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News out
October 20, 2021
Re: Shareholder Update
Dear Shareholders:
Audit Completion.
Santa Fe Gold Corporation (the “Company,” “Santa Fe,” “we,” “us” or “our”) is currently in the process of completing our audit for the Company’s fiscal year ended June 30, 2021 and finalizing resulting audited financial statements and the related notes thereto (comparing fiscal years ended June 30, 2021 and 2020).
Status of or Registration Statement Filed on Form 10-12g.
There are two basic issues outstanding with the Security and Exchange Commission (“the SEC”) that we need to address / reach agreement on, in order to be able to have our Form 10 Registration Statement become effective (with no outstanding comments). The first is completion of the aforementioned audit, which is nearly completed; and updating the various references to year end numbers in the Form 10. The other requires us to provide additional support for the $12.5 million write-off of certain debt we took in our fiscal year ended June 30, 2019. This had not been an issue, but we believe that because of the magnitude of the write-off, the SEC Staff is taking a more conservative approach than they might have taken had it been a smaller amount. We are in the process of providing addition verification to satisfy their requirements, specifically to meet the dictates of the language in the Financial Accounting Standards Board that addresses write-offs of liabilities. We and our auditors both secured detailed legal opinions from Canadian counsel that conclude that the write off is justified because 1) the contracts that gave rise to the liabilities were both under British Columbian Law and had Canada in them as a choice of laws and venue for any legal actions arising under them, 2) under British Columbian Law, the statute of limitations had run on both liabilities and 3) the language under the applicable statute of limitations is clear in that it is an absolute bar against bringing any collection actions to recover the liabilities. The SEC Staff has certain requirements that they need met in a legal opinion in order to accept it and our attorney in British Columbia has indicated that he was comfortable rewriting the opinion letter to contain the SEC’s requested language. In our discussion with the SEC, they suggested that the quickest way for their approval of the liability write off would be providing them a with a judicial ruling. We have acted upon their recommendation and our attorney in Canada has put us in contact with a litigation firm in British Columbia. They are currently researching the correct procedure to pursue the judicial ruling under British Columbian law, and we will proceed once this is determined by the firm and they have provided us with a proposal so that we have a clear picture of the costs, timing and any other issues that may have an impact on our desired outcome. Upon receipt we will make the decision as to which course of action to take. As of now we are weighing both options.
Until this is resolved with the SEC, we will not be filing our next Form 10. Currently there is no timeline until the Canadian issue is resolved. In the meantime, the current Form 10 draft is updated as necessary to be ready for filing immediately once this issue is resolved.
This is a critical project for the Company and is at top of our goals. Until a filed Form 10 is accepted by the SEC, the Company cannot proceed to the next steps to reinstate trading. At this time, we cannot reasonably project a time line when trading may resume.
Respectfully,
Steve Antol
Chief Financial Officer
928.515.1942
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NIHK .12 News
Tytan Cybernetics signs with CryptoFamily.Tech for Creation of State-of-the-Art Tytan EV Crypto Coin
TORRANCE, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Tytan Cybernetics “the Company” (OTC: NIHK TWTR: @NIHKEV), a technologically innovative Electric Vehicle and Fintech company, is pleased to announce the partnership with CryptoFamily.Tech to develop the State-of-the-Art Tytan EV Crypto Coin.
Tytan EV Crypto Coin:
Rewards for drivers of Tytan Vehicles, who automatically mine Titan EV Crypto Coins by miles driven
Crypto will be mined into Driver’s TytanEVCrypto App, for transfer to Crypto Wallet or use for available Tytan benefits
Promotes blockchain for flourishing Crypto, Defi and FinTech economies
"We’re excited CryptoFamily.Tech has joined in our mission to bring to market the first of a kind Electric Vehicle that mines Crypto for the drivers by miles driven. We’re looking forward to developing this Crypto Coin as quickly as possible. Our Tytan EV Crypto Coin is an extension of our continued commitment to develop innovative rewards for our Consumers and Shareholders.” CEO Frank Igwealor
About Tytan Cybernetics, Inc.
Tytan Cybernetics, Inc. is an Electric Vehicle and Fintech company whose focus is to develop and bring to market the next generation of high-performance state-of-the-art Electric Vehicles. The company’s current and expanding technology portfolio includes Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics ("EV-AI-ML-R"), with businesses and operations in North America and Asia. With a commitment to revolutionary technology, Tytan Cybernetics is in the process of cultivating cutting-edge technologies to enhance consumer’s cybernetic experience.
For more information, please check the latest updates on the company's Twitter account https://twitter.com/NIHKEV
Notice Regarding Forward Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipate” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements.
CONTACT:
Tytan Cybernetics/Video River Networks
370 Amapola Ave., Suite 200A
Torrance, CA 90501
contact@videorivernetworks.net
https://www.globenewswire.com/newsroom/ti?nf=ODM3NTAyNSM0NDg5OTMxIzUwMDA3ODgwMg==
https://ml.globenewswire.com/media/YzhlNDBmZjktZTY3NS00ODI3LWIyMjAtNzU0ZDIyOGQ3NGViLTUwMDA3ODgwMg==/tiny/Tytan-Cybernetics-Inc-.png
Source: Tytan Cybernetics Inc.
© 2021 GlobeNewswire, Inc.
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News
CIB Marine Bancshares, Inc. Announces $18 Million Redemption of Preferred Stock
BROOKFIELD, Wis., Oct. 18, 2021 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) announced the redemption date for its initial redemption of preferred stock pursuant to its Second Amended and Restated Articles of Organization, approved by both common and preferred shareholders in September. Effective October 29, 2021, approximately 49.7% of CIB Marine’s Series A and Series B Preferred shares will be redeemed, on a pro-rata basis, at $825 per share. The $18 million initial redemption will be funded entirely by earnings from CIB Marine’s wholly owned subsidiary, CIBM Bank. Documentation has been mailed to all preferred shareholders of record by the Company’s redemption agent, Computershare Trust Company, N.A..
Mr. J. Brian Chaffin, the Company’s President and CEO, commented, “We are pleased to be able to take this significant step forward in providing liquidity to our preferred shareholders, while building common shareholder value. Pursuant to the plan we outlined at our recent Annual Shareholder Meeting, we look forward to completing the redemption of all preferred shares in the next three or four years.”
CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates ten banking offices and five mortgage loan offices in Illinois, Wisconsin and Indiana. More information on the Company is available at www.cibmarine.com, including recent shareholder letters, links to regulatory financial reports, and audited financial statements.
FORWARD-LOOKING STATEMENTS
CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.
There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.
Stockholders should note that many factors, some of which are discussed elsewhere in this release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:
operating, legal, execution, credit, market, security (including cyber), and regulatory risks;
economic, political, and competitive forces affecting CIB Marine’s banking business;
the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and
the risk that CIB Marine’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.
These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements.
FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com
https://www.globenewswire.com/newsroom/ti?nf=ODM3NDQ5OSM0NDg4MzY3IzIwODk4NDI=
https://ml.globenewswire.com/media/NDRlMTYwNGUtODQwNy00NTA2LTkxNWMtODJkN2FiMjMxMWNhLTExMDE0MTM=/tiny/CIB-Marine-Bancshares-Inc-.png
Source: CIB Marine Bancshares, Inc.
© 2021 GlobeNewswire, Inc.
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