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According to May 11 news, roughly $40 million dollars worth of gold in heap leach pad.
http://www.midwaygold.com/_resources/news/2015.04.02.pdf
http://www.midwaygold.com/_resources/news/2015.05.11.pdf
4300 ozs produce to date since first pour March 21.
Importance of May 20th
The Company also has established an aggregate $53.0 million senior secured credit facility consisting of a $43.0 million project financing facility and a $10.0 million cost overrun facility (collectively, the “Senior Debt Facility”) with Commonwealth Bank of Australia (“CBA”) to fund development and construction of the Pan Project (Note 8). Approximately $5.5 million of the Senior Debt Facility was undrawn as of March 31, 2015. As a result of Pan project delays and lower gold production forecast, the Company determined that it does not have sufficient funds to complete construction of the Pan Mine and fund operating and reserve accounts and satisfy other requirements under the Senior Debt Facility. As a result, the Company was not in compliance with certain tests required under the Senior Debt Facility. On March 13, 2015, the Company entered into a waiver to the Senior Credit Agreement (the “Waiver”) with the lender providing the Company a waiver of certain tests required under the Senior Debt Facility until April 20, 2015. The Company was unable to comply with the provisions of the Senior Debt Facility that were waived pursuant to the Waiver in the time period specified therein and as a result, the Company is currently not in compliance with the terms of the Senior Debt Facility and has until May 20, 2015 before the non-compliance becomes an event of default. The lenders may declare all unpaid amounts under the Senior Debt Facility to be immediately payable when an event of default occurs. Furthermore, the Company does not believe that it will satisfy the conditions precedent to draw the remaining $5.5 million under the cost overrun facility.
10K for last 2 years were released 3rd week of march according to SEC edgar website. would be nice to see it sooner.
8.2 The Company and the Approved DIP Lenders are in the process of finalizing Amendment No. 3 to the Approved DIP Facility which extends the maturity of the Approved DIP Facility to June 30, 2013 and revises the milestone date for publishing a business rescue plan in the Business Rescue Proceedings from May 31, 2013 to June 15, 2013.
new report from company website
http://www.grtbasin.com/admin/files_pr/SouthgoldProgressReport5February2013_1.pdf
everybody except the supreme court.
stocks closed at 1pm, bonds closed at 2pm
enjoy your holiday. Happy Fourth!
markets closed at 1pm today
"round and round she goes, where she stops nobody knows"
Interesting lotto play here. Sometimes shareholders are not wiped out completely in Chapter 11. Also
I think that stock warrants can be given to old shareholders who have common stock cancelled. Not sure on the regulations regarding this --maybe someone might know more specific info. There are some big holders of this stock so I wouldn't be surprised if shareholders maintained something on the backside--how much?-- well that is the big risk,now isn't it?.
looks like much of the float is locked up by a handful of investors.
Those were exchanged into common shares. Excerpt below copied from form 4 filing.
1. In connection with the acquisition of IntelGenx in 2006, Ingrid Zerbe became our Corporate Secretary and Director of Finance and Administration and acquired 4,709,643.5 exchangeable Shares of our Canadian holding corporation 6544631Canada Inc., a Canadian special purpose corporation which wholly owns IntelGenx Corp. (the "Exchangeable Shares"). In June of 2009 Ms. Zerbe acquired 1,021,713 Exchangeable Shares from Joel Cohen in a private transaction. The 5,731,356.5 Exchangeable Shares are exchangeable, on a one for one basis, into shares of common stock of IntelGenx Technologies Corp. at Ms. Zerbe's discretion. As of today 573,135 exchangeable shares have been exchanged into common stock of IntelGenx Technologies Corp. Prior to exchanging the remaining Exchangeable Shares, Ms. Zerbe has the right to vote 5,158,221.5 shares of common stock which are currently held in trust on behalf of Ms. Zerbe. The common shares have not been registered for resale at this time.
This is prime time for shorts to execute bear raid. Many folks on vacation with stop losses set or looking to exit positions before long holiday weekend. What better time to pull off bear raid--IMO.
I think it'll be quiet until 2012-- that will be three full complete calendar years (2009,2010, 2011) since the "shell clean up" in June/July 2008. Just my opinion and a complete guess.
hello, what's your opinion on the best uranium miners right now.
Yes, it's very early. Consider also that many physicians give out 2-4 weeks of samples for a patient to try before filling a script.
looks like a bear raid today
yes, I agree with that -- just saying long term fundamentals are positive, so should global news intervene, long term prospects look good--IMO. by the way, thanks for your input and feedback--much appreciated.
I tend to agree. Third world issues -- at least a good portion of their assests are gold so the true value will hold -- just can't say the same for the share price.
"In addition, Kingold has granted the underwriters a 45-day option to purchase up to 1,080,000 additional shares of common stock to cover overallotments" -- this selling should end soon.
that's what level 2 shows--- .002 x .01
yes, but when I use that "key", I'll have no use for profits from this.
looks good! will just have to patiently wait as long as it takes to see what--if anything-- becomes of this.
very interesting. thanks.
Thanks for your input. I was mostly curious about these questions in general as related to any shell-- and whether or not it would have any bearing on CTNO. I am not expecting anything anytime soon with this and did not mean to suggest that it would be soon. just wondering. again thanks for the feedback.
Would it make sense for a company to wait long enough so that the audited financials would not be required to contain prior ownership's activities or the act of a reverse split? If so, then at what point in time or what date on the calender would best for CTNO to submit their financials?
The other question I am wondering about is this.
If a company desired to R/M or uplist, would they want the blemish of a prior reverse split on those financials--even if that reverse split was done solely to clean up the shell for the future?
If 3 years of clean audited financials are necessary, would it be easier to
A) have those 3 years be your own records that are complete and accurate
or
B) use someone else's records that may or may not be complete and accurate?
if a company desired to uplist, would they be required to submit 3 years of audited financials?