
Furthermore they lack the Management experience, and (individual s) track record, to fully access serious Financial opportunities, coordinate the Business requirements of Listing, understanding the full complexities of the Mining business including the ability in utilizing the Public Market to achieve their apparent goals.
Between them they do not seem to have an understanding of the Industry. In the case of Dan this is understandable as by his own admission he clearly stated that he had no experience in this area. As for Scott it is evident that just because your Grandfather and Father are / were leading World Class Mining Executives it does not follow that the third generation has inherited that ability and knowledge.
As for the comments attributed to Dan Byrnes I would be "gob smacked" (shocked) if there was any true seriousness to the stated "realities". It is hard to imagine the type of Individual or Group who would invest the Money, join the Board of Directors and utilize their "Fortune 500" reputation and doing this under the present Management / Control structure.
I could understand if a Group came forward to purchase the Asset if it was to be proven out Geologically and proven to be Economically viable in the long term. However under this scenario I highly doubt that they would take on any obligations to current Sarissa Shareholders.
You are wrong on both counts.
I can t answer for the two Traders that you are referencing but assume they have their reasons.
The Sarissa Market pricing is meaningless at this point. There is no Market for the stock. Trading is thin at best. No volume. The Market displays no interest. Even day traders are staying away.
IMO the Company is completely stalled. I hope that I am wrong and that Management are completing meaningful things behind the (public) scenes. If one takes the Market performance as an indicator they do not believe anything is happening to make matters move forward.
The Company needs to finish up a full and complete Geological study / Report(s) and issue it so that the Shareholders, and potential Investors, can be confident that the Asset is indeed economically viable.
There will still be Management experience concerns but addressing these will be much easier should the Asset be proven out.
Speculation as to the reasons of course but you may very well be right.
The only practical reasons that the Report is not completed, IMO, is that the Company either doesn t have the money to complete the Reports or the Asset doesn t have the goods in order for a full and viable Report to be completed.
A lot of money has supposedly been expended over the years trying to prove out the Asset yet the most elementary aspect / requirement has not been completed.
There was hope that with Dan s involvement, albeit an unproven and inexperienced Individual in the Mining and Public Company arena, there would be meaningful changes in the Company s Business operating methods. Unfortunately this does not seem to be the case.
Money is what is needed to get this stage completed. Dan is surely finding this process much more difficult than he expressed in his many previous posts. Scott does control the Company and the various offshoots. Considering all that the Asset apparently represents it is a total mystery as to why they are unable to solidify matters.
The suggested separation of Niostar as a new Listing seemingly is mired in nowhere land - otherwise the story would be loudly transmitted by the Company.
The PPS and lack of Volume on the Stock tells the story. The Market is disbelieving of Sarissa s storyline.
I get the feeling that he is just disengaged from the realities of operating a Business. It is a means of potentially having something work out some time in the future maybe. I am not at all sure that the interests of the Shareholders is of over riding interest.
In the meantime it is a reason to meet, travel - using someone else s dollar.
It is really the same story over and over. The posts of today are similar, if not the same, as one year ago, two years - even seven years ago.
The comments attributed to Dan referenced in an e mail provided to an individual who was apparently provided this information. Below.
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Here is an email I thought I would share regarding the progress of the BOD and whether they are on board without cash up front.
They are continuing their due diligence. They are meeting with our geology contractors.
They are also reviewing all the finances and how the debt gets cleaned up prior to the Niostar listing.
They aren't demanding any salaries and are putting in their own capital as well as raising whatever additional funds are necessary. They are doing so because the projects potential combined with this groups ability to move the project forward.
Dan
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There is very little acceptable documentation to do DD on and this Groups ability to move a Project is entirely unproven.
It sounds like nonsense -IMO
What is the Houston plant you are referencing?
That in itself is certainly good however IMO something much more aggressive is required in order for the Company to move beyond the current situation.
That said I am not involved with the Company Management so many fantastic things could be happening with the Business Administration of the Company behind the scenes. There is nothing to indicate that frankly IMO however it is always possible.
A Letter to the Shareholders, under the signatures of Scott and Dan, would be entirely appropriate at this time. IMO such a letter should describe clearly the status of the Company and what potentially lies ahead.
While it is a bit unorthodox I think it would help people understand and may even be an opportunity to have some people get involved financially and take responsibility at a Board level.
It should be long on Business and short on verbiage to do with the actual Mining property. People either believe in the Property or not. The realities are the Operational Business aspects vs. the property. The Company needs money in order to obtain finalized Geological Report(s) which in turn provides the required Documentary proof to apply for a Niostar Listing and further access to Funding.
Concerns as to Management Mining experience etc will not go away until fully addressed but at least it may start discussions, with the Company not Posts on this Board, that allows some of us to participate directly.
I do not know whether the Asset truly has any Economic value. I do know that in order to ascertain that information a complete and full Geological study needs to be completed. Any hope of getting this Company moving in the right direction requires that to be completed. Money, and Management s true desire and effort, will effectively get that done. Management s dedication and availability of Funds usually go hand in hand.
What is required is a Full and Complete Geological Report(s) that provides all pertinent and relative information related to the Asset including Reserve estimates.
I understand that the various items your DD provided are still on file. That said if the Company would complete the Geological Report(s) it would take away the arguments and concerns some have.