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Transatlantic passes Miller mud over gravity table
2023-01-30 16:52 ET - News Release
Mr. Bernie Sostak reports
TRANSATLANTIC MINING COMMENCED RUNNING GRAVITY GOLD TABLE TRIAL AT THE MILLER GOLD MINE
Following completion of the Miller mine portal, Transatlantic Mining Corp.'s mine has been re-entered to clean up accumulated mud and dewater areas where the existing mine development is under water.
A large sample of mud was passed over a gravity table to ascertain if it contained any gold. Visible gold was observed on the gravity table in sufficient quantity to encourage the further processing of this mud.
Dewatering of the mine is being undertaken concurrently with the removal of the mud. This will give access to parts of the old mine last worked in the 1960s.
The Miller gold mine is located in the Broadwater county in the state of Montana, United States. The mine is approximately 29 miles to the northeast of Townsend in Montana, United States. The presence of mineralization has been confirmed by recent sampling in areas of the mine where access is possible.
At the company's Golden Jubilee property, final assay results from the recent 10-hole reverse circulation drill program are pending.
Highlights
Miller mine:
Lower level completed securing portal entrance for winter access;
Dewater older and deeper parts of the mine where visual gold has now been observed in situ;
Commissioned and installed a gravity table into the lower level of the mine.
Key components of the activity
Transatlantic has entered into the Miller mine lower portal and secured the entrance for winter. Work has taken place to remove mud from the lowest level in the mine which was waist (approx 1.5 metre) deep over 200 metres in part.
The company decided to extract the muds out of the mine and run them over a gravity table to ascertain if they contained gold. Gold has been clearly identified, and further work is being undertaken to determine the quantum of the gold content. This was in concert with dewatering an older area in the mine that has not been reached previously. This dewatering also aided in providing further access for additional geological reconnaissance, sampling and additional drill planning activities.
Upon access to the dewatered mine drive, 30 metres of strike is visual on a minus-10-degree gradient with water still at the drive face. In the exposed mine development, visual gold was observed in the wall, roof and floor.
The first rocks out of the old level contain visual gold and sulphide within this newly opened deepest level. It is unknown what the final depth of this drive is. Dewatering will continue until completely dewatered. Once this has occurred, a campaign of geological sampling of the mine wall, roof and floor will be undertaken to assay for gold. The deepest level is now exposed for about 30 metres in length and is approximately two metres wide.
A gravity table has been set up in the mine to trial process the muds that have been extracted out of the mine. The concentrate has been sent to the assay laboratories for analysis, but with panning, it is apparent that large particles of gold are apparent in the concentrate.
About the Miller mine and claim group
Transatlantic has access to the upper and lower level of the mine, where it is currently safe to do so. The Miller mine is situated amongst patented and unpatented claims at an elevation of 1,920 metres (6,400 feet) and accessible by roads 50 miles from Helena, Mont., United States.
The gold and silver mineralization generally occurs on the contacts of sediments and igneous intrusives with native gold and sulphides including pyrite often observed amongst the four known adits located on the property.
"The current team efforts at the Miller mine support that there is still gold mineralization remaining from the historical mine efforts. We look forward to sampling and dewatering the deepest part of the mine further, where visual gold is often observed. Additional diamond drilling will be planned following the geological and technical investigation and assessment of this opening. To see gold in the first instance is a good indicator for more gold in the future," commented Bernie Sostak, chief executive officer of Transatlantic.
About Transatlantic Mining Corp.
Transatlantic (TSX Venture Exchange: TCO) is an emerging precious and base metal explorer. The company has a focus on converting projects into mines within stable mining jurisdictions. The company currently has property interests, including an 80-per-cent joint venture position on the Monitor copper-gold project in Montana-Idaho (U.S.) and 100 per cent of the Golden Jubilee gold project with its associated mining rights. The company has also a lease to purchase arrangement for the Miller gold mine in Montana to 100-per-cent ownership.
News Article Regarding Lithium Exploration In Newfoundland
https://www.saltwire.com/atlantic-canada/business/local-business/lithium-exploration-growing-in-nl-100814239/
Lithium exploration growing in N.L.
Evan Careen · Multimedia journalist | Posted: Jan. 13, 2023, 6:41 p.m. | Updated: Jan. 13, 2023, 6:41 p.m. | 3 Min Read
Paul Smith, geologist with MLK, examining multiple pegmatite dikes for elevated lithium and other critical metal content. ContributedPaul Smith, geologist with MLK, examines multiple pegmatite dikes for elevated lithium and other critical metal content. - Contributed
ST. JOHN'S, N.L. — Interest in lithium seems to be picking up in Newfoundland, and a Memorial University geology professor said it isn’t hard to see why.
Derek Wilton, an honorary research professor with the department of earth sciences, said lithium projects have been popping up in different parts of Canada in recent years because the element is used in a variety of high-tech batteries and has been identified as a critical mineral by the federal government.
“It’s a whole group of minerals that Canada has decided are important for the future,” Wilton said. “With this interest in critical minerals, we’re trying to find sources of elements that are close to home, in our own country.”
Canada has no mines producing lithium, but is estimated to have approximately 2.9 million tonnes of the resource nationwide. A number of lithium projects are in various stages across the country, but none are actively producing the element.
All the lithium projects on the island are in the Burgeo area, where Sokoman Minerals and Benton Resources announced in 2021 what they believe is a significant lithium discovery.
The rock in the area is part of the Appalachian Mountain chain, on the same Palaeozoic belt as the Caledonian and Variscan mountain ranges in Europe, and lithium has been discovered on that belt in the United States and the United Kingdom.
Since the company announced what it refers to as the Kraken Pegmatite Field, at least two other companies have begun looking for the element in the region.
Wilton said he’s not surprised the discovery drew interest from other companies, and he wouldn’t be surprised to see more with the increased attention from the federal government.
“The thing is, nobody really looked for it here before,” he said. “There was no real interest in looking for lithium in Newfoundland and Labrador. It would have been a mineralogical curiosity. People would occasionally find some lithium minerals in granite or something, but we never thought of it as an economic endeavour.”
High hopes
One company hoping to find more of the element in Newfoundland is Nova Scotia-based MLK Gold Ltd. MLK, which may already be familiar to industry watchers in the province because of its three gold plays on the island, including its flagship Caledonia Brook project in central, announced recently it had acquired a potential lithium asset near the Sokoman discovery.
Bill Fleming, executive chairperson of the company, told SaltWire Network that after the Sokoman discovery was announced, the company decided to do some looking at other land in the area, and liked what it saw.
“After doing our initial reconnaissance off the Burgeo Highway, we found some great signs, some really good indications of it being a potential host body,” he said. “So we elected to further our portfolio of properties on the critical side and we staked those properties. We’re pretty stoked about the entire project, and I think that Newfoundland, especially with metals and critical minerals, this is just the tip of the iceberg.”
Fleming said there’s a lot of interest in critical minerals in Ontario and Quebec, but Nova Scotia and Newfoundland and Labrador are an untapped region that’s going to attract a lot of foreign capital.
“It’s going to happen. We’re starting to see that interest already,” he said. “It’s knocking on our door right now. Newfoundland is a large jurisdiction with the potential for a lot of untapped resources and we’re just excited to be a part of it.”
Transatlantic Mining Corp DD Report:
Tickers: TSXV:TCO | OTC:TRRGF
Current Price: $0.03 CAD | $0.0195 USD
Common Shares: 86.6 Million
Warrants & Options: 14 Million
Fully Diluted: 100.6 Million – Management & Top 10 Shareholders Own 80% of Float
December 2022 Company Presentation: http://www.transatlanticminingcorp.com/wp-content/uploads/2022/12/TCO_PresentationDecember2022.pdf
December 2022 cash on hand: $3.1 Million CAD
December 2022 total investment value: $2 Million CAD
I usually would post a more thorough due diligence report, but the new company presentation lays everything out clearly. Extremely high-grade gold and copper projects that are all located in the United States. Lots of cash to work with, heavy ownership by only a handful of investors, great projects.
Please do your own due diligence before investing.
MLK acquires 2nd Li asset; arranges $250,000 financing
2023-01-09 10:18 ET - News Release
Mr. William Fleming reports
MLK GOLD. LTD. INCREASES CRITICAL METALS PORTFOLIO IN NEWFOUNDLAND
MLK Gold Ltd. has added a second lithium asset to its growing portfolio of properties. This property is located approximately 18 kilometres due east of the high-grade Kraken lithium and cesium discoveries made by the Benton Resources-Sokoman Mineral Alliance. The new mineral licence consists of 100 mineral claims having highly prospective potential for critical metal mineralization.
The property is located 6 kilometres east of the Burgeo Highway (Route 480). Access onto the property is best by helicopter. Company President and CEO, Paul Smith (P. Geo.) stated that, "Only three previous exploration companies have carried out historical work in the area, apparently for uranium, but no reports were filed with the government". Based on preliminary examination of the Burgeo granite elsewhere to the south, the Company believes there is significant potential for critical metal-bearing pegmatite development in this region. Smith commented, "We know from previous government and academic research that although pegmatite dikes have been noted, based on our preliminary field examination, their abundance has been dramatically under-stated. In addition, we also know that numerous quartz-tourmalineplus or minuspyrite veins resembling Marathon Gold's Valentine Lake deposit located approximately 50 kilometres to the north have not been thoroughly prospected or mapped", William (Bill) Fleming, Chairman of the Board for MLK Gold said, "This marks yet another advance in our strategy to enhance our critical minerals portfolio and where better to do this than on the front step of Newfoundland's first significant discovery of high-grade lithium and cesium mineralization made by the Benton-Sokoman Alliance! We're wishing them every success on their Kraken pegmatite discovery because their success is really a success for the entire Province". The Company plans to complete a full assessment of these claims starting in Q2 2023.
AGM and Special Shareholders Meeting
MLK Gold intends hold its AGM and Special Shareholder Meeting virtually on January 12 at 11 am Atlantic Time.
Caledonia Brook Update
The Company is also looking forward to continued exploration at its flagship Caledonia Brook property where it intends to follow up on both anomalous rock, soil, and glacial till sampling during earlier programs. This work is expected to commence in June and be completed by end of August. Pending financing, the Company will complete an initial drill program of 1,200 metres in 12 proposed holes at the Mustang66, Maverick, and Charlie Zones. Drilling will target lode and intrusive-hosted styles of gold mineralization. Gold at these zones has assayed up to 2.38 g/t Au and with silver up to 71.1 g/t Ag, 4.03 % Zn, and 1.07 % Pb and appears to be focused along either known structural faults occur or where the Company has evidence of shear zones and faulting. MLK's Caledonia Brook property is situated in central Newfoundland west of New Found Gold Corporation, northeast of the Valentine Lake deposit property, and southwest of Sokoman Minerals Moosehead gold property, and shares geological and structural similarities to Marathon Gold's (4.14 million ounces; 3.14 Moz. M&I, 56.7 Mt @ 1.72 g/t Au; 1.00 Moz. Inferred; 18.2 Mt @ 1.70 g/t Au) Valentine Lake deposit along the Victoria Lake - Grand Falls Shear Zone System. The Company's qualified person has not verified data from Marathon Gold's Valentine Lake project and similarities are not indicative of mineralization on the Company's properties.
Financing
The Company has arranged a non-brokered private placement to raise up to $250,000 at a price of $0.025 per unit (each a "UNIT"). Each unit will comprise one share with a full warrant exercisable at $0.05 per share for up to 12 months following closing. A portion of the financing, yet to be determined, is expected to be completed as flow-through.
Qualified Persons and 43-101 Disclosure
Paul K. Smith (P. Geo.), President & CEO for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.
About MLK Gold Ltd.
Founded in 2018, MLK Gold Ltd. is quickly emerging as one of Atlantic Canada's premiere resource exploration companies offering exposure to gold and the strategic metal representing a unique mix of discovery and resource development potential. Invested in a portfolio of gold projects in mining and mineral-rich Newfoundland, MLK's plan is to capitalize on the province's ranking as one of the world's top 10 mining jurisdictions and expand into a long-life, financially sound gold-mining company.
We seek Safe Harbor.
$EWPMF - My Due Diligence. Trading Near Cash, Profitable, Has Major Royalty Catalyst:
East West Petroleum Corp Q2 2022. All information is available on Sedar.
Symbols: EW (Canada) – EWPMF (USA) – 37A (Frankfurt)
Prices (November 24, 2022): $0.075CAD - $0.055USD - €0.039EUR
Shares Outstanding: 89,585,665
Options: 400,000 @ $0.10 | 1,890,000 @ $0.06
Warrants: Nil
Allowable Capital Losses: $8,440,000
Non-Capital Losses Available For Future Periods: $28,550,000
Canada: $17,329,000 from 2026-2042 & New Zealand: $11,221,000 (No Expiry Date)
**See Audited Results For More Details**
Financials
ASSETS
Cash: $5,116,085
GST Receivable: $6,602
Amounts Receivable: $294,319
Oil Inventory: $110,014
Prepaid Expenses: $36,082
Property, Plant & Equipment: $230,009
Total Assets: $5,793,111
LIABILITIES
Accounts Payable: $289,284
Decommissioning Liabilities: $997,138
Total Liabilities: $1,286,422
Six Month Performance
Revenue: $1,670,890
Comprehensive Income: $317,820
(Only recent updates. Prior quarterly information is available on Sedar)
Romania
Without a joint declaration of a commercial discovery it is the Company’s position that commercial development of the field cannot proceed, NIS did not share this opinion. Rather than litigating this issue the discussions continued with NIS in an attempt to find a way forward. Given the consequences of a commercial discovery decision and significant funding obligations the Company and NIS continued negotiations on all available options including a monetization event. Negotiations were progressing well and a non-binding letter of intent was finalized. The parties were moving towards final documentation with essential terms of a monetization event agreed, being a cash payment of US $500,000 and a royalty interest of 2.1%, as defined. The outbreak of war between Ukraine and Russia brought all attempts to implement the agreed terms to a halt, with the issue being that NIS is owned, in part, by a Russian entity which is subject to Canadian government sanctions. The Company and NIS are working on the final documentation to implement the agreed terms once closing is possible.
Just a little refresher for current shareholders and new investors regarding Romania:
https://www.eastwestpetroleum.ca/projects/romania/
The original deal struck between East West Petroleum and NIS in 2011 was that NIS would earn 85% interest in this 1,007,500-acre project by completing the first phase of work, having an estimated budget of $62,335,000 USD and proving production capabilities on the first part of the package.
This has been achieved and facilities + test production is going on as we speak at the moment, as per the most recent NIS financial report:
https://ir.nis.rs/fileadmin/template/nis/pdf/Reporting/BusinessReports/English/QR_Q3_2022_eng.pdf
(see pages 5, 6, 24, 34) – All dialogue regarding Teremia is based on the land parcel with East West
Recently, East West made a deal with NIS to sell it’s remaining 15% stake in exchange for $500,000 USD and a 2.1% Royalty on production from anywhere on the 1,007,500-acre project, without any time or value cap. This makes sense because NIS is a multi billion-dollar company from Serbia and East West cannot keep up investing in such a large project. However, NIS can easily pay EW several million dollars a year from a royalty standpoint, in order to fully control and produce from this lease. Keeping in mind this is just the first phase of the project and there are many other drill targets to search for Oil/Gas.
What stops this deal from completing at the moment are sanctions from the Russia/Ukraine war. Gazprom owns a 56% stake in NIS, which doesn’t allow for the deal to be completed. In the meantime, Serbia has looked at either selling Gazproms stake in the company, or nationalizing NIS. This is because sanctions will begin for Serbia soon, based on association with Gazprom, and NIS is the largest company in country. Either solution would allow for the deal to be completed.
In the end, this royalty has tremendous value because it allows East West to generate cash flow from the lease, without any production cost risk. Payments will vary somewhat from quarter to quarter, but it would continue for quite some time.
Vital Energy Q3 2022 Results. Ending September 30, 2022 (All Information Available on Sedar)
Ticker Symbol: VUX
Price: $0.31
Common Shares: 82,249,971
Warrants: Nil
Options: 1,250,000 @ $0.25
Market Cap: $25 million
Insider Holdings: 55,311,353 or 67.3% of the float
Tax Pools: $51 million (Less Q1-Q3 2022 earnings. Available in 2021 audited results)
2021 Reserves: 1,340,100 barrels (Breakdown Available on Sedar)
Financials
ASSETS
Cash: $639,870
Short-Term Investments: $4,115,385
Trade & Receivables: $1,814,897
Prepaid Expenses: $136,659
Deposits: $566,229
Exploration & Evaluation Assets: $3,059,241
Right Of Use Assets: $150,807
Property & Equipment: $15,158,295
Total Assets: $25,641,383
LIABILITIES
Accounts Payable & Accrued Liabilities: $4,576,791
Contract Liabilities: $133,670
Lease Liability: $52,058
Current Decommissioning Liabilities: $305,739
Bank Loan: $60,000
Lease Liability: $103,921
Decommissioning Liabilities: $1,578,818
Total Liabilities: $6,810,997
Nine Month Performance
Revenue: $15,715,827
Net Income: $6,693,694 or $0.081c EPS
Project Updates
Properties
The Company’s strategical plan included further drilling in 2022. As such, in Q3 2022, the Company successfully completed its 2022 new drill program on three (3) Saskatchewan properties where the Company holds a 100% working interest on each property. The properties are located in Steelman, Lampman and Hume. In total, five (5) wells were drilled and completed - Steelman three (3) wells, Lampman one (1) well and Hume one (1) well.
The initial production on the three (3) new wells at Steelman are meeting the Company’s economic expectation. The one (1) new well at Lampman is on production with a lower production rate than expected. The one (1) new well at Hume is uneconomic.
The Company revised the 2022 drilling project from the original plan of eight (8) new wells to five (5) new wells due to (1) the drilling costs of the wells being higher than expected, (2) the reservoirs are more complicated than expected and the Company requires more time to mitigate the risks and uncertainties to an acceptable level and (3) the cost of surface pipeline and infrastructure is higher than planned.
The operational results of the properties for the nine months ended September 30, 2022 were positively impacted by work completed on the properties in 2021. In Q3 2021, the Company completed three horizontal wells at Lampman with production from all wells commencing in September 30, 2021.
In the first nine months of 2021, the Company completed a review of their other properties. As a result, workovers were performed at thirteen (13) wells including two (2) wells at Sullivan lake, three (3) wells at Gull Lake, three (3) wells at Pennant, four (4) wells at Baxter Lake, and one (1) well at Standard Hill. The Company also replaced the desulfurization tower at Sullivan Lake with a desulfurization tower with increased capacity. This assisted in the resumption of operations and allowed the Company to maintain a stable production.
Core Properties
Lampman
Three (3) Frobisher horizontal (“Hz”) wells drilled in July 2021 were from the same surface location and were completed in August 2021. All three (3) Hz wells has been demonstrating stable production rates with very reasonable natural production declines. All wells are fully equipped with electrical primer drivers and pipelines and are periodically tested with Vital’s own onsite 2 phase separator (satellite).
For the nine months ended September 30,2022, the average production wass 278 bbls/d, (sweet light oil, API ranging from 32.5 -36.0)
In Q3 of 2022, the Company drilled one additional Hz well in the southern part of the Lampman property in order to produce the remaining Frobisher reserves. The well was put on production in August 2022. The initial production rate is lower than expected as the well is geologically located on the edge of reservoir, and the limestone target zone changes in both lateral and vertical directions. In order to increase productivity, the Company has initiated a full-scale production optimization analysis. Future work may entail a frac or acid squeeze to stimulate production.
Sullivan Lake
This property has two (2) Ellerslie Hz producing wells and one (1) Banff Hz producing well which were drilled in 2018 and 2019. These Hz wells have a stable production rate with a natural production decline. This property has completed surface facilities including a desulfurization tower and a gas pipeline. There are 6 potential Banff Hz development wells
This area produced 87 boe/d for the nine months ended September 30, 2022 compared to 104 boe/d for the same period in 2021.
Gull Lake
In one of the Company’s core areas of operations, Gull Lake, Saskatchewan, Vital is the designated operator and maintains a 50% working interest. The property is covered with 3D seismic data and has 9 wells producing, or capable of producing, crude oil from the Roseray , Cantuar and Upper Shaunavon formations. This project has a salt-water disposal facility and a gas collection pipeline system. In the Company’s opinion, future drilling opportunities remain on these lands.
At Gull Lake, Vital’s net daily oil and natural gas production for the nine months ended September 30, 2022 was 189 boe/d (2021 – 197 boe/d). The decrease in production was attributable to natural declines in the property. A Waterflood Project (Enhanced Oil Recovery) has been undertaken and it should be completed in Q4 2022.
In order to better evaluate the oil development potential, the Company has utilized the 3D seismic survey which covers all of its Gull Lake lands. As of December 31, 2021, the reserves evaluator, Trimble Engineering, assigned 160,400 boe of proven oil and natural gas reserves net to the Company and 79,400 boe of probable oil reserves net to the Company.
Pennant
Vital is the Operator and maintains a 100% working interest in 12 contiguous sections of land. To date one (1) vertical well and six (6) horizontal wells have been drilled. Four of the horizontal wells and the vertical well have had production. The Company has commenced abandonment and reclamation work on some well site.
3D seismic coverage on about 35% of Vital’s lands indicates the potential for additional drilling locations.
The company’s crude oil production was 26 bbls/d for the nine months ended September 30, 2022 as compared to 33 bbls/d in the comparable period in 2021 when the property was shut-in for a considerable time period due to depressed oil prices, 2 wells workover will be completed in Q4 2022
Steelman
Vital acquired a quarter section of crown land in Saskatchewan in April 2022 and drilled 3 Frobisher Hz wells from the same surface location in Q3 2022. The facility equipment has been installed and the tie-in to the pipeline completed. The average initial production from the three (3) wells is 80 bbl/d which is meeting the Company’s economic expectation and production targets.
Ante Creek
The Company purchased 2.5 sections of crown land in Alberta in Q1 2021. As part of the Company’s 2023 strategic plan, the Montney play in Ante Creek will be the Company’s main focus. Currently, the Company has been working on a detailed geological study and finalizing development plan. The preliminary development plan indicates there are up to 25 development wells.
Evaluation Properties
Hume
The property comprises 6 LSDs of crown land in Saskatchewan with a potential for three (3) Frobisher Hz development wells. In Q3 2022, one Frobisher Hz wells was drilled and was considered uneconomic. The drilling result showed the Frobisher limestone target zone changes in both lateral and vertical directions that indicated that the risks of both geology and drilling engineering would be higher than expected. There were indications that main geological fractures might be encountered which could result in a much higher water cut and be uneconomic to produce. As a result, the well was abandoned after swab test.
The Company will continue to review the results of the first drilled well with the plan of drilling future wells.
Gainsborough
The company acquired 3 LSDs of crown land in Saskatchewan in April 2022 and had planned to drill 2 Hz wells in Q3 2022. The Gainsborough 2022 drilling project was postponed due to the risks and uncertainties related to the geology and projected higher costs than initially planned for drilling operation, surface pipeline and infrastructure.
The Company will continue work on the reservoirs and the geology and will re-evaluate the feasibility of the project at a later date. The drilling program will be resumed if risks and uncertainties are mitigated to an acceptable level.
Non-core Properties
Baxter Lake
The Company performed remedial work in 2021 to reactivate certain wells in the Baxter Lake area as oil prices have improved. In 2022, this area produced 25 boe/d.
Pembina
The Company acquired a quarter section of crown land in Alberta in Q3 2021 and another adjoining quarter section of crown land in June 2022. The Company is currently working on a detailed geology study and development plan. This may allow the drilling of up to 4 Hz Cardium development wells.
Just a little refresher for current shareholders and new investors regarding Romania:
https://www.eastwestpetroleum.ca/projects/romania/
The original deal struck between East West Petroleum and NIS in 2011 was that NIS would earn 85% interest in this 1,007,500-acre project by completing the first phase of work, having an estimated budget of $62,335,000 USD and proving production capabilities on the first part of the package.
This has been achieved and facilities + test production is going on as we speak at the moment, as per the most recent NIS financial report:
https://ir.nis.rs/fileadmin/template/nis/pdf/Reporting/BusinessReports/English/QR_Q3_2022_eng.pdf
(see pages 5, 6, 24, 34) – All dialogue regarding Teremia is based on the land parcel with East West
Recently, East West made a deal with NIS to sell it’s remaining 15% stake in exchange for $500,000 USD and a 2.1% Royalty on production from anywhere on the 1,007,500-acre project, without any time or value cap. This makes sense because NIS is a multi billion-dollar company from Serbia and East West cannot keep up investing in such a large project. However, NIS can easily pay EW several million dollars a year from a royalty standpoint, in order to fully control and produce from this lease. Keeping in mind this is just the first phase of the project and there are many other drill targets to search for Oil/Gas.
What stops this deal from completing at the moment are sanctions from the Russia/Ukraine war. Gazprom owns a 56% stake in NIS, which doesn’t allow for the deal to be completed. In the meantime, Serbia has looked at either selling Gazproms stake in the company, or nationalizing NIS. This is because sanctions will begin for Serbia soon, based on association with Gazprom, and NIS is the largest company in country. Either solution would allow for the deal to be completed.
In the end, this royalty has tremendous value because it allows East West to generate cash flow from the lease, without any production cost risk. Payments will vary somewhat from quarter to quarter, but it would continue for quite some time.
East West Petroleum Corp Q2 2022. All information is available on Sedar.
Symbols: EW (Canada) – EWPMF (USA) – 37A (Frankfurt)
Prices (November 24, 2022): $0.075CAD - $0.055USD - €0.039EUR
Shares Outstanding: 89,585,665
Options: 400,000 @ $0.10 | 1,890,000 @ $0.06
Warrants: Nil
Allowable Capital Losses: $8,440,000
Non-Capital Losses Available For Future Periods: $28,550,000
Canada: $17,329,000 from 2026-2042 & New Zealand: $11,221,000 (No Expiry Date)
**See Audited Results For More Details**
Financials
ASSETS
Cash: $5,116,085
GST Receivable: $6,602
Amounts Receivable: $294,319
Oil Inventory: $110,014
Prepaid Expenses: $36,082
Property, Plant & Equipment: $230,009
Total Assets: $5,793,111
LIABILITIES
Accounts Payable: $289,284
Decommissioning Liabilities: $997,138
Total Liabilities: $1,286,422
Six Month Performance
Revenue: $1,670,890
Comprehensive Income: $317,820
(Only recent updates. Prior quarterly information is available on Sedar)
Romania
Without a joint declaration of a commercial discovery it is the Company’s position that commercial development of the field cannot proceed, NIS did not share this opinion. Rather than litigating this issue the discussions continued with NIS in an attempt to find a way forward. Given the consequences of a commercial discovery decision and significant funding obligations the Company and NIS continued negotiations on all available options including a monetization event. Negotiations were progressing well and a non-binding letter of intent was finalized. The parties were moving towards final documentation with essential terms of a monetization event agreed, being a cash payment of US $500,000 and a royalty interest of 2.1%, as defined. The outbreak of war between Ukraine and Russia brought all attempts to implement the agreed terms to a halt, with the issue being that NIS is owned, in part, by a Russian entity which is subject to Canadian government sanctions. The Company and NIS are working on the final documentation to implement the agreed terms once closing is possible.
MLK Gold Ltd. October 2022 Monthly Progress Report - https://webfiles.thecse.com/2022_10_31_CNSX_Form_7_MLK_October_2022.pdf?40AKqCSow8.g.00x5bk5jAk9RQtHKoDQ
MLK Gold Ltd. (“MLK” or the “Company”) carried out field exploration on the southwestern part of its Caledonia Brook project in southern Newfoundland. At this location the property is underlain by a large area of intense alteration with variable sulphide mineralization and low levels of gold and copper mineralization.
The Company is also in discussion with several 3rd party corporations interested in lithium mineralization. The Company’s lithium property in southern Newfoundland has numerous pegmatites up to 1.5 metres wide and containing coarse grained quartz and feldspar crystals up to 30 cm in length and 10 cm in cross section. Continuing field exploration on this, and other properties will continue as long as weather conditions permit. There is still over 80% of the property left to explore.
The Company is still waiting on a favourable decision from the Town of Conception Bay South regarding its application for an exploration permit on its Manuels low sulphidation, epithermal Gold Project on the Avalon Peninsula of Newfoundland. Management finalized and filed its Q3 filing documents. An assessment report on the Caledonia Brook property is nearing completion and will be submitted to the Newfoundland government in November.
News Article - Serbia Won't Rule Out Nationalizing Its Oil Industry - Good For East West
This is good news for East West as it would allow the company to complete the cash & royalty deal mentioned in their management discussion information:
On page 4 of MD&A - Negotiations were progressing well and the parties were moving towards final documentation with essential terms of a monetization event agreed, being some limited cash and a royalty interest. The outbreak of war between Ukraine and Russian brought all attempts to implement the agreed terms to a halt, with the issue being that NIS is owned, in part, by a Russian entity which is subject to sanctions. The Company is considering what steps could be implemented to allow the transaction to proceed.
recent article - https://oilprice.com/Latest-Energy-News/World-News/Serbia-Wont-Rule-Out-Nationalizing-Its-Oil-Industry.html
TSXV:ELM - Element Lifestyle Retirement Inc.
Price: $0.025 CAD
Common Shares: 70,478,299
Warrants/Options: Nil (Expired September 2022)
Insider Holdings: 10,090,000 or 14.3% - From last information circular on Sedar
Institutional Holdings: 25,200,000 or 35.7% - From last information circular on Sedar
Market Cap: $1.76M CAD – As of November 3, 2022
Company Description
Element is a retirement living specialist that exists to improve quality of life for seniors and their families. Collectively, Element’s leadership team has well over 100 years' experience in real estate and master-planned community development, with specialization in hospitality management, and retirement community development and operations.
Element’s key objective is providing two primary types of services to its client companies: (a) development services and (b) management services. Element is providing services to retirement communities owned by third parties. Element’s strategy is to grow with fiscal prudence but seeks to minimize risk and investment in capital expenditures. To achieve this, Element’s primary focus in the short term will be to offer its development and management expertise to third party owners and independent operators and to place asset ownership as a secondary priority. Element does not have an ownership interest in the three projects, OPAL by element, OASIS by element and Aquara by Element.
*Note* - New deal announced October 3, 2022 to work with Cedar Living. More Information below.
Most Recent Financial Results (Ending August 31, 2022)
ASSETS
Cash: $814,910
Accounts Receivable: $83,318
Prepaid Expenses: $9,250
Due From Related Parties: $19,413
Long Term Investment: $355,283
Long Term Note Receivable: $565,233
Property & Equipment: $25,037
Trademarks: $27,147
Total Assets: $1,899,659
LIABILITIES
Accounts Payable: $74,207
Convertible Debenture: $2,510,000 – Extended to August 29, 2025. More Info Below.
Total Liabilities: $2,584,207
Quarterly Results – Q3 2021, Q4 2021, Q1 2022
Q3 2021
Revenue: $746,667
Expenses: $500,830
Net Income: $245,837
Q4 2021
Revenue: $1,099,487
Expenses: $695,123
Net Income: $404,364
Q1 2022
Revenue: $263,846
Expenses: $492,708
Net Loss: -$214,223
Management Discussion Highlights
(a) Development Services The Company’s development consulting services include property selection, assembly and acquisition; building and community design; municipal approval and land entitlement processes; financing; marketing, sales and leasing, and construction project management. The development stage of a seniors’ residence project is critical to the success, reputation and long-term sustainability of the business. When a residence has an optimal blend of suite mixture, layout and design, the business operates more effectively and efficiently. Purpose-built design can contribute greatly to overall resident and family satisfaction which in turn may contribute to reduced vacancy and increased profitability.
(b) Management Services The Company can also provide expertise in day-to-day operations that ensure growth, profitability and retention. With its extensive expertise, Element is skilled in addressing every aspect of the daily operations of a seniors’ living community, with services tailored to meet a resident’s needs. Once the development stage is completed, Element will be providing long-term management of the facilities. The Company manages the administration, operation and financing of retirement communities and physical facilities. Under its model, Element will provide care and supportive services, activities programming and extensive amenities for various lifestyles, from Independent Living, Assisted Living, Complex Care to End-of-Life Care. The model aims to enable holistic wellness (mind, body and spiritual) and quality of life for seniors.
In summary, the Company oversees the entire development process and commits for the long term to manage ongoing operations and administration once development is completed. This vertically integrated concept is unique and sets the Company apart from other retirement operators in the industry.
Business Highlights
The Company is currently engaged in the development of three seniors’ retirement communities, Opal Vancouver (“Opal”) (formerly Opal by Element), Opal Victoria (“Aquara”) (formerly Aquara by Element),.and Opal Langley (“Oasis”) (formerly Oasis by Element). Opal, Oasis and Aquara are owned by related parties (see “Related Party Transactions”).
Opal Project
Element is the development and operations consultant to Opal Vancouver (Opal Development Limited Partnership). The approximate 142,000 square feet community is comprised of 44 seniors’ residential condominium units, 56 seniors’ rental units and 30 seniors’ Licensed Care units. As at October 26, 2022, Opal Vancouver is currently engaged in leasing up the rental units. Licensed Care units are fully occupied.
Oasis Project
The project is a master-planned community on 17 acres of land in the Township of Langley, conveniently located across from the Langley Events Centre. The development is expected to be completed in phases and to consist of approximately 721,000 square feet of gross floor area for residential use with 835 residential units and 26,000 square feet of gross floor area for commercial use. The rezoning application for the 17 acres of land and the development permit application for the first 20-storey lifestyle retirement community with 70 seniors' residential condominium units, 84 seniors' rental units and 42 seniors' licenced care units were submitted to the Township of Langley and third reading was given by council on February 5, 2018, currently working towards achieving the final reading.
Aquara Project
The Aquara Project is located 2 minutes' walk from Victoria Harbour's waterfront boardwalk and new Victoria International Marina, and 5 minutes' drive to Downtown Victoria. It is part of a master planned community, which includes several existing highrise residential towers. Over the next few years, this vibrant, progressive neighbourhood will see the development of a cultural hub, a hotel, retail stores, trails and parks. Aquara is a fivestorey concrete development consisting of approximately 153,000 square feet of gross floor area with 155 units with a mixture of condo, rental and licenced care units. Excavation has been completed. The project engaged in some value engineering to reduce the construction cost. A Delegated Development Permit application to reflect the value- engineered items has been approved by the City of Victoria. Updates on building plans are in progress to reflect changes resulting from the value engineering exercise. Foundation Permit application was submitted to the City of Victoria was submitted on September 16, pending approval, with target to commence work before end of 2022.
Subsequent Events
On September 27, the Company signed a consulting agreement with 530 Real Estate Investment Inc. for the proposed Cedar Living Project in West Vancouver, B.C. The services will include advise on numerous facets of the project which will include (but not limited to) design, development, and suite mix of the approximately 300 rental independent supportive private retirement units. This project is at arms length to Element and is consistent with the Company’s plan to provide its management expertise to projects in Western Canada.
On September 28, 2022, 400,000 stock options expired.
Future Business Opportunities
The management team continues to explore numerous business opportunities. The Company has made a significant investment in its people and strongly believes that this key asset is very important when building its corporate brand and engaging with prospective future business partners. The Company believes that it is critically important to have a strong operational team to not only properly investigate future business opportunities but also to ensure that development designs meet operational needs when projects are transitioned to long-term management contracts.
Outlook and Strategy
The Company’s key strategic priorities are:
• continuing managing the operation of OPAL Project in the core of Vancouver’s vibrant Cambie Village;
• taking the Company’s award-winning 17-acre master-planned project, OASIS in Langley, through to fourth reading in calendar year 2022; and
• commencing development activities on the proposed $88 million AQUARA project located on 1.96 acres along the harbourside of Victoria at Bayview Place that will comprise approximately 155 elegantly accommodated units.
The Company’s directors and management believe that these priorities are formulating a solid foundation for Element Lifestyle Retirement Inc., and its shareholders, as it continues working towards building a prosperous, well respected and long-term seniors’ retirement development and management services organization.
The Company continues to be focused on taking significant measures to reduce its monthly cash burn by eliminating non-essential expenditures and preserving its cash position.
The Company will continue to evaluate potential acquisitions to create a strong portfolio of projects, either owned or managed.
Management believes that the Company is well-positioned for both organic and external growth, supported by favourable demographics of a growing seniors’ population, the strong demand for seniors’ services and keeping in mind the operational and regulatory challenges to the seniors’ living sector.
Debenture Information
Element Lifestyle to extend debenture maturity
2022-08-19 14:47 MT - News Release
Mr. Michael Diao reports
ELEMENT EXTENDS CONVERTIBLE DEBENTURE
Element Lifestyle Retirement Inc. has reached an agreement in principle with the holders of its debentures issued in 2017 to extend their maturity from Aug. 29, 2022, to Aug. 29, 2025. The extension of the maturity date of the 2017 debentures remains subject to finalizing and executing definitive documentation between the Company and the holders of the 2017 debentures. The terms of debenture remain the same at 7% per annum on the principal amount, payable semi-annually with a conversion price of $0.30 per common share. As consideration for the extension, the Company has agreed to prepay the debenture holders 10% of the value of the debenture in cash thereby reducing the total amount of the debenture from $2,510,000 to $2,259,000. The extension is also subject to the Company's filing requirements with the TSX Venture Exchange because of the convertibility feature of the debenture.
New update on the CSE for MLK that came out yesterday:
https://webfiles.thecse.com/2022_09_30_CNSX_Form_7_MLK_September_2022.pdf?Sd8Xk4Daf7oHic6nYKvDub3ZB.cmTXLw
MLK Gold Ltd. (“MLK” of the “Company”) carried out field exploration at itsHighway 360 Lithium project in southern Newfoundland. Numerous pegmatite dikes were observed on the east end of the property with some pegmatites being up to 1.5 metres wide and containing coarse grained quartz and feldspar crystals up to 30 cm in length. There is still over 90% of the property left to explore.
The Company also carried out field exploration on its Manuels epithermal Gold Project in the Avalon Peninsula of Newfoundland. Executives from MLK Gold met with the planning committee from the Town of Conception Bay South to discuss upcoming plans for the project. The meeting was also attended by three representatives from the Newfoundland Department of Industry, Energy, and Technology who discussed general aspects of exploration and mining as applied under the Mineral Act and the Mining Act. Executives also researched drone geophysics and satellite seismic technology to assist on all its properties.
Management started work on preparation of the Q3 filing documents. The Company issued a news release that it was extending the last round of its warrants due to the delayed listing on the CSE.
Two assessment reports were finalized and submitted to the Newfoundland government.
Management pursued several avenues for financing its projects including JV and option arrangements.
Cobra Venture Corporation Q3 2022 Financial Results (Ending August 31, 2022)
All information can be found on www.sedar.com
TSXV:CBV | OTCQB:CBVTF
Price: $0.17CAD - $0.126USD
Common Shares: 16,053,748
Options: 1,240,000 @ $0.135 CAD
Insider Holdings: 3,899,954 – 24.5%
Market Cap: $2.73M CAD | $2.02M USD
Website: http://www.cobraventure.com/
Q2 2022 Balance Sheet (Expressed In Canadian Dollars)
ASSETS
Cash: $2,273,478
Receivables: $174,870
Marketable Securities: $21,378
Prepaid Expenses: $30,613
Investment: $350,000
Property & Equipment: $521,731
Total Assets: $3,372,070
LIABILITIES
Accounts Payable: $35,715
Current Decommissioning: $10,125
Non-Current Decommissioning: $82,141
Total Liabilities: $127,981
2022 Performance Over 9 Months
Production Revenue: $1,428,917
Gross Profit: $760,583
Net Earnings: $372,687
Earnings Per Share: $0.023
Subject to certain restrictions, the Company has resource expenditures of approximately $2,317,000 available to reduce taxable income in future years available to apply against future taxable income. Future tax benefits which may arise as a result of the net capital losses and resource deductions have not been recognized in these financial statements.
Management Discussion Highlights (MD&A)
Net earnings for the nine-month period ended August 31, 2022, was $372,687 compared to a loss of $74,670. The net earnings for the nine-month period ended August 31, 2022, increased by 447,357 as noted below.
Oil and gas revenue for the nine-month period ended August 31, 2022 was $1,428,917 compared to $908,208 in the comparative nine-month period ended August 31, 2021. The $520,709 increase in production revenue was primarily due to the return of production revenue from pre-pandemic Covid-19 levels where certain of the Company’s operators elected to shut-in certain of their operating batteries due to the Covid-19 outbreak in the November 2020 comparative period and increasing oil and gas prices.
Gull Lake, Saskatchewan
During the year ended November 30, 2013, the Company entered into a Participation Agreement whereby the Company (and two other arm’s length companies) was granted the right to equally participate to drill and complete up to 4 initial test wells (each “Test Well”) located in Gull Lake, Saskatchewan. Under the agreement, the Company had to pay 29.33% of the drilling costs of each Test Well to earn a net working interest of 14.665% in each well. The Company currently maintains a 14.665% interest in the Gull Lake project area.
During the year ended November 30, 2015, the Company recorded an impairment charge of $664,978 on the property due to a sustained decline in forecasted crude oil prices. The impairment was determined using a value in use approach using estimated expected cash flow based on proved plus probable reserves using a pre-tax discount rate of 10%.
During the year ended November 30, 2016, the Company recorded an impairment charge on the property of $98,917 due to a sustained decline in forecasted crude oil and natural gas prices.
The Company currently participates in 12 wells, 7 wells of which are operated by Taku Gas Ltd. ("Taku"), and 5 wells operated by Vital Energy Ltd. ("Vital"). As well, the Company has also elected to participate in the drilling of two development well locations. The additional wells will target the primary producing reservoir in the wells operated by Vital. Following the drilling of these two wells, and evaluation of the well results, Cobra has the option to elect to further participate in the drilling of a horizontal well.
During the year ended November 30, 2021, the Company recorded $1,589,972 (2020 - $976,326) in production revenue.
During the period ended August 31, 2022, the Company recorded $1,428,917 (2021- $908,208) in production revenue.
San Joaquin Basin Project, California
As initially discussed in August 2019, Cobra entered into a participation agreement (the “Agreement”) with Makk Energy Ltd., a private oil and gas company controlled by Murray Rodgers, a Director of Cobra and QC Energy LLC, a private oil and gas company based in Denver, Colorado. Pursuant to the Agreement, Cobra has a nonoperating 25% working interest in the subject project. In early 2020, the joint venture group undertook an initiative to attract a strategic partner to fund leasing and drilling activity in the project area. While these initiatives were initially promising (with technical due diligence being concluded with favourable outcomes), the recent outbreak of Covid-19 pandemic, combined with the significant declines in the oil equity markets, has resulted in a pullback of interest in the project. The joint venture partners will continue to pursue new sources of capital for this project while working within the current global and local uncertainties surrounding oil and gas investments.
MARKETABLE SECURITIES
Investments are marketable securities comprised of 475,076 (November 30, 2021 – 475,076) common shares in Magnum Goldcorp Inc., a publicly traded company. The Company and Magnum Goldcorp Inc. have certain directors in common.
INVESTMENT
At August 31, 2022, the Company had 350,000 shares (November 30, 2021 - 350,000) of Star Valley Drilling Ltd, a privatelyowned company, valued at $350,000 (November 30, 2021 - $350,000) classified as FVTPL. As there is no quoted market price in an active market for the investment, the investment was initially measured at fair value which was the price paid by the company. There are no indicators during the current and prior year that cost might not be representative of fair value.
3:31:26 Vital Energy (VUX.V) -
East West Petroleum: Stocks trading at Less Than Cash Value on TSX-V (EW)
The Globe and Mail - Sun Sep 25, 7:02AM CDT
https://www.theglobeandmail.com/investing/markets/stocks/EW-X/pressreleases/10380730/east-west-petroleum-stocks-trading-at-less-than-cash-value-on-tsx-v-ew/?ocid=edgsp
East West Petroleum is among the group of TSX Venture Exchange companies currently trading at less than cash value. This means companies whose current share price is less than the cash per share on their balance sheet or stocks with more cash than market cap. (Chart shows P/E of 4.009)
This report is generated monthly. It also shows the value of cash net debt per share to show how much cash per share would be left if the debt was paid off. Stocks in this category are held primarily for speculation. Companies can have more cash per share than the actual share price for a number of reasons including that they just raised capital, are in industries that experience high burn rates and will eat through the cash quickly or there is a lot of uncertainty about the future of the company. Companies earning a positive net income will have a price-to-earnings, or P/E, ratio greater than zero and are worth exploring in more detail.
More about East West Petroleum
East West Petroleum Corp is an oil and gas exploration and production company. It is engaged in exploring, developing and producing from its oil and gas properties. Its current portfolio is made up of exploration concessions in New Zealand and Romania.
MLK Gold Ltd. Arranges $1,000,000 Non-Brokered Financing
2022-10-07 05:15 ET - News Release
Windsor, Nova Scotia, CANADA, Oct. 07, 2022 (GLOBE NEWSWIRE) -- MLK Gold Ltd. (CSE:MLK) ("MLK Gold" or the "Company") announces that it has arranged for a non-brokered private placement to raise up to $1,000,000 (the "Offering").
The non-brokered private placement involves the sale of up to 10,000,000 units (each a "Unit") at a price of $0.05 per unit for each non-flow-through unit, and up to 7,142,857 flow through units (each a "FT Unit") and critical metals flow through units (each a "CFT Unit") at a price of $0.07 per FT Unit or CFT Unit, as the case may be, for aggregate gross proceeds of $1,000,000. Each Unit will comprise one common share and one share purchase warrant (each a "Warrant"). Each Warrant will entitle the holder to purchase a further non-flow-through common share at a price of $0.10 per share for a period of 12 months. Each FT Unit will consist of one flow-through share and one Warrant. Each CFT Unit will consist of one critical metals flow through share and one Warrant.
The Company may pay finder's fees at 6% on all or a portion of the Offering subject to the policies of the CSE.
Proceeds of the placement will be directed toward exploration on the Company's mineral properties in Atlantic Canada with emphasis on the Lithium 360 Property in Newfoundland, and on which proceeds generated from the CFT Units will be expended. A portion of the cash proceeds raised from the sale of non-flow-through Units will be directed at general working capital. The Offering is subject to regulatory approval and all securities issued in connection with the Offering will be subject to applicable resale restrictions.
About MLK Gold Ltd.
Founded in 2018, MLK Gold Ltd. is quickly emerging as one of Atlantic Canada's exciting resource exploration companies offering exposure to gold and the strategic metal representing a unique mix of discovery and resource development potential. Invested in a portfolio of gold and lithium projects in mining and mineral-rich Newfoundland, MLK's plan is to capitalize on the province's ranking as one of the world's top 10 mining jurisdictions and expand into a long-life, financially sound mineral resources company.
Additional information about the Company and its activities may be found on the Company's website at www.mlkgold.com and under the Company's profile at www.sedar.com.
For additional information or to arrange an interview, please contact:
William (Bill) Fleming
Executive Chairman, MLK Gold Ltd.
59 Payzant Drive
P.O. Box 657, Windsor
Nova Scotia, Canada, B0N 2T0
Phone: 902.448.0716
Email: Bill.Fleming@manewagi.com
Cobra Ventures will be announcing their third quarter results in October and at the same time White Tundra investments will also be putting out a webinar in regards to the company tomorrow. See the Twitter link below for more information:
https://twitter.com/i/spaces/1mrxmkVzLPWGy?s=20
Manning Ventures to Acquire Dipole Lithium Project, Newfoundland
Vancouver, British Columbia - TheNewswire - September 27, 2022 - Manning Ventures Inc. (the " Company " or " Manning ") (CSE:MANN ) ; (OTC:MANVF); ( FRA:1H5) is pleased to announce that it has entered into a Property Acquisition Agreement (the " Acquisition Agreement ") with independent prospectors (the "Vendors") dated September 12, 2022, pursuant to which the Company has agreed to acquire a 100% interest in the Dipole Lithium Project (the " Property ").
During the first half of 2022, Dahrouge Geological Consulting ("DGC") completed a regional metallogenic study of southern Newfoundland and recommended the acquisition of The Property due to its prospective nature for hosting Lithium-Cesium-Tantalum type pegmatite- and/or tungsten mineralization.
The starting point for the study was the recent discovery of Kraken Lithium zone of Sokoman Minerals Corp (TSXV: SIC) and Benton Resources (TSXV: BEX), where the companies have uncovered a large area of lithium mineralization across an apparent strike length of over two kilometers with surface sampling up to 1.93% Li2O and reconnaissance drilling of up to 8.4 meters over 0.95% Li20. The Property is located approximately 50 kilometers along strike of the Kraken discovery and within the Hermitage Flexure. The Hermitage Flexure is a regional-scale structural corridor containing volcano-sedimentary rock units, which are a favorable host-rocks for spodumene-bearing LCT pegmatites. The Property is host to several positive indicators for lithium mineralization.
Historical work report from 1979 by Falconbridge Mines, while searching for base and precious metals, described the following:
Aplite dikes containing tourmaline and yellow mica,
"Spod boulders" which may have been descriptions of spodumene,
Tungsten, molybdenum, and tin mineralization in boulders that returned up to 1.5% WO3 (with visible scheelite), 100 ppm Mo and 238 ppm Sn. These elements are commonly associated on a regional-scale with LCT-style pegmatites in other areas, and
Descriptions of "coarse grained megacrystic" granite which intrude the volcano-sedimentary belt, which may reflect LCT-style pegmatites.
In addition, a historical mapping campaign of O'Brien and Tomlin (1984), also describe lepidolite, a lithium-bearing mica, associated with the tourmaline-garnet bearing aplite dikes. Lepidolite is a commonly associated mineral at or near spodumene-bearing LCT-style pegmatite(s).
The Property has not yet seen any lithium-specific exploration. The Company plans to aggressively follow up on this opportunity in order to assess the lithium and / or tungsten potential.
"We're pleased to add Dipole to our portfolio of prospective lithium projects," said CEO, Alex Klenman. "Much like out Bounty project, this is an underexplored project that suggests upside potential for lithium. We're eager to get on the ground and are currently formulating an exploration plan for the near term. We'll announce plans shortly," continued Mr. Klenman.
Terms
Pursuant to the terms and conditions of the Option Agreement and in order to acquire a 100% interest in and to the Property, the Company will:
(I) pay the Vendors a total of $120,000 in cash, and issue the Vendors an aggregate of 950,000 common shares in the capital of the Company (the " Shares "), as follows:
a. within 15 days of executing the Option Agreement, pay $15,000 and issue 100,000 Shares;
b. on the first anniversary of the execution of the Option Agreement, pay $20,000 and issue 150,000 Shares;
c. on the second anniversary of the execution of the Option Agreement, pay $35,000 and issue 200,000 Shares;
d. on the third anniversary of the execution of the Option Agreement, pay $50,000 and issue 500,000 Shares; and
(ii) upon the commencement of commercial production, pay the Vendors a royalty equal to 2% of net smelter returns from the Property (the " NSR Royalty "), which may be reduced at any time from 2% to 1% by the Company paying the Vendors an aggregate of $1,000,000. Following the Company's exercise of the Option and prior to the commencement of commercial production, the Company will pay the Vendors advance NSR Royalty payments equal to an aggregate of $5,000 per annum up to a maximum of $100,000.
All securities issued in connection with the Option Agreement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities laws.
None of the securities issued in connection with the Option Agreement will be registered under the United States Securities Act of 1933, as amended (the " 1933 Act "), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
QP Disclosure
Neil McCallum, B.Sc., P.Geo., of Dahrouge Geological Consulting Ltd., supervised the preparation of the technical information in this news release.
About Manning Ventures
Manning is a broad-based mineral exploration and development company with a focus in Canada. Manning holds a 100% interest in six mineral properties located in the Province of Quebec, namely the Lac Simone Project and the Hope Lake Iron Ore Projects, a portfolio of projects in Newfoundland, and the Bounty Lithium Project, located in Quebec.
For further information contact:
Manning Ventures Inc.
Alex Klenman - CEO
Email: info@manning-ventures.com
Telephone: (604) 681-0084
www.manning-ventures.com
MANNING VENTURES Plans Follow Up Exploration Program at the Bounty Lithium Project
https://www.stockwatch.com/News/Item/Z-C!MANN-3307483/C/MANN
Vancouver, British Columbia - TheNewswire - September 21, 2022 - Manning Ventures Inc. (the " Company " or " Manning ") (CSE:MANN ) ; ( FRA:1H5) is pleased to announce that it is set to commence a follow up exploration program at the Company's 100%-owned Bounty Lithium Property (the "Property"), located in the James Bay Lithium District of northern Quebec. The program is set to commence in early October.
The 7,544 hectare property was staked due to its prospective nature for hosting hard-rock, pegmatite-hosted lithium mineralization. It was selected as a result of a regional targeting method which included the review of pegmatite occurrences across Quebec with the appropriate indicator-mineralogy and indicator-chemistry for hosting Lithium-Cesium-Tantalum (LCT) style, spodumene-bearing pegmatites, within favourable host-rocks. The Property is host to several known pegmatite outcrops, but the project remains underexplored as little to no lithium-focused work has ever been conducted on the Property.
The Company executed a first pass sampling recon program at Bounty in May of this year, with data compilation focused within multiple target areas. Results of this initial program included confirmation of very anomalous lithium (201 ppm to 425 ppm lithium) present within several pegmatites. Those samples in the "very anomalous" category appear combined with elevated levels of tantalum, cesium, and rubidium, which confirms the Lithium-Cesium-Tantalum (LCT) style pegmatite affinity for the Property. Additionally, the abundance of tourmaline amongst the common pegmatite mineralogy of feldspar, quartz and mica adds to the LCT affinity.
There is an abundance of pegmatite outcrops on the project that have yet to be sampled, with many located along trend from those samples with highly anomalous LCT type pegmatite chemistries. These areas will be targeted in this follow up exploration program.
The spatial distribution of the very anomalous pegmatites, clustering in the center of the property, within the volcano-sedimentary country rock is thought to be a positive exploration attribute, given the deposit model within the James Bay Lithium District.
"We're excited to get back and continue the early exploration strategy at Bounty," said CEO, Alex Klenman. "The first pass gave us a taste, and we are eager to see what the next block of pegmatites yield. The project is highly prospective and vastly underexplored for lithium. Given what we know about the area geology, Bounty demands more detailed exploration," continued Mr. Klenman.
The James Bay Pegmatite District of Quebec is known to host several large lithium pegmatite deposits including:
James Bay Project of Allkem.
Rose Lithium-Tantalum Deposit of Critical Elements Lithium Corp; and
Whabouchi Lithium Deposit of Nemaska Lithium
Spodumene bearing pegmatites are important sources of hard rock lithium. With rising EV demand lithium hydroxide and lithium carbonatite prices have risen by over 200% during 2021. Despite the price rises the forecast lithium market imbalance will continue to increase dramatically in coming years (Allkem, CEO Presentation, 2021).
QP Disclosure
Neil McCallum, B.Sc., P.Geo., of Dahrouge Geological Consulting Ltd., a registered permit holder with the Ordre des Geologues du Quebec and Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects , supervised the preparation of the technical information in this news release.
About Manning Ventures
Manning is a broad-based mineral exploration and development company with a focus in Canada. Manning holds a 100% interest in six mineral properties (iron ore, lithium) located in the province of Quebec, and four projects (polymetallic, rare earths, uranium) in Newfoundland.
For further information contact:
Manning Ventures Inc.
Alex Klenman - CEO
Email: info@manning-ventures.com
Telephone: (604) 681-0084
www.manning-ventures.com
Here's a snippet of another article that came out today and it mentions how the Serbian government could take NIS private this fall. This would make the sanction issue go away as well.
https://carnegieendowment.org/politika/87959
EU sanctions on Russian energy exports are likely to shrink Russia’s economic presence in the Balkans significantly, disrupting some of the flows of Russian oil and gas that have long been a mainstay of trade relations with the region. Serbia has ostentatiously resisted EU pressure to join the sanctions regime, which has had a negative impact on NIS, the country’s major oil company. Gazprom Neft until recently held the majority stake, which served as a key symbol of Russian political and economic influence in Serbia. However, Croatia plans to implement EU sanctions that will cut off NIS’s ability to import Russian oil starting in December. Due to fears of other secondary sanctions, Vucic has indicated that he may need to nationalize NIS this fall and sell Gazprom Neft’s remaining stake in the company to another buyer to keep it operational.
Today the European Union approved an acquisition by NIS, which is a positive sign for East West. Reason being that sanctions have held back NIS/EW from closing a royalty deal on a million acres of heavily developed Oil/Gas leases in Romania. This Royalty will be worth serious money once the deal is completed as it's going to generate revenue immediately. Gazprom still owns a majority stake in NIS and if the European Union allowed them to acquire HIPP, then acquiring EW's 15% in Romania shouldn't be an issue.
https://ec.europa.eu/commission/presscorner/detail/en/mex_22_5672
Mergers: Commission clears acquisition of HIPP by NIS
The European Commission has approved, under the EU Merger Regulation, the acquisition of HIP-Petrohemija LLC Pancevo (‘HIPP') by Naftna Industrija Srbije a.d. Novi Sad (‘NIS'), both of Serbia. HIPP is a petrochemical company active in the production and distribution of products such as ethylene, polyethylene and synthetic rubber. NIS is a vertically integrated energy company. The Commission concluded that the proposed acquisition would raise no competition concerns given the companies' moderate combined market positions resulting from the proposed transaction. The operation was examined under the simplified merger review procedure. More information will be available on the Commission's competition website, in the public case register under the case number M.10612. (For more information: Arianna Podesta – Tel.: +32 229 87024; Maria Tsoni – Tel.: +32 229 90526)
Manning Ventures Due Diligence Report. All Information Available On Sedar.
Tickers: CSE:MANN | OTCQB:MANVF | FRA:1H5
Prices: $0.055 CAD | $0.04765 USD | €0.027
Market Cap: $3.51M CAD
Common Shares: 63,798,967
Company Website: https://manning-ventures.com
2022 Company Presentation: https://manning-ventures.com/wp-content/uploads/2022/01/Manning-Ventures-CorpPres-Jan-2022.pdf
Most Recent Financials (May 31, 2022)
ASSETS
Cash: $1,593,268
Accounts Receivable: $176,172
Prepaid Expenses: $7,955
Exploration & Evaluation Assets: $7,196,332
Total Assets: $8,973,727
LIABILITIES
Accounts Payable: $260,605
Flow Through Share Liability: $219,783
Total Liabilities: $480,388
Average quarterly G&A cash burn per quarter: $267,000
Due to the MD&A being quite extensive from the amount of properties that the company holds, the best way to learn more about the company is through their presentation posted above, company website, or seeing the MD&A on Sedar.
*Note* Recent Nickel discovery by Murchinson Minerals (MUR.V) is in the same area as Manning Ventures five Iron Ore properties.
2022-09-14 15:01 ET - News Release
Mr. William Fleming reports
MLK GOLD LTD. (CSE: MLK) EXTENDS AND RE-PRICES WARRANTS AND PROVIDES UPDATE ON ITS FLAGSHIP CALEDONIA BROOK GOLD PROJECT IN CENTRAL NEWFOUNDLAND
Following its last board of directors meeting, MLK Gold Ltd. agreed to extend 23,724,285 warrants, that were due to expire on Sept. 30, 2022, for a period of two years. In addition to setting a new expiry date to September 30, 2024, the Directors also elected to reset the price of each warrant from its original $0.10 each to $0.07 each. Insiders of the Issuer hold less than 10% of the warrants being amended.
The Board of Directors expects to undertake a new round of financing in late September. Use of proceeds will be used for general operations and to follow up on several additional areas with anomalous geochemical data in rocks, tills, and soils at the Caledonia Brook property. MLK Gold's immediate exploration focus is on the Viper Zone where the Company is close to drill-ready on its Newfoundland and Labrador permit-approved targets.
The helicopter airborne Versatile Time-Domain Electromagnetic ("VTEM(TM) Plus, or "VTEM") geophysical survey over MLK Gold's flagship, Caledonia Brook gold property was flown by Geotech Ltd. of Aura, Ontario between February 27, and March 17, 2022. The program was designed to acquire important depth profile information that could be used to augment a 2004 Fugro Dighem( v ) airborne geophysical survey carried out for Rubicon Minerals Corp. MLK's 2022 airborne VTEM survey, which overlaps part of this earlier survey, was cut short after flying 621 kilometres of the planned 944 kilometres because of windy weather conditions and consequential budget constraints. The survey data is being further interrogated by a third-party geophysical expert. Results of this work is expected in October.
A glacial till sampling program to identify gold grains across a portion of the property corresponding to the VTEMtm survey was completed by Overburden Drilling Management Limited ("ODM") from Ottawa, ON, and MLK Gold, with subsequent geochemical analyses carried out on heavy mineral concentrates ("HMC") from each till sample. The concentrates were provided by ODM to Activation Laboratories Ltd. ("ActLabs") from Ancaster, ON where the analyses were completed. The maximum number of gold grains separated from the till survey was 17, with all being reshaped, however the next largest count was 14 grains of gold and 11 of these grains were pristine, suggesting a minimal displacement distance. The highest gold assay reported in parts per billion ("ppb") by ActLabs on the till HMC samples were, 3160, 2550, 2470, 2100, 1380, 1010, and 1000 ppb Au from samples CBT-21-017, 063, 058, 038, 072, 074, and 048, respectively. In terms of corresponding gold grain counts reported by ODM, these equate to the following, 9, 1, 2, 1, 4, 17, and 4 grains, respectively. ActLabs reported 708 ppb for sample CBT-21-004 that recovered 14 gold grains. The data confirm that four of the ten named zones (from north to south: Viper, Goose, Iceman, and Maverick Zones) have anomalous concentrations of gold. These zones also show anomalous rock geochemistry (2388 ppb Au) and soil geochemistry (192 ppb Au).
Till sampling has not yet been completed on the southwesterly part of the property where anomalous soil samples are present on the Slider Zone (132 ppb Au), Charlie Zone (115 ppb Au), and Cougar Zone (55 ppb Au). The Slider Zone is the western extension of the Maverick Zone, and the Cougar Zone is the western extension of the Charlie Zone.
Qualified Persons and 43-101 Disclosure
Paul Smith, P. Geo., President & CEO for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.
About MLK Gold Ltd.
Founded in 2018, MLK Gold Ltd. is quickly emerging as one of Atlantic Canada's exciting resource exploration companies offering exposure to gold and the strategic metal representing a unique mix of discovery and resource development potential. Invested in a portfolio of gold projects in mining and mineral-rich Newfoundland, MLK's plan is to capitalize on the province's ranking as one of the world's top 10 mining jurisdictions and expand into a long-life, financially sound gold-mining company.
MLK Gold Ltd. Due Diligence Report
*NOTE* This is a highly speculative microcap stock and requires either a capital injection or joint venture partnership to move forward. Based on the company monthly filing via the CSE(Canadian Stock Exchange) website, there could be a deal in the works, more information is posted below. Please do your own due diligence before buying any equities.
Price: $0.035
Common Shares: 40.1 Million
Management Holdings: 8%
June 2022 Company Presentation: https://www.mlkgold.com/wp-content/uploads/2022/06/2022-05-23-MLK-CalBk-Slide-Deck_BOD_v5MK.pdf
*Note* As per the company presentation, MLK is on the same gold trend as Sokomon and Newfound Gold. They are also in the same district as Sokomon’s lithium deposit.
CSE Septemeber 5th 2022 Update:
https://webfiles.thecse.com/2022_08_31_CNSX_Form_7_MLK_August_2022.pdf?MCo9OoiwNI.m7xI4cCtnq.qQyj5HM9ag
*Note* Small insider buying was done in August 2022.
MLK Gold Ltd. had several discussions with companies either wanting to assist with our promotional efforts or to enter into one or more agreements on several of the Company’s assets. An onsite visit/tour took place with one property and confidential data sharing occurred with two other properties. An external company hired to find partner companies to move MLK assets forward more quickly is ongoing. Finalization of several reports consumed much of the activities for the month. Further expertise is being sought to examine the recent VTEM geophysical survey report at the company’s Caledonia Brook gold project. The Company is also in discussions with a contractor to carry out airborne geophysics over the 360 Lithium project. During the month of August 2022, management was focused on site visits, report preparations, and promotional communications. The Company still has one exploration permit to acquire and is working with regulators and a special interest group to obtain the necessary approvals. Discussions are ongoing with third parties pertaining to increasing the level of exploration on all its assets in Newfoundland and Nova Scotia.
Company Description - MLK is a Canadian based exploration company offering exposure to gold and the strategic metal representing a unique mix of discovery and resource development potential. The Company is geographically focused on the island of Newfoundland, a mining-friendly jurisdiction on the east coast of Canada and the province of Nova Scotia.
Financials
Total Assets: $1,324,847
Total Liabilities: $308,398
Property Information
Subsequent Events
On June 9, 2022, the Company reported that after an initial data mining compilation of public government databases, the Company has added 104 lithium claims covering 2,600 hectares on its 360 Lithium Property located on the south coast of Newfoundland.
Newfoundland and Labrador
Caledonia 2 Brook property
On April 6, 2020, the Company entered into an agreement with a company controlled by a director of the Company, whereby the Company would acquire (the “Acquisition”) a 50% interest in certain mineral exploration licenses (the “Caledonia 2 Property”) in exchange for, among other things, a 50% interest in the Manuels property (the “Caledonia 2 Agreement”). The Acquisition was subject to the Company acquiring 100% of the Manuels Property. In addition, the Company has also committed to issuing 200,000 share purchase warrants, making a cash payment of $30,000, providing a 2% NSR in the Manuels property and incurring $1,000,000 in exploration expenses before December 31, 2022. Furthermore, the Company also committed to issuing certain number of performance warrants dependent on results of geological surveys which have not yet been conducted. On February 28, 2022, the Company issued 15,000 common shares at $0.15 per share for $2,250 pursuant to a purchase agreement for two adjacent licences (10 claims) at Caledonia Brook. The Vendors also receive a 1% NSR which the Purchaser has the right to purchase 50% of (0.5%) for at any time for an aggregate of $250,000.
On September 20, 2021, the Company and the vendor amended the Caledonia 2 Agreement, and the Company acquired a 100% interest in the Caledonia 2 Property by making a cash payment of $75,000 (paid) and issuing 1,490,000 common shares of the Company (issued). The Company has granted to the vendor a 0.5% NSR royalty on the Caledonia 2 Property and a 0.5% NSR on the
Manuels Property.
The titles to the mineral licenses comprising the Caledonia 2 Property were held by the vendor as at November 30, 2021, and are in the process of being transferred to the Company
Manuels Property
On April 6, 2020, the Company entered into a purchase agreement with New Dawn Resources Inc. and the sole director of New Dawn Resources Inc. (the “Optionors”), whereby the Company acquired a 100% interest in 21 mineral claims under three mineral licenses known (“Manuels Property”). As consideration, the Company issued 83,333 common shares and agreed to pay an aggregate of $72,000 in ten equal annual installments of $7,200 to the Optionors. During the year ended November 30, 2020, $7,200 was paid to the Optionors. During the year ended November 30, 2020, $7,200 was paid to the Optionors. The Manuels Property is subject to an NSR of ranging from 0.5% to 1% of commercial production. The Company can purchase 0.5% of the NSR for $500,000 at any time.
Little River Property
The Company holds an undivided 100% interest in 20 mineral claims in the Little River area of southern Newfoundland known as the Golden Eye Project. There is a 2.0% NSR on the property of which 1% can be purchased for $1,500,000.
Nova Scotia
Highfield Property
During the year ended November 30, 2020, the Company entered into agreements with two parties (the “Optionors”) to acquire a 100% interest in six mineral claims under one mineral exploration license in Nova Scotia (the “NS Agreements” and the “Highfield Property”). Pursuant to the terms of the NS Agreements, the Company has issued 583,333 common shares. The title of the mineral exploration license was held under the name of the Optionor. In addition, the Company also issued 35,000 common shares as finders’ fee to a third party. The Highfield Property is subject to two NSRs of 0.75% and 2.0%, of which the Company can purchase up to 0.5% of the first, and 0.5% of the second for $250,000 and $50,000, respectively. Furthermore, the Company will also be required to make a royalty payment of $25,000 within one year of a feasibility report which identifies commercial viability of the property
The title to the exploration license comprising the Highfield Property was held by an officer of the Company as at May 31, 2022, and are in the process of being transferred to the Company.
Insider/Institutional Holdings Breakdown From Information Circular:
Institutions
GreenCentre Canada -14,668,560
Sustainable Chemistry Alliance - 26,644,295
FirstLine Venture Partners Corp 26,644,295
Management
Howie Honeyman - 2,596,820
Wayne Maddever - 242, 000
Lea Ray - 110,000
Total Shares Held - 70,905,970 out of 106,103,098 or 67% of the float.
To the best of the knowledge of the directors and senior officers of the Company, no person holds, directly or indirectly, or exercises control or direction, over more than 10% of the issued and outstanding Common Shares of the Company other than: (i) GreenCentre Canada which has ownership and control of 14,668,560 Common Shares that represent approximately 13.8% of the issued and outstanding Common Shares (calculated on a non-diluted basis), (ii) Sustainable Chemistry Alliance which has ownership and control of 26,644,295 Common Shares that represent approximately 25.1% of the issued and outstanding Common Shares (calculated on a non-diluted basis) and (iii) FirstLine Venture Partners Corporation which has ownership and control of 26,644,295 Common Shares that represent approximately 25.1% of the issued and outstanding Common Shares (calculated on a non-diluted basis)
The Company's authorized capital consists of an unlimited number of common shares ("Common Shares") without par value, each share carrying the right to one vote, of which 106,103,098 Common Shares are issued and outstanding as at August 23, 2022 (the "Record Date"). The Company has no other classes of shares.
Forward Water Technologies Corp. Due Diligence Report
Price: $0.06
Market Cap: $6.4 million
Common Shares: 106,103,098
Insider/Institutional Holdings: 70,905,970 or 67% (See recent information circular for more details)
Website: https://www.forwardwater.com/
July 2022 Company Presentation: https://www.forwardwater.com/_files/ugd/d7589c_16c5aa7dcefd4afe8a02a28ebb1cf982.pdf
As of June 30, 2022
Cash: $2.4 million
Total Assets: $3.9 million
Total Liabilities: $853K
Numerous Partnerships - See Sedar news releases for more information
About Forward Water Technologies Corp - Forward Water is a publicly-traded Canadian company dedicated to saving the earth's water supply using its patented Forward Water Osmosis technology. The Company was founded by Green Centre Canada a leading technology innovation centre, supported by the government of Canada. The Company's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release. The Company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, mining, agriculture and ultimately municipal water supply and re-use market sectors.
August 29th video:
Evergreen to be acquired by Maverick for $68M (U.S.)
2022-09-08 15:18 ET - News Release
Mr. Steve Michels reports
EVERGREEN GAMING CORPORATION ENTERS INTO DEFINITIVE ARRANGEMENT AGREEMENT TO BE ACQUIRED BY MAVERICK GAMING LLC
Evergreen Gaming Corp. has entered into an arrangement agreement with Maverick Gaming LLC and its subsidiary Maverick Acquisition Canada ULC, which contemplates a plan of arrangement under the Business Corporations Act (British Columbia). Pursuant to the arrangement agreement and the accompanying initial purchase agreement, defined hereafter, Maverick will acquire all of the outstanding common shares of Evergreen.
Under the transactions contemplated in the arrangement agreement and the initial purchase agreement, Maverick would acquire 100 per cent of the outstanding common shares of Evergreen for cash consideration of 55 U.S. cents per Evergreen share, subject to adjustment as referred to hereafter. The transaction was unanimously approved at a meeting of the Evergreen board of directors, and the Evergreen board of directors unanimously recommends that Evergreen shareholders vote in avour of the transaction. The transaction provides total consideration, subject to potential adjustment, of approximately $68-million (U.S.).
Transaction highlights:
The transaction is the culmination of negotiations with a number of third parties expressing an interest in acquiring the company, beginning in late 2018, with the offer price per share represented by the transaction being the highest price offered for 100 per cent of the outstanding shares of Evergreen. The 55-U.S.-cent cash consideration offered for each Evergreen share equates to approximately 72 Canadian cents per share at the current exchange rate, representing an 18-per-cent premium to Evergreen's 30-day volume-weighted average share price and a 28-per-cent premium to Evergreen's 60-day volume-weighted average price on the TSX Venture Exchange for the period ended Sept. 7, 2022.
The consideration is all cash and is not subject to a financing condition.
The consideration secures immediate value for Evergreen shareholders.
Shareholders who collectively hold or control approximately 78 per cent of Evergreen's outstanding shares have entered into support agreements pursuant to which they have agreed to vote their shares in favour of the transaction.
Evergreen is entitled to terminate the arrangement agreement to enter into a definitive agreement with respect to a superior proposal, in which case Maverick is entitled to a termination fee of $2.5-million (U.S.).
Evergreen is entitled to a reverse break fee of $2.5-million (U.S.) in certain circumstances upon the termination of the arrangement agreement.
The arrangement agreement contains customary deal protection provisions, including that Evergreen is not entitled to solicit third parties or engage in negotiations or discussions with third parties regarding a potential acquisition of the company, except as expressly provided in the arrangement agreement, and that Maverick has a right to match any superior proposal received by Evergreen.
Evans & Evans of Vancouver, B.C., is acting as financial adviser to Evergreen. Evans & Evans has provided an opinion to Evergreen's board of directors that, as of the date of the opinion, and subject to the assumptions, limitations and qualifications on which such opinion is based, the consideration to be received by Evergreen shareholders is fair, from a financial point of view, to the Evergreen shareholders.
Transaction details
The transaction will be completed in a two-step process, anticipated to occur on the same day. To comply with certain Washington State gaming regulations, Maverick will first acquire seven million common shares of Evergreen from Michels Development LLC (MDL), a private company wholly owned by Steve Michels, the chairman, chief executive officer and a director of Evergreen, under a share purchase agreement between MDL and Maverick. Under the initial purchase agreement, MDL will receive consideration per share for the seven million shares subject to the agreement that is identical to the consideration received by all other shareholders of Evergreen under the arrangement. If the sale contemplated by the initial purchase agreement is completed and the arrangement should subsequently fail to close for any reason, the sale under the initial purchase agreement will be rescinded.
Subject to satisfaction of all conditions for closing provided for in the arrangement agreement, the arrangement is intended to close immediately following the closing of the sale under the initial purchase agreement. Under both the initial purchase agreement and the arrangement, the Evergreen shareholders will receive 55 U.S. cents for each Evergreen share held, subject to adjustment as follows. The arrangement agreement provides that if the company's closing cash, as defined in the arrangement agreement, is less than $26-million (U.S.), then the total consideration payable to the Evergreen shareholders under the transaction will be reduced proportionately, provided, however, that, if closing cash is less than $20.6-million (U.S.), there is no further reduction in the total purchase price beyond $5.4-million (U.S.). If the total purchase price is reduced pursuant to the foregoing (the amount of such reduction being the shortfall), the price payable for each share is reduced from 55 U.S. cents by the amount that results when the shortfall is divided by the number of Evergreen shares outstanding.
In the event that the consideration payable per share to Evergreen shareholders is reduced in accordance with the foregoing and in the event that the company subsequently receives one or more payments of a U.S. federal tax refund as a result of employee retention credits that the company has applied for, the amount of any such refund will be paid pro rata to the Evergreen shareholders in one or more subsequent payments, provided, however, that such payment will not exceed the shortfall.
The transaction is subject to approval by the Evergreen shareholders, court approval and other closing conditions, including closing cash being not less than $28-million (U.S.), receipt of required Washington State gaming approvals and the TSX Venture Exchange accepting the arrangement agreement for filing. Full details of the transaction will be set out in Evergreen's management information circular that Evergreen will prepare in respect of the meeting of shareholders to approve the transaction, which is expected to occur in the fourth quarter of 2022. The transaction is expected to close by the end of 2022.
The arrangement agreement includes customary provisions, including non-solicitation of alternative transactions, a right to match superior proposals in favour of Maverick and fiduciary-out provisions. Evergreen has agreed to pay a termination fee of $2.5-million (U.S.) to Maverick upon the occurrence of certain termination events. Maverick has agreed to pay a termination fee of $2.5-million (U.S.) to Evergreen upon the occurrence of certain termination events.
Certain directors and officers of Evergreen that are shareholders of Evergreen have entered into support agreements with Maverick pursuant to which they have agreed, among other things, to support the transaction and vote their Evergreen shares in favour of the arrangement. In total, shareholders holding approximately 78 per cent of the outstanding shares of Evergreen have entered into such support agreements.
About Evergreen Gaming Corp.
Evergreen is in the business of overseeing the gaming operations of its principal U.S. subsidiary, Washington Gaming Inc. (WGI). WGI, through its subsidiary corporations, operates four casinos in Washington State: the Riverside Casino in Tukwila, Goldies Casino in Shoreline, and the Chips and Palace Casinos in Lakewood. The casinos are mini-casinos (or house-banked card rooms), which offer to persons of legal age a variety of card games of chance at which the player may win or lose money, a business commonly referred to as gaming. WGI also operates bars and restaurants in each casino.
About Maverick Gaming LLC
Maverick is a gaming company with over 3,000 dedicated team members. Maverick owns and operates a portfolio of 27 properties across Nevada, Washington and Colorado with over 1,800 slot machines, 350 table games, 1,020 hotel rooms and 30 restaurants. Maverick is a proud employer of Teamsters Local 117 workers at its Washington locations as part of its commitment to providing sustainable, family-wage jobs.
Founded in 2017 by industry veterans Eric Persson and Justin Beltram, Maverick takes a bold approach to a classic pastime. With an all-star leadership team from some of the largest gaming brands spanning markets in the world, Maverick is dedicated to delivering the best possible gaming experiences for every kind of player.
We seek Safe Harbor.
East West Petroleum Corp Q1 2022 Results. All Information Is Available On Sedar.
Symbols: EW (Canada) – EWPMF (USA) – 37A (Frankfurt)
Prices (August 29, 2022): $0.10CAD - $0.075USD - €0.06EUR
Shares Outstanding: 89,585,665
Options: 2.79 Million (Between $0.06 and $0.135)
Warrants: Nil
Allowable Capital Losses: $8,440,000
Non-Capital Losses Available For Future Periods: $28,550,000
Canada: $17,329,000 from 2026-2042 & New Zealand: $11,221,000 No Expiry Date
**See Audited Results For More Details**
Financials
ASSETS
Cash: $5,044,036
GST Receivable: $5,129
Amounts Receivable: $592,173
Oil Inventory: $145,663
Prepaid Expenses: $25,260
Property, Plant & Equipment: $269,156
Total Assets: $6,081,417
LIABILITIES
Accounts Payables: $540,255
Decommissioning Liabilities: $1,102,282
Total Liabilities: $1,642,537
Q1 2022 Performance
Revenue: $1,016,787
Net Income: $250,011
Q1 2022 MD&A Highlights
New Zealand
The Company has operations in the Taranaki Basin of New Zealand. All licenses were previously operated by the Company’s original partner, TAG Oil Ltd. (“TAG”), and all wells are targeted shallow Miocene targets in the Urenui and Mt. Messenger formations which have been shown to be productive for oil and gas throughout the Basin, including the Cheal field. The Company holds a 30% working interest in the Petroleum Exploration Permit (“PEP”) 54877 and the Petroleum Mining Permit PMP 60291 (“Cheal East”) and TAG held the remaining 70%. In September 2019 TAG completed the sale of substantially all of its Taranaki Basin assets and operations which included their interest in PEP 54877 and PMP 60291 to Tamarind Resources Pte. Ltd. (“Tamarind”). In light of TAG’s decision to sell the majority of its interest in the Taranaki Basin assets the Company assessed its options with respect to its 30% interest in Cheal East and, on June 24, 2019, the Company signed a heads of agreement pursuant to which the Company had agreed to sell its 30% interest in PEP 54877 and PMP 60291. On August 1, 2020 the Company terminated the Definitive Agreement. The Company continues to assess its go-forward plans, which includes the possible sale of its New Zealand concessions to other buyers.
During fiscal 2022 Cheal conducted a detailed prospectivity review of PEP 54877 and advised the Company that the forecasted economic prospects of PEP 54877 does not meet Cheal’s internal risk criteria. Although no final decision has been made to relinquish the permit in December 2022, the Company determined to record an impairment of $1,627,056 for costs incurred to March 31, 2022.
During Q1/2023 the Company produced 18.1 Mbbl oil and 15.7 Mmcf gas compared to 18.3 Mbbl oil and 11.6 Mmcf gas during Q4/2022. The Cheal-E5 was offline for all of Q4/2022 and Q1/2023. The Cheal-E5 went down due to a downhole related issue which appears to be parted rods. A full workover of the Cheal-E5 well was completed during Q1/2023 and the Cheal-E5 came back on line on June 30, 2022. Approximately 385 bbls of kill fluid needed to be recovered after the workover and oil production started again on July 7, 2022. The Cheal-E6 went offline during Q3/2022 due to downhole related issues which appears to be a wax plug. The operator carried out rod work and installed a new pump while the well was off line. The Cheal-E6 started back on-line near the end of Q4/2022 and was fully producing for all of Q1/2023.
Romania
During fiscal 2010 the Company was informed by the government of Romania that it had been awarded four exploration blocks located in the Pannonian Basin, in western Romania. In May 2011 the Company signed petroleum concession agreements with the National Agency for Minerals and Hydrocarbons (“NAMR”) the government agency in Romania which regulates the oil and gas industry. The four concessions have specific mandatory work programs (the “Romania Work Programs”), which were estimated at US $63,000,000 for all four programs. Production from the concessions is also subject to royalties of between 3.5% to 13.5% based on quarterly gross production payable to the government.
Without a joint declaration of a commercial discovery it is the Company’s position that commercial development of the field cannot proceed, NIS did not share this opinion. Rather than litigating this issue the discussions continued with NIS in an attempt to find a way forward. Given the consequences of a commercial discovery decision and significant funding obligations the Company and NIS continued negotiations on all available options including a monetization event. Negotiations were progressing well and the parties were moving towards final documentation with essential terms of a monetization event agreed, being some limited cash and a royalty interest. The outbreak of war between Ukraine and Russian brought all attempts to implement the agreed terms to a halt, with the issue being that NIS is owned, in part, by a Russian entity which is subject to sanctions. The Company is considering what steps could be implemented to allow the transaction to proceed.
Total sales revenues increased from $290,042 in Q1/2022 to $1,016,787 in Q1/2023. The increase is attributable to a an increase in total sales volumes due to significantly higher production during Q1/2023 compared to Q1/2022. During Q1/2022 the Cheal-E1 well, which is the Company’s biggest producing well, and the Cheal-E2 well were offline due to blockages.
Commitments
The Company’s share of expected exploration and development permit obligations and/or commitments as at June 30, 2022 are approximately $620,000 to be incurred during fiscal 2023. The Company may choose to alter the program, request extensions, reject development costs, relinquish certain permits or farm-out its interest in permits where practical.
Outstanding Share Data
The Company’s authorized share capital is unlimited common shares with no par value. As at August 29, 2022 there were 89,585,665 outstanding common shares and 2,790,000 share options outstanding with exercise prices ranging from $0.06 to $0.135 per share.
Vital Energy Q2 2022 Results. Ending June 30, 2022 (All Information Available On Sedar)
Ticker Symbol: VUX
Price: $0.375
Common Shares: 82,249,971
Warrants: Nil
Options: 1,250,000 @ $0.25
Market Cap: $31 million
Insider Holdings: 55,311,353 or 67.3% of the float
Tax Pools: $51 million (Less Q1-Q2 2022 earnings. Available in 2021 audited results)
2021 Reserves: 1,340,100 barrels (Breakdown Available On Sedar)
Financials
ASSETS
Cash: $1,512,995
Short Term Investments: $4,415,385
Receivables: $2,269,103
Prepaid Expenses: $539,581
Deposits: $566,229
Exploration & Evaluation Assets: 2,205,136
Right Of Use Assets: $164,113
Property & Equipment: $10,812,367
Total Assets: $22,484,909
LIABILITIES
Accounts Payable: $1,666,485
Contract Liabilities: $419,522
Current Lease Liability: $42,522
Current Decommissioning Liability: $268,279
Bank Loan: $60,000
Lease Liability: $125,991
Decommissioning Liabilities: $1,482,304
Total Liabilities: $4,065,103
2022 Six Month Performance
Revenue: $11,654,334
Net Income: $6,283,114
Earnings Per Share: $0.0764c
Rather than posting the usual MD&A highlights as stated on Vital Energy’s MD&A, I have put a link below to a well documented video that breaks down everything in fantastic detail:
Nothing earth shattering, but good to know there's lots of activity in the area now. Means the leases and production are more sought after:
https://pipelineonline.ca/saskatchewan-drilling-rig-report-for-aug-2/#/?playlistId=0&videoId=0
The Lampman area is the new centre of activity in recent years, with five rigs in close proximity. Stampede Drilling Rig 4 was east of Lampman, drilling for Tundra Oil & Gas. Panther Drilling Rig 4 was just south of Lampman drilling for Vital Energy Inc.
Vital Energy Q2 results will be out end of August and the company should be able to show another hefty profit, given their production cost is around $13 per barrel. At the same time, the company has just started drilling a series of wells in Saskatchewan, in the same area as the three Lampman wells that were put into production last year.
I am estimating that the company cash position + receivables will have gone up by at least $3 million and if all four wells hit, total company production should be around 1000bopd.
Image link: https://cdn-ceo-ca.s3.amazonaws.com/1hf2995-Vital%20Level%202%20more%20wells.JPG
Some very important articles have come out over the last 2-6 weeks regarding NIS/Serbia and EU sanctions, which could stifle growth in Serbia due to higher gas prices, as well as damage some of the country’s strongest businesses. Based on the articles below, it is quite likely that a deal will occur by November 2022 or sooner, which is when the sixth EU sanction package against Russia takes effect and will hurt Serbia. All that needs to occur is for Gazprom(56% shareholder of NIS) to reduce their stake to 49.9% or less(under 50%) and then all sanctions can be avoided. This will then allow NIS and East West to complete their deal, as stated in EW’s news release and MD&A.
May 2022 – Verification of EW/NIS leases and that they will be going into production
https://www.profit.ro/povesti-cu-profit/energie/vanzarile-de-produse-petroliere-ale-filialei-gazprom-in-romania-au-crescut-de-2-5-ori-in-pofida-razboiului-din-ucraina-20711577
"NIS Petrol Romania has in its portfolio six oil and gas perimeters on the territory of Romania, with operator status in all of them . Four concessions are for exploration-development and exploitation activities in partnership with the Canadian company East West Petroleum (two in Bihor county – EX-2 Tria and EX-3 Baile Felix and two in Timi? county – EX-7 Periam and EX-8 Biled ). A fifth concession is held in partnership with Zeta Petroleum and Armax Gaz, namely the oil development and exploitation concession in the perimeter of DEE V-20 Jimbolia, Timi? county. The sixth concession for exploration-development-exploitation activities is also located in Timi? County, in the EX-12 Crai Nou perimeter."
July 14 2022 – "Serbian President announces potential of Serbia taking Russian stake in NIS to avoid problems from Sanctions"
https://balkaninsight.com/2022/07/14/serbia-mulls-taking-over-mainly-russian-owned-oil-company/
July 29 2022 – NIS Financial results, showing growth of production in Romania. Some of that revenue is likely from EW’s JV lease, which means that the royalty deal pending would start to pay out right away, once completed.
https://ir.nis.rs/fileadmin/template/nis/pdf/Reporting/BusinessReports/English/QR_Q2_2022_eng.pdf
East West news release shortly after financial results came out. It's basically identical to the summary that was posted. The key now is for the company to complete that royalty deal with NIS of Serbia for the million acre lease in Romania, along with continuing to build cash from their oil production in New Zealand, which goes for Brent pricing.
https://www.stockwatch.com/News/Item/Z-C!EW-3285777/C/EW
East West Petroleum Audited Annual Results (Ending March 31, 2022)
All information is available at www.sedar.com
Symbols: EW (Canada) – EWPMF (USA) – 37A (Frankfurt)
Prices: $0.105 CAD - $0.848 USD - €0.058
Shares Outstanding: 89,585,665
Options: 2.79 Million (Between $0.06 and $0.135)
Warrants: Nil
Financials (In Canadian Dollars)
ASSETS
Cash: $5,145,788 - $0.0574c per share
GST Receivable: $3,649
Amounts Receivable: $38,870
Oil Inventory: $265,867
Prepaid Expenses: $39,292
Property, Plant & Equipment: $236,425
Total Assets: $5,729,891
LIABILITIES
Accounts Payable: $355,037
Decommissioning Liabilities: $1,185,985
Total Liabilities: $1,541,022
Allowable Capital Losses: $8,440,000
Non-Capital Losses Available For Future Periods: $28,550,000
- Canada: $17,329,000 from 2026-2042 & New Zealand: $11,221,000 No Expiry Date
Updated Information From Management Discussion
*Important Notes*
- Cash increased $269,284 between Q3 2021 and Q4 2021
- Q1 2022 financial results will be released end of August 2022
- Impairment charge of $1,627,056 in 2021 on leases that were not going to be worked on
- NIS/EW Deal in place for a cash/royalty deal on their Romania asset
New Zealand
During fiscal 2022 Cheal conducted a detailed prospectivity review of PEP 54877 and advised the Company that the forecasted economic prospects of PEP 54877 does not meet Cheal’s internal risk criteria. Although no final decision has been made to relinquish the permit in December 2022, the Company has determined to record an impairment of $1,627,056 for costs incurred to March 31, 2022.
PMP 60291 is the location of the Cheal E-Site and the Cheal E-site production facility as well as the Cheal-E wells. A waterflood program is ongoing however the efficacy of the program and its impact on production is an ongoing item of debate. The Company’s technical advisors have stated that there is no unequivocal evidence that water injection through the Cheal-E7 well has had a significant impact on production from PNP 60291 but that there is evidence to the contrary. The Company’s advisors attribute the production performance to other factors than injection through the Cheal-E7 well. The determination whether the waterflood utilizing Cheal-E7 as the injector well is creating the positive response in production impacts the Company’s obligation to fund its 30% share of the costs of acquiring the Cheal-E7 well, being 30% of NZ $3,200,000. No funding has been advanced, and no funding will be advanced until the issue is resolved.
The Company produces its oil and gas production from five wells on the Cheal-E site. On October 24, 2020 the ChealE1 pump stopped functioning due to downhole blockage and, as a result, production ceased from the Cheal-E1 well. As the major producing well, the stoppage of the Cheal-E1 well had a major impact on the Company’s share of production. In mid-January the Operator managed to pull the rods out of the Cheal-E1 well with a crane, cleaned the well and replaced the pump. However, only limited production resumed in mid-January 2021 without annular flow. In addition, in early March 2021 the Cheal-E2 well stopped working and several attempts to restart the well over the following three weeks were unsuccessful. Workovers of the Cheal-E1 well and the Cheal-E2 well were not completed until early August 2021 including the clearing of downhole wax and sand issues. The workovers were successful in re-establishing production in both wells. A trial of a two-stage downhole pump in Cheal-E1 proved to be too vulnerable to sand production issues and was replaced with a single stage downhole pump as previously employed. This is working reliably and an increase in flow was successfully implemented in Q3/2022.
As a result of the continued Cheal-E1 stoppage and the addition of the stoppage of the Cheal-E2 well, oil and gas production was significantly less from October 2020 to early August 2021. Only three wells, the Cheal-E5, E6 and E8 were fully producing for Q1/2022. During Q2/2022 all five wells the Cheal-E1, E2, E5, E6 and E8 were producing.
During Q4/2022 the Company produced 18.3 Mbbl oil and 11.6 Mmcf gas. compared to 19.5 Mbbl oil and 15.1 Mmcf gas during Q3/2022. The decreases were a result of both the Cheal E-5 and Cheal E-6 wells going offline for the last month of Q3. The Cheal E-5 went down due to a downhole related issue which appears to be parted rods. Workover planning is currently underway with a full workover being scheduled for the end of Q2/2023. The Cheal E-6 went offline due to downhole related issues which appears to be a wax plug. The operator carried out rod work and installed a new pump while the well was off line. The Cheal E-6 started back on-line near the end of March 2022.
Romania
The four concessions have specific mandatory work programs (the “Romania Work Programs”), which were estimated at US $63,000,000 for all four programs. Production from the concessions is also subject to royalties of between 3.5% to 13.5% based on quarterly gross production payable to the government
As operator, NIS has reported resumption of exploration and production activities in the EX-2, EX-3, EX-7 and EX-8 exploration blocks in Romania. EWP has a 15% carried interest during the commitment work programs in all four blocks which includes for the drilling of a total of twelve exploration wells (three per block). It should be noted that all activities are dependent on securing the necessary government and local approvals.
Blocks EX-2 and EX-3
Interpretation of seismic data has continued although no commercially viable exploration prospects have been identified to date. NIS has proposed to request an extension of the exploration periods beyond the contractual maximum of ten years while the prospectivity of the blocks is under review. No commitment wells have been drilled to date in either block.
Block EX-7
Two phases of testing have been performed on exploration well BVS-1000. Despite fracture stimulation in the second testing phase, oil production from the well has rapidly declined to currently around 30 bopd. NIS consider the well has invalidated the pre-drill subsurface geological model and re-interpretation of the prospect is underway prior to a decision to either suspend or abandon the well. Deviated appraisal well, Teremia-1001, drilled on the Teremia North Field, has been completed as a production well after a period of experimental production testing. All work program commitments in the block have been met.
Block EX-8
Testing of exploration well Pesac-1000 has been completed although with negative results. Deviated appraisal well Teremia-1002, drilled on the Teremia North Field, has been completed as a production well after a period of experimental production testing. Exploration well, Teremia-1201, was drilled to test a possible extension to the Teremia North Field but failed to encounter hydrocarbons. It was subsequently sidetracked into the Teremia North Field in 4Q/2021 and has now been completed as a production well and renamed Teremia-1004.
There have been several meetings of both the technical and operating committees to discuss work program results and determine whether the Teremia North field is a commercial discovery. At the operating committee meeting held
February 8, 2021 NIS voted that there was a commercial discovery at Teremia North whereas the Company voted that there was not a commercial discovery. The field economics were, in the Company’s assessment, marginal and did not merit the significant capital contributions required. NIS, being a vertically integrated oil and gas producer, could support the development costs given the internal economies available.
Without a joint declaration of a commercial discovery it is the Company’s position that commercial development of the field cannot proceed, NIS did not share this opinion. Rather than litigating this issue the discussions continued with NIS in an attempt to find a way forward. Given the consequences of a commercial discovery decision and significant funding obligations the Company and NIS continued negotiations on all available options including a monetization event. Negotiations were progressing well and the parties were moving towards final documentation with essential terms of a monetization event agreed, being some limited cash and a royalty interest.
The outbreak of war between Ukraine and Russian brought all attempts to implement the agreed terms to a halt, with the issue being that NIS is owned, in part, by a Russian entity which is subject to sanctions. The Company is considering what steps could be implemented to allow the transaction to proceed.
Total sales revenues decreased by 39%, from $644,832 in Q3/2022 to $396,309 in Q4/2022 primarily due to a 54% decrease in sales volume, from 6,681 BOE in Q3/2022 compared to 3,067 BOE in Q4/2022. The decrease in sales volume is primarily due to the Cheal E-5 well being shut-in for repairs during Q4/2022.
Total sales revenues increased by $37,091 from $359,218 in Q4/2021 to $396,309 in Q4/2022. The increase is primarily attributed to the increase in the average realized price per BOE from $71.96 in Q4/2021 to $129.22 in Q4/2022.
The Company’s share of expected exploration and development permit obligations and/or commitments as at March 31, 2022 are approximately $660,000 to be incurred during fiscal 2023 and $16,000 over the next five years. The Company may choose to alter the program, request extensions, reject development costs, relinquish certain permits or farm-out its interest in permits where practical.
Canada Energy sets placement unit price at five cents
2022-07-13 12:35 ET - News Release
Mr. Grant Hall reports
CANADA ENERGY PARTNERS RAISES FUNDS FOR DUE DILLEGENCE IN TEXAS
Canada Energy Partners Inc. has arranged a non-brokered private placement to raise gross proceeds of up to $400,000 through the issuance of up to eight million units at a purchase price of five cents per unit. Each unit shall consist of a common share and a nontransferable share purchase warrant entitling the holder thereof to acquire an additional common share at an exercise price of 15 cents for a period of 12 months. The company may pay a finder's fee in cash or finders' warrants to arm's-length finders in amounts to be negotiated, subject to TSX Venture Exchange acceptance and applicable securities laws. The terms of the private placement of units is subject to approval of the exchange.
The company intends to use the net proceeds of the private placement for working capital, including due diligence expenses associated with potential natural gas acquisition opportunities in south Texas.
All securities to be issued in connection with the private placement will be subject to a four-month hold period from the closing date under applicable securities laws in Canada.
Cobra Venture Corporation Q2 2022 Financial Results ( Ending February May 31, 2022 )
All information can be found on www.sedar.com
TSXV:CBV - OTCQB:CBVTF
Price: $0.20 CDN - $0.18 USD
Common Shares: 16,003,748
Options: 1,290,000 @ $0.135
Insider Holdings: 3,899,954 – 24.5%
Market Cap: $3.2M CDN | $2.9M USD
Website: http://www.cobraventure.com/
Q2 2022 Balance Sheet (In Canadian Dollars)
ASSETS
Cash & Equivalents: $1,953,180
Receivables: $140,083
Marketable Securities: $18,643
Prepaid Expenses: $32,653
Investments: $350,000
Property & Equipment: $579,700
Total Assets: $3,074,259
LIABILITIES
Accounts Payable: $22,230
Decommissioning Liabilities: $79,611
Total Liabilities: $111,966
Six Month Performance
Production Revenue: $752,082
Gross Profit: $364,045
Net Income: $97,641
The Company's board of directors has approved a special, one-time cash dividend of three cents per common share. The special dividend was paid on May 4, 2022, to shareholders of record as of the close of business on April 6, 2022. The aggregate amount of the payment to be in connection with this special dividend of $477,112.
MARKETABLE SECURITIES
Marketable securities comprise of 475,076 (November 30, 2021 – 475,076) common shares in Magnum Goldcorp Inc., a publicly traded company. The Company and Magnum Goldcorp Inc. have certain directors in common.
INVESTMENT
At May 31, 2022, the Company had 350,000 shares (November 30, 2021 - 350,000) of Star Valley Drilling Ltd, a privately-owned company, valued at $350,000 (November 30, 2021 - $350,000) classified as FVTPL. As there is no quoted market price in an active market for the investment, the investment was initially measured at fair value which was the price paid by the company. There are no indicators during the current and prior year that cost might not be representative of fair value.
*Additional Notes on Star Valley Drilling*
Star Valley Website - https://starvalleydrilling.ca/
Star Valley Underwriting - https://www.bcsc.bc.ca/documents/view/P7I4E6C6U7M7L7J9B6YDP7HEM7L3
INCOME TAXES
Subject to certain restrictions, the Company has resource expenditures of approximately $2,317,000 available to reduce taxable income in future years available to apply against future taxable income. Future tax benefits which may arise as a result of the net capital losses and resource deductions have not been recognized in these financial statements.
2022 Q2 Management Discussion Highlights
Net earnings for the six-month period ended May 31, 2022, was $97,641 compared to a loss of $111,268. The net earnings for the six-month period ended May 31, 2021, increased by $208,909
Oil and gas revenue for the six-month period ended May 31, 2022 was $752,082 compared to $563,607 in the comparative sixmonth period ended May 31, 2021. The $188,475 increase in production revenue was primarily due to the return of production revenue from pre-pandemic Covid-19 levels where certain of the Company’s operators elected to shut-in certain of their operating batteries due to the Covid-19 outbreak in the November 2020 comparative period and increasing oil and gas prices.
Gull Lake, Saskatchewan
The Company currently participates in 12 wells, 7 wells of which are operated by Taku Gas Ltd. ("Taku"), and 5 wells operated by Vital Energy Ltd. ("Vital"). As well, the Company has also elected to participate in the drilling of two development well locations. The additional wells will target the primary producing reservoir in the wells operated by Vital. Following the drilling of these two wells, and evaluation of the well results, Cobra has the option to elect to further participate in the drilling of a horizontal well.
San Joaquin Basin Project, California
As initially discussed in August 2019, Cobra entered into a participation agreement (the “Agreement”) with Makk Energy Ltd., a private oil and gas company controlled by Murray Rodgers, a Director of Cobra and QC Energy LLC, a private oil and gas company based in Denver, Colorado. Pursuant to the Agreement, Cobra has a nonoperating 25% working interest in the subject project. In early 2020, the joint venture group undertook an initiative to attract a strategic partner to fund leasing and drilling activity in the project area. While these initiatives were initially promising (with technical due diligence being concluded with favourable outcomes), the recent outbreak of Covid-19 pandemic, combined with the significant declines in the oil equity markets, has resulted in a pullback of interest in the project. The joint venture partners will continue to pursue new sources of capital for this project while working within the current global and local uncertainties surrounding oil and gas investments.
As May 31, 2022, the Company had working capital of $2,112,204 compared to $2,383,632 as at November 30, 2021. As at May 31, 2022, the Company had cash and cash equivalents of $1,953,180 compared to $2,157,331 as at November 30, 2021.
Canada Energy Partners to resume July 8
2022-07-06 14:10 MT - Resume Trading
Further to the TSX Venture Exchange bulletins dated March 21, 2022, and the news releases issued by Canada Energy Partners Inc. on June 7, 2022, and July 5, 2022, effective at the opening, Friday, July 8, 2022, the securities of the company will resume trading.
Canada Energy arranges $400,000 private placement
2022-07-05 13:02 ET - News Release
Mr. Grant Hall reports
CANADA ENERGY PARTNERS RESUMPTION TO TRADE ON JULY 8, RAISE ADDITIONAL FUNDS, ISSUES COMPENSATION WARRANTS
Canada Energy Partners Inc. has arranged a non-brokered private placement to raise gross proceeds of up to $400,000 through the issuance of units consisting of common shares and warrants. With the termination of both letters of intent in Gabon, West Africa, the company will now focus on seeking oil and gas opportunities in Texas. The company anticipates that its shares will resume trading on Friday, July 8, 2022, and the pricing of the units will be based on market pricing in accordance with the policies of the TSX Venture Exchange. A further press release will be issued in due course announcing the pricing of the units.
The company's last shareholders meeting was held on July 21, 2020. Upon closing of the proposed private placement of units, the company will commence the process to call a shareholders meeting and anticipates that the meeting will be held in approximately mid-September, 2022.
The company also announces that it today issued 300,000 compensation warrants to Emerging Equities Inc. for corporate advisory services. The compensation warrants are exercisable at 16 cents and expire on Oct. 4, 2024. Emerging will provide the corporate advisory services to the company until June 30, 2024. The company paid Emerging a one-time cash fee of $50,000 in 2021 for the corporate advisory services.
We seek Safe Harbor.
Kaymus Resources Q3 Results (Ending April 30, 2022)
Symbol: KYS.H
Price: $0.155
Common Shares: 23,153,285
Market Cap: $3.6M
Insider/Management Holdings: 10,369,595 or 44.8%
Kaymus currently does not have a website, but Gord, Jim and Trish can be reached at the following:
Gord Bowerman – gord@yangarra.ca or 403-262-9177
Jim Evaskevich – jim@yangarra.ca or 403-262-9558
Trish Olynyk – info@kaymus.ca or 403-262-9177
Financials
ASSETS
Cash: $31,966
Investments: $1,737,947
Royalty Income Receivable: $9,579
Goods & Services Tax Receivable: $8,803
Prepaid Expenses: $833
Deposit: $10,000
Property & Equipment: $71
Total Assets: $1,799,199
LIABILITIES
Payables: $8,041
Total Liabilities: $8,041
Nine Month Performance
Revenue: $31,197
Investment Gain: $950,734
G&A Expenses: $15,622
Depreciation: $45
Income & Comprehensive Income: $966,264
EPS: $966,264 / 23,153,285 = $0.042c
Oil & Gas reserves can be found on Sedar.
MD&A Highlights
Business of Kaymus
Kaymus is a publicly-traded company engaged in the exploration, acquisition, and development of petroleum and natural gas projects in the Western Canadian Sedimentary Basin (“WCSB”). The Company’s shares trade on the NEX, a separate trading board of the TSX Venture Exchange, under the symbol KYS.H. The Company holds a 100% working interest in two proposed oil locations producing out of the Cardium and Viking formations. The Sylvan Lake, Alberta property is located near the town of Sylvan Lake, Alberta in townships 36 and 39, Ranges 1 and 3 W5M. Kaymus currently has no wells drilled in the Sylvan Lake Area. The Company also holds overriding royalty interests ranging from 10% to 13% on five sections of land, on which are currently five producing wells which the Company acquired on January 15, 2019.
Outlook
The Company plans to accumulate prospective land in the WCSB and will execute a drilling program when capital markets allow for raising equity.
Royalty income represents overriding royalties earned following the acquisition of the overriding royalty interest and undeveloped land on January 15, 2019.
Liquidity and Capital Resources
As at April 30, 2022, the Company had working capital of $1,781,087 compared to working capital of $814,778 at July 31, 2021. The increase in working capital is a result of increase in the value of the investments.
The ability of the Company to carry out its business plan rests with the ability to generate cash flows from its overriding royalty interests, raise equity, obtain other forms of financing and sale or option of properties.
The Company will require financing to fund new exploration and development programs, new acquisitions and ongoing costs on its current properties. Future funds for exploration and development will be by financing, sale of equity capital or the offering of an interest in its properties to be earned by another party carrying out further exploration or development. The Company proposes to meet financing requirements through equity financing.
While we wait for financial results at the end of the month, let us once again revisit what the company has in terms of assets.
From their last MD&A:
1) Oil Leases: The Company holds a 100% working interest in two proposed oil locations producing out of the Cardium and Viking formations. The Sylvan Lake, Alberta property is located near the town of Sylvan Lake, Alberta in townships 36 and 39, Ranges 1 and 3 W5M. Kaymus currently has no wells drilled in the Sylvan Lake Area
- Not sure if anyone is good with maps, but I would be curious to know what wells are currently producing from those formations around our lease. Cardium and Viking formations are well known for good production. The company could easily sell off its investments and drill a well today, or even raise some funds to drill both.
2) GORR's (Royalty Holdings): The Company also holds overriding royalty interests ranging from 10% to 13% on five sections of land, on which are currently five producing wells which the Company acquired on January 15, 2019.
- This is 3,200 acres of land. Given that only five wells are producing, odds are there are likely many more locations to drill on this property. Having 10-13% GORR's is huge when you consider that the industry average rates are usually between 2-3% when you look at junior public companies.
3) Investments: As at January 31, 2022, the Company had working capital of $1,439,257 compared to working capital of $814,778 at July 31, 2021. The increase in working capital is a result of an increase in the value of the investments.
- Very likely that the investments held by Kaymus (unless they were sold in Q3 2022) have gone up in value. Average pricing for oil at the end of January was much lower than today. This is reflected when you look at almost any oil equities. Specifically large caps, which is probably what the board invested in.
4) Outlook: The Company plans to accumulate prospective land in the WCSB and will execute a drilling program when capital markets allow for raising equity.
- The company could be accumulating additional leases this year and plan for a raise, which can bring additional upside potential. Many other micro/small cap stocks are fine with 300-1000 barrels per day. But given the background of the board and the $300 million market cap company they already run (Yangarra Resources), there's a good chance they'll try and acquire some great leases for Kaymus. Raising funds to drill wouldn't be difficult for these directors, given their background in the petroleum industry.
Additional oil/gas reserve + drilling information is available on Sedar.