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https://afrimag.net/gabon-le-baril-dope-les-recettes-budgetaires/
Gabon: The barrel boosts budget revenue
By AJ.S February 21, 2022
Gabon's oil revenue forecasts for the year 2022 amount to 693.8 billion FCFA, indicates the document of the finance law.
This is an increase of 211.2 billion FCFA compared to the 2021 financial year, boosted by a sharp increase in production (+8%) and the runaway oil prices on the international market which are close to currently $100.
The government intends to derive 151.1 billion FCFA in tax revenue from companies in the oil sector, i.e. 89.4 billion more than in 2021.
Under various royalties, the Treasury has planned 542.7 billion FCFA in revenue, of which 63 billion in oil royalties and 56.6 billion from sharing contracts. These forecasts are up by 121.8 billion FCFA compared to the previous fiscal year.
Gabon is recording a rather abundant start to the oil year, with major projects and actions announced in recent weeks by operators such as Maurel & Prom , VAALCO Energy and Perenco. Canada's Canada Energy Partners Inc. is also in the running to operate a new offshore block.
Wescan Energy Corp (Technical Analysis) - https://www.barchart.com/stocks/quotes/WCE.VN/opinion
100% BUY
- Overall Average Signal calculated from all 13 indicators. Signal Strength is a long-term measurement of the historical strength of the Signal, while Signal Direction is a short-term (3-Day) measurement of the movement of the Signal.
Barchart Opinion
INDICATOR
Opinion Strength & Direction
Composite Indicator
TrendSpotter
BUY
Short Term Indicators
20 Day Moving Average
BUY
20 - 50 Day MACD Oscillator
BUY
20 - 100 Day MACD Oscillator
BUY
20 - 200 Day MACD Oscillator
BUY
20 - Day Average Volume: 66,154 Average: 100% BUY
Medium Term Indicators
50 Day Moving Average
BUY
50 - 100 Day MACD Oscillator
BUY
50 - 150 Day MACD Oscillator
BUY
50 - 200 Day MACD Oscillator
BUY
50 - Day Average Volume: 77,406 Average: 100% BUY
Long Term Indicators
100 Day Moving Average
BUY
150 Day Moving Average
BUY
200 Day Moving Average
BUY
100 - 200 Day MACD Oscillator
BUY
100 - Day Average Volume: 61,067 Average: 100% BUY
Wescan Energy arranges $1-million financing
2022-02-15 15:10 ET - News Release
Mr. Greg Busby reports
WESCAN ENERGY ANNOUNCES FINANCING FOR DEVELOPMENT DRILLING PROGRAM
Wescan Energy Corp. has arranged a financing of up to $1-million, consisting of a combination of common shares in the capital of the corporation at a subscription price of 10 cents per common share in conjunction with the issuance of debt, with the terms of such debt being subject to negotiation and settlement on the material commercial terms of same. The company expects to raise an equal proportion of the debt and equity (50 per cent debt and 50 per cent equity), however, the company may alter such proportion at its discretion subject to the demand of the offering and current market conditions.
The common shares issued under the offering will be subject to a four-month-plus-one-day hold period from the date of closing. Closing of the offering and the terms of the offering, including the commercial terms of any debt that is issued, are subject to the acceptance and approval of the TSX Venture Exchange. Proceeds from the offering will be used primarily for the drilling of a new development well located in the company's core area at Provost, Alta., and general working capital purposes. The company will also be reviewing production optimization schemes including pipeline enhancements and overall field operational efficiencies at the company's wholly owned facilities in anticipation of an increase in production from the results both existing well repairs and in the event of the successful drilling and completion of the new well.
We seek Safe Harbor.
CANADA ENERGY PARTNERS ANNOUNCES CEO TRANSITION
2022-02-15 09:01 ET - News Release
Mr. Grant Hall reports
Canada Energy Partners Inc.'s Duncan Nightingale has resigned as the company's chief executive officer effective Feb. 14, 2022. Grant Hall, Canada Energy's president and chairman, will again assume the duties of CEO until a suitable replacement can be identified. The company has initiated a search for a permanent leader.
"Canada Energy Partners is currently involved in late-stage, detailed negotiations with the government of Gabon and other entities regarding an oil and gas project. Negotiations and due diligence work is continuing without pause. The company's in-country technical team lead by Ricardo Chona, reservoir engineer, and Ricardo Penas, senior petroleum geologist, are well equipped to continue the project analysis," said Mr. Hall, chairman of Canada Energy Partners. "I would like to thank Duncan for his contributions during his brief time with the company and wish him success with any future endeavour."
The company is engaged in negotiations with the government of Gabon for the purpose of concluding a profit-sharing agreement related to the development of the Konzi oil project. The company has signed a letter of intent (see the company's press release of Sept. 9, 2021) with the Gabonese government. The company has submitted an economic proposal for review by the Ministry of Hydrocarbons and is awaiting their comments. Personnel from the company are in Gabon for the month of February to continue negotiations and to conduct further due diligence regarding the Konzi project.
We seek Safe Harbor.
Cub Energy Announces Closing of Sale of 35% Interest in KUBGAS
Houston, Texas, and Calgary, Alberta – February 2, 2022 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB) announces it has closed the sale of its 35% interest in KUBGAS Holdings Limited (“KUB Holdings”). The sale was for a deemed consideration of approximately US $10.9 million. The consideration was comprised of a cash payment of US $2.6 million and the settlement of US $8.3 million in debt. The US $8.3 million in debt was settled in full through the repayment of debt and the simultaneous issuance of US $7.9 million in dividends to the Company with the difference being the
applicable withholding taxes. The Company continued gas trading of its 35% interest in KUBGAS through to November 15, 2021.
Patrick McGrath, CEO of Cub said: “The sale of the Company’s eastern Ukraine asset essentially derisks the Company’s eastern Ukraine exposure and eliminates the majority of Cub’s debt. The Company is now focused on its 100% owned western Ukraine assets and will continue to review new opportunities.”
About Cub Energy Inc.
Cub Energy Inc. (TSX-V: KUB) is a power generation and upstream oil and gas company, with a proven track record of exploration and production cost efficiency in Ukraine. The Company’s strategy is to implement western technology and capital, combined with local expertise and ownership, to build a portfolio of assets within an advantaged commodity price environment. For further information please contact us or visit our website: www.cubenergyinc.com
Patrick McGrath
Chief Executive Officer
(832) 499-6009
patrick.mcgrath@cubenergyinc.com
You're welcome, I've also been averaging down. Crazy when our market cap is barely above our cash + asset position, not taking into consideration the future value of Bruner or Moss. But lots of royalty plays have been chopped in half at the very least. This will bounce back in the late spring when we get year end results and the first quarter, which both I think should be profitable.
Canada Energy Partners private placement
2022-02-02 14:12 MT - Private Placement
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Jan. 6, 2022.
Number of shares: 5,052,500 shares
Purchase price: eight cents per share
Warrants: 5,052,500 share purchase warrants to purchase 5,052,500 shares
Warrant exercise price: 12 cents for a one-year period
Number of placees: 14 placees
Pro groups: 260,000, one placee
Finders' fees: $3,600 and 45,000 finders' warrants payable to National Bank Financial Inc. $24,736 and 309,200 finders' warrants payable to PI Financial Inc.
Each finder's warrant entitles the holder to acquire one common share at 12 cents for a one-year period.
Pursuant to corporate finance Policy 4.1, Section 1.9(e), the company has issued a news release announcing the closing of the private placement on Jan. 31, 2022, and setting out the expiry dates of the hold period(s).
Endeavours January 2022 company presentation mentioning some facts about Bruner on page 28: https://edrsilver.com/investors/presentations/
Bruner Project –An Advanced Stage Exploration Project
FAVOURABLE GEOLOGY
•Gold and silver occurring in low-sulphidationepithermal veins and in disseminations within sheeted and stockwork zonesIDEALLY LOCATED
•Situated within Nevada’s Walker Lane NW trending mineral belt, which currently hosts several producing mines and recent discoveriesEXCELLENT OPPORTUNITY & POTENTIAL
•Potential to discover additional gold and silver mineralization amenable to open-pit mining
•Opportunityfor exploration discoveries, district consolidation, near-term production and organic growth
Just a quick update on Kaymus:
1) 23.2 million shares outstanding
2) 45% insider holdings
3) $1.2 million in cash/investments with less than $20k total liabilities
4) Yangarra management team runs Kaymus
5) Own mineral leases and royalties in the same area as Yangarra
6) Have a 51-101 with over 500,000 net barrels equivalent (light oil & gas)
As per the last financial statements released at the end of December, Kaymus now has the following balance sheet and reserves:
(All information can be found at www.sedar.com)
Kaymus Balance Sheet - https://cdn-ceo-ca.s3.amazonaws.com/1gsnc3h-KYS%20YE%20Page%201.jpg
Kaymus Revenue - https://cdn-ceo-ca.s3.amazonaws.com/1gsnc3n-KYS%20YE%20Page%202.jpg
Kaymus 51-101 Oil/Gas Reserves Page 1 - https://cdn-ceo-ca.s3.amazonaws.com/1gu67vl-Kaymus%2051-101%20Page%201.jpg
Kaymus 51-101 Oil/Gas Reserves Page 2 - https://cdn-ceo-ca.s3.amazonaws.com/1gu67vs-Kaymus%2051-101%20Page%202.jpg
The most recent news releases regarding the $4.91 million placement & shares for debt:
Eastwest to settle debt with 3.09 million shares
2021-11-24 14:56 ET - News Release
Mr. Rodney Gelineau reports
EASTWEST BIOSCIENCE ANNOUNCES CLOSING OF SHARES FOR DEBT SETTLEMENTS
Eastwest Bioscience Inc. has issued 3,095,044 common shares at a price of five cents per common share to certain non-arm's length service providers for expense incurred on behalf of the company and arm's length service providers for settlement in respect of services provided to the company by consultants and for consulting services. The transactions with the consultants were in the normal course of business and the consideration provided was agreed to by the company and the consultants.
The company has received Toronto Stock Exchange (TSX) Venture Exchange approval on the said transactions and a statutory hold period of four-months and one day is in place on the issuance of these common shares in accordance with applicable securities laws.
About Eastwest Bioscience Inc.
Eastwest Bioscience is a vertically integrated wellness company with a multitude of business units and assets that allow for seed-to-sale supply chain management. The company sources its raw material, processes, manufactures, tests, brands, markets and distributes its products to its customers in Canada, the United States and beyond. The company owns and operates retail and manufacturing subsidiaries.
The company's retail subsidiary is the award winning, Canadian, natural health retail franchise -- the Sangster's Health Centres -- with over 40 years of legacy in the health and wellness industry. Sangster's goal is to provide natural choices through quality products and educated advice for a healthy lifestyle. Sangster's Health Centres occupies a unique position in the industry, the stores provide vast knowledge and safe natural remedies for the prevention and treatment of disease and ailments. Sangster's introduction and development of over 202 exclusively labeled products (vitamins, mineral, herbs, proteins, natural body care and organic foods) catapulted Sangster's name and product into a large number of Canadian households. From a solid base in Saskatchewan, Sangster's has become a national brand name with franchise stores located across Canada.
Orchard Vale Naturals is the company's manufacturing arm that is certified with a Health Canada Site licence and has GMP-certified NHP manufacturing capabilities. Orchard Vale Naturals specialize in custom blends and production runs of all sizes, small to large, for top-quality products with quick turnaround times. Orchard Vale Naturals operates out of the 34,000-square Health Canada licensed facility in Penticton, B.C., that is owned by Eastwest Bioscience and is the head office for all its Canadian operations.
Eastwest Bioscience unit closes $4.91-million financing
2021-11-17 13:22 ET - News Release
Mr. Rodney Gelineau reports
EASTWEST BIOSCIENCE ANNOUNCES CLOSING OF FINANCING FOR 1291085 BC LTD
Eastwest Bioscience Inc. has closed a non-brokered financing round through its subsidiary, 1290185 B.C. Ltd., an early-stage company focused on building high-quality and innovative self-storage facilities across Canada.
185 received aggregate proceeds of $4,915,300 from the issuance of 9,830,600 of its common shares at 50 cents per share. The subsidiary is using the proceeds from the offering for the acquisition and construction of new self-storage facilities and for general corporate purposes.
Rodney Gelineau, president and chief executive officer of Eastwest, commented: "This is a milestone moment for 185 as it transitions the company from concept and planning into operational mode. We are excited to have two sites under construction and several others in the pipeline."
About Eastwest Bioscience Inc.
Eastwest Bioscience is a vertically integrated wellness company with a multitude of business units and assets that allow for seed-to-sale supply chain management. The company sources its raw material, process, manufacture, test, brand, market and distribute the company's products to its customers in Canada, the United States and beyond. The company owns and operates retail and manufacturing subsidiaries.
The company's retail subsidiary is the award-winning Canadian natural health retail franchise -- Sangster's Health Centres -- with over 40 years of legacy in the health and wellness industry. Sangster's goal is to provide natural choices through quality products and educated advice for a healthy lifestyle. Sangster's Health Centres occupies a unique position in the industry; the stores provide vast knowledge and safe natural remedies for the prevention and treatment of disease and ailments. Sangster's introduction and development of over 202 exclusively labelled products (vitamins, minerals, herbs, proteins, natural body care and organic foods) catapulted Sangster's name and product into a large number of Canadian households. From a solid base in Saskatchewan, Sangster's has become a national brand name with franchise stores located across Canada.
Orchard Vale Naturals is the company's manufacturing arm that is certified with a Health Canada site licence and has GMP-certified (good manufacturing practice) NHP (natural health product) manufacturing capabilities. Orchard Vale Naturals specializes in custom blends and production runs of all sizes, small to large, for top-quality products with quick turnaround times. Orchard Vale Naturals operates out of a 34,000-square-foot Health Canada licensed facility in Penticton, B.C., owned by Eastwest Bioscience, which acts as the head office for all of Eastwest's Canadian operations.
The company's subsidiary, 185, is building a network of automated self-storage sites in British Columbia. The subsidiary's business model is designed to be low capex (capital expenditure) with highly scalable logistics. It is focused on secondary markets, consumer automation and innovative land partnerships, allowing it to move into new regions quickly at scale and with minimal risk. Eastwest hopes to build the forthcoming brand of 185 into a household name across Canada.
EAST recent DD report:
TSXV: EAST // OTC: HBOSF
Price: $0.025 CDN // $0.014 USD
Common Shares: 100,664,323
Options: 7,440,000
Insider Holdings: 21,441,177
Website: www.eastwestbioscience.com
Below are the recent financials, along with descriptions of several subsidiaries that East West Biosciences controls.
Financials (As of October 31, 2021) – Does not include the $4.91 million raised for their storage locker business subsidiary as this happened after the quarter ended. Same with the 3.1 million shares for debt issued at $0.05
ASSETS
Cash: $971,540
Accounts Receivable: $47,355
Inventory: $215,274
Due From Related Party: $23,794
Prepaid Expenses: $9,993
Property & Equipment: $2,175,548
Intangible Assets: $193,702
Investment In JV: $49,145
Total Assets: $3,686,351
LIABILITIES
Accounts Payable: $1,409,162
Customer Deposits: $95,586
Deferred Revenue: $3,372
Due To Related Party: $363,947
Promissary Note Payable: $237,282
Mortgage Payable: $1,795,200
Loans Payable: $379,048
Total Liabilities: $4,283,597
Discussion of operations (from MD&A):
Eastwest Business Model - Eastwest is a vertically integrated wellness company that provides value and high-quality products and services to its customers in Canada and beyond. To support this vision, Eastwest aims to fully control its supply chain, leverage its assets and currently has several wholly owned operating subsidiaries, from health supplement manufacturing operations to a retail presence across Canada.
Manufacturing – Orchard Vale Naturals Inc. (“OVN”) - OVN is a Health Canada licensed manufacturing facility with capabilities to encapsulate, package and label. OVN manufactures health supplements for its business-to-business (“B2B”) clients. OVN’s unique preposition is that it offers a turnkey solution for small brands and accommodates small quantity orders.
Retail – Sangster’s Group of Companies (“Sangster’s”) - Eastwest acquired Sangster’s on November 30, 2018. The Company established three separate companies to reflect and accommodate the different operational structures and revenue models:
1) Sangster's Health Centres Head Office – 102064495 Saskatchewan Inc. o/a Sangster’s (“495SK”) Head franchisor with 14 franchisees as of October 31, 2021. As the head franchisor, Sangster’s owns the brand rights and manages the franchisor-franchisee distribution relationships. Sangster’s sells supplements and wellness products through its franchise locations and its online eCommerce platform.
2) Sangster’s Corporate Stores – 102064509 Saskatchewan Inc. o/a Sangster’s Corporate Stores (“509SK”) Sangster’s Corporate Stores own and manage Sangster’s corporate owned stores across Canada. As of October 31, 2021, Sangster’s did not maintain any corporate locations.
3) Sangster’s Leases – 102064512 Saskatchewan Inc. o/a Sangster’s Head Office Leasing (“512SK”) 512SK holds the head lease for certain franchise locations with landlord and subleases to franchisees. This allows Sangster's to ensure a franchise is not sold to the competition and to take on corporate stores in case of franchisee retirement, exit or bankruptcy.
Intellectual Property – 1123573 B.C. Ltd. ("573BC") - This subsidiary holds the Health Canada licenses to 187 natural product numbers (“NPNs”) certified by Health Canada. These NPNs are mandatory for supplement products to be marketed in Canada and are valuable assets for any companies that are manufacturing, distributing and marketing supplements in Canada.
Real Estate – 1123568 B.C. Ltd. (“568BC”) - This subsidiary owns and manages the land and building at 260 Okanagan Avenue, Penticton, British Columbia. The facility is a 34,000 square foot facility located off the main street in Penticton. It is equipped with two loading docks, ample parking and is fully secured. Currently it is renting out space to related parties and third-party renters. Current tenants include Eastwest Science Ltd. (“EWS”), OVN and Sangster's.
Self-Storage – 1290185 B.C. Ltd. (“185BC”) - During the year ended July 31, 2021, the Company added self-storage to its already diverse revenue streams through a new subsidiary, 185BC. This subsidiary is an early-stage company intending to build high-quality self-storage facilities across western Canada. The inception of this subsidiary was initiated by the Company’s need to leverage its Penticton facility, which has been underutilized. Eastwest believes that, due to increasing demand in the British Columbia interior, self-storage will be an efficient use for the facility.
Consumer Goods – Eastwest Science Ltd - EWS distributes hemp-based consumer goods to B2B clients, wholesalers, distributors and end consumers. During the year ended July 31, 2021, there has been minimal sales volume.
US Operation – EastWest Science USA Inc. (“EWS USA”) - EWS USA is a Kentucky, USA, based company that was established to allow the Company to pursue US based opportunities, in particular for CBD infused products.
Highlights – For the three months ended October 31, 2021
Startup Phase of the Storage Division and Expenses Incurred (185BC)
Much of the expenses, in the amount of $289,512, incurred during the three months ended October 31, 2021, were due to site development costs, operational expenses and marketing costs of the Storage Division. Since its inception in the spring of 2021, 185BC has two locations under construction: Penticton, British Columbia, and Oliver, British Columbia. The goal of 185BC is to open 3 additional locations by Q1 2022. The demand for storage is expected to be strong and the Company is very confident in the future success of this division.
Restructuring of the Retail Division (Sangster’s Health Centres)
Sangster’s has been impacted by COVID-19. During the three months ended October 31, 2021, the product sales to the franchisees dropped by 30% compared to the same period in the last fiscal year. To overcome these challenges, Sangster’s is undergoing a restructuring process that focus on the following main areas:
• Franchise Stability o The Company will be opening five new locations in the next two quarters o Secure the right locations (new and existing)
• Marketing Effectiveness o Measure investment and performance to make better decisions o eCommerce investment and strategy (nationally and internationally)
• Pricing and Product Strategy o Continual innovation in new products, training and methods o Leverage suppliers and OVN for a competitive price strategy
As part of the restructuring, Sangster’s has engaged a creative marketing agency to refresh its branding and overhaul the current store design. The result is a brand that is modern, fresh, relevant and communicates the brand’s value proposition. Additionally, Sangster’s is developing a unique subscription-based customized supplement program as part of its new product offerings, online and at store level.
Canada Energy arranges $400,000 private placement
2022-01-06 16:18 ET - News Release
Mr. Grant Hall reports
CANADA ENERGY PARTNERS ARRANGES PRIVATE PLACEMENT
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 five million units at a purchase price of eight cents per unit.
Each unit shall consist of one common share and one non-transferable common share purchase warrant. Each warrant entitles the holder to acquire one share at an exercise price of 12 cents for a period of 12 months following the closing date of the private placement. Subject to TSX Venture Exchange acceptance, the company may pay finders' fees in cash or finders' warrants to arm's-length finders in amounts to be negotiated.
The company intends to use the net proceeds of the private placement means for working capital, including due diligence expenses on potential acquisition opportunities.
The company is engaged in negotiations with the government of Gabon for the purpose of concluding a profit-sharing agreement related to the development of the Konzi oil project. The company has signed a letter of intent (see the company's press release of Sept. 9, 2021), with the Gabonese government. The company has submitted an economic proposal for review by the Ministry of Hydrocarbons and is awaiting their comments. Personnel from the company are planning to be in Gabon early in February to continue negotiations and to conduct further due diligence regarding the Konzi project.
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. Closing of the private placement is subject to approval of the exchange.
At the closing of this private placement, it is anticipated that the company will have approximately 23 million shares outstanding.
The securities being offered under the private placement have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements.
We seek Safe Harbor.
As well, here's what Endeavour's CEO said once the Bruner acquisition was completed (From EDR.T Sept.1st 2021 News)
Endeavour chief executive officer Dan Dickson commented: "We are pleased to add an advanced precious metals property to our project pipeline. Bruner should be an accretive acquisition for our five-year strategic plan to become a premier senior silver producer, with potential for exploration discoveries, district acquisitions, near-term production and organic growth.
"We will provide a formal market update in our 2022 annual guidance on our exploration plans for the Bruner project. Our exploration team will focus initially on verifying the historic resources, then turn its attention to the many exploration targets on the Bruner property. We look forward to unlocking the full potential of the Bruner property with the goal of building a new mining operation in another historic mining district in Nevada.
Looks like time is running out for Endeavour Silver to buy back 1% of the NSR on Bruner. I'm quite certain the terms/conditions from the original asset sale from Patriot to Canamex still stand. By the end of April, EDR.T has to give PGOL $5 million USD for that 1%, or else it reverts back to a full 2% NSR with no limit. Short term the cash would be huge for Patriot, but I'd rather have a full 2% royalty as that extra 1% will be worth way more in a couple years from now. 342,000 ounces of gold in the historic report, with only 10% of the property explored, upside is massive. From page 13 on the last MD&A:
Pursuant to the Bruner Purchase and Sale Agreement with Canamex Resources dated April 25, 2017, the Company has a 2% net smelter return (“NSR”) royalty on the Bruner Gold/Silver mine in Nevada, including any claims acquired within a two-mile area of interest around the existing claims. Canamex has the option to buy-down half of the NSR royalty retained by Patriot for $5 million any time during a five-year period following closing of the purchase and sale agreement. As of September 30, 2021, no royalties have yet been earned.
Not sure if anyone has been paying attention to the European Natural Gas crisis, but prices have hit a level that I always thought was impossible to achieve. January pricing is at $73 an MCF, equivalent to $460 USD a barrel of oil equivalent!
https://www.ueex.com.ua/eng/exchange-quotations/natural-gas/medium-and-long-term-market/
We saw the Uzhgorod asset sale close this week, which gives me hope that the subsidiary sale should also close. Reason I believe this will occur is because Burisma is making a fortune right now with their 65% ownership and payback on the acquisition will be quick.
Cub Energy made $1.4 million USD in profit last quarter and the average pricing was $7.66 an MCF. The average from October on has been over $20+ an MCF, this can be seen on page 4 of KUB’s December 2021 Company Presentation:
http://www.cubenergyinc.com/_resources/corporate-presentation.pdf
? Q1-Q3 2021 average sales price of $7.66/Mcf and a corporate netback of $3.82/Mcfe(1)
? October/November sale price has been closer to $20.00/Mcf
As well, Cub Energy started selling Natural Gas from their RK field rather than electricity because of this. From the financial results press release:
• The power business generated 5,546 megawatts an hour from the Jenbacher power units in western Ukraine for the period of commencement in mid-May, 2021, to Sept. 18, 2021, at an average price of $71 per MWh. Due to the recent material increase in natural gas prices and no parallel increase in power prices, the company has increased its sales of natural gas at the RK field and temporarily suspended the power business as of Sept. 18, 2021, as this strategy is more profitable at present. The company will continue to monitor the prices of both commodities and utilize whichever one produces the better return for shareholders.
Cub Energy closes sale of CNG Holdings interest
2021-12-21 10:14 ET - News Release
Mr. Patrick McGrath reports
CUB ENERGY ANNOUNCES CLOSING OF SALE OF CNG INTEREST
Cub Energy Inc. has closed the sale of its 50-per-cent interest in CNG Holdings Netherlands BV, which in turn owns CNG LLC (Ukraine LLC), the 100-per-cent owner of the Uzhgorod licence in western Ukraine, as originally announced on April 30, 2021.
Cub is to receive consideration of up to 800,000 euros ($900,000 (U.S.)) for its 50-per-cent interest in CNG consisting of 600,000 euros ($675,000 (U.S.)) in cash received on closing and 200,000 euros ($225,000 (U.S.)) as a contingent payment on certain future events including a commercial discovery.
Patrick McGrath, Cub's chief executive officer, said, "Cub is pleased to have monetized this asset as part of its strategy to divest non-core assets as it pursues new opportunities."
About Cub Energy Inc.
Cub Energy is a power and upstream oil and gas company, with a proven record of exploration and production cost efficiency in Ukraine. The company's strategy is to implement western technology and capital, combined with local expertise and ownership, to build a portfolio of assets within a high-commodity-price environment.
We seek Safe Harbor.
Some additional information regarding Kaymus Resources that's pretty significant:
Not sure if many people know this, but all the directors/management on KYS-H are the same team working for YGR. Does that mean Kaymus is a side project, or acquisition, or JV partner down the road? Both companies are targeting the Cardium and Viking formations.
When you look at Kaymus, they got a fresh balance sheet and some cash, but doesn't really show off their assets. So why would the Yangarra team even bother. Well despite not mentioning anything on their balance sheet, they in fact have quite decent reserves in comparison to the market cap that they show. Mostly gas based, also some oil, over 500,000 barrels equivalent or just under $15 million USD in value.
From the 51-101 that came out last week:
The Company holds a 100 percent 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. The Company acquired interest in six sections in the Workman/Twining area, located in township 30, Ranges 26 and 27 W4M. Kaymus holds a GORR interest in six wells and a 100% working interest in one proposed horizontal gas location producing out of the Viking formation. Kaymus currently has no wells drilled in the Sylvan Lake Area.
Kaymus has two gross proposed wells for which it expects to incur abandonment and restoration costs. These costs included well abandonment and surface lease reclamation. The estimated total abandonment and reclamation costs, forecast net of estimated salvage value, under the proved reserves category is $204,900 (undiscounted). The total proved plus probable abandonment and reclamation costs are $357,600 (undiscounted). 100% of such amounts were deducted as abandonment costs in estimating future net revenue of the Company in respect of proved and proved plus probable reserves as disclosed above. Estimated abandonment costs are included in the 2020 Reserves Report as a deduction in arriving at future net revenue.
Axmin, republic agree to Jan. 29 deadline for Passendro
2021-11-29 16:01 ET - News Release
Ms. Lucy Yan reports
AXMIN INC. ANNOUNCES PROGRESS REPORT ON MEDIATION WITH THE GOVERNMENT OF THE CENTRAL AFRICAN REPUBLIC
Axmin Inc. has released a progress report on the mediation process that was initiated by the company regarding the Passendro gold project in the Central African Republic (CAR) to rectify the mining licence and two exploration permits, as previously publicly disclosed by the company including in "Operations -- Central African Republic -- Passendro Gold Project" in the company's management's discussion and analysis for the six months ended June 30, 2021, and 2020.
The President of the CAR, Mr Faustin-Archange Touadera, gave a mandate to Mr Arnaud Djoubaye-Abazene, the Minister of Justice, and to Mr Ruffin Benam-Beltoungou, the Minister of Mines and Geology, to come to an amicable settlement with the Company. Axmin is represented by Mr Boubacar Sidibe and the Company's legal counsel.
Axmin made its views clear during the mediation held in Abidjan, Ivory Coast as to various solutions regarding the appropriate rectification. The CAR delegation did not contest or dispute the propositions made by the Company but did request the opportunity to return to Bangui, the capital of the CAR, to discuss the possible solutions with the Council of Ministers. The parties to the mediation agreed to a maximum delay to January 29, 2022 to rectify this matter. If this timeline is not adhered to, Axmin has the right to pursue a binding legal process.
Axmin Chairman and CEO, Lucy Yan, said, "We are delighted to be working with the representatives of the CAR Government to rectify this matter in an amicable manner. We believe that the mutually successful rectification of this matter will benefit the CAR, all shareholders and all other stakeholders."
About Axmin Inc.
Axmin is a Canadian exploration and development company with a strong focus on central and West Africa.
We seek Safe Harbor.
Cub Energy Announces Third Quarter Results
HOUSTON, TX and CALGARY, AB / ACCESSWIRE / November 29, 2021 / Cub Energy Inc. ("Cub" or the "Company") (TSX-V:KUB), a Ukraine-focused energy company, announced today its unaudited financial and operating results for the interim nine months ended September 30, 2021. All dollar amounts are expressed in United States Dollars unless otherwise noted. This update includes results from Kub-Gas LLC ("Kub-Gas"), which Cub has a 35% equity ownership interest, Tysagaz LLC ("Tysagaz"), Cub's 100% owned subsidiary and CNG LLC ("CNG"), which Cub has a 50% equity ownership interest.
Patrick McGrath, CEO of Cub said: "We are pleased to report $2,138,000 or $0.01 per share in net income during the nine months ended September 30, 2021. The increase in the price of natural gas was the primary contributor to the 2021 financial results. Cub also signed a letter agreement for the sale of its 35% equity interest in Kub-Gas for deemed consideration of $10.6 million. The proposed sale will deleverage Cub's balance and allow Cub to focus on its 100% owned assets and new opportunities."
Operational Highlights
Achieved average natural gas price of $7.66/Mcf and condensate price of $69.16/bbl during the nine months ended September 30, 2021 as compared to $3.59/Mcf and $40.33/bbl for the comparative 2020 period.
Production averaged 513 boe/d (97% weighted to natural gas and the remaining to condensate) for the nine months ended September 30, 2021 as compared to 638 boe/d for the comparative 2020 period
The power business generated 5,546 megawatts an hour ("MWh") from the Jenbacher power units in Western Ukraine for the period of commencement in mid-May 2021 to September 18, 2021 at an average price of $71/MWh. Due to the recent material increase in natural gas prices and no parallel increase in power prices, the Company has increased its sales of natural gas at the RK field and temporarily suspended the power business as of September 18, 2021 as this strategy is more profitable at present. The Company will continue to monitor the prices of both commodities and utilize whichever one produces the better return for shareholders.
On September 7, 2021, the Company announced it had entered into a letter agreement to sell its 35% interest in KUB-Gas for a cash payment of $2,600,000 and settlement of approximately $8,000,000 in debt for total deemed consideration of approximately $10,600,000. The closing of the transaction is subject to the parties entering into a definitive agreement and regulatory approval.
The Company continues to work towards closing the sale of its 50% interest in CNG Holdings, which indirectly owns the Uzhgorod licence in western Ukraine. In consideration, the Company is to receive €800,000 for its 50% interest in CNG Holdings. The consideration consists of €600,000 in cash on closing and €200,000 is a contingent payment on certain future events including a commercial discovery. The closing is subject to certain conditions including Ukraine regulatory approval.
Financial Highlights
The gross profit on the Company's gas trading business increased to $2,311,000 during the nine months ended September 30, 2021 as compared to $899,000 in gross profit in the comparative 2020 period.
The Company reported net income of $2,138,000 or $0.01 per share during the nine months ended September 30, 2021 as compared to a net loss of $2,274,000 or $0.01 per share during the comparative 2020 period.
Netbacks of $22.90/boe or $3.82/Mcfe were achieved for the nine months ended September 30, 2021 as compared to netback of $9.13/Boe or $1.52/Mcfe for the nine month comparative period in 2020.
(in thousands of US Dollars)
Three
Months Ended
September 30, 2021
Three
Months Ended
September 30, 2020
Nine
Months Ended
September 30, 2021
Nine
Months Ended
September 30, 2020
Revenue from gas trading
2,698 1,255 6,180 4,382
Pro-rata petroleum and natural gas revenue(1)
2,089 659 4,498 2,713
Revenue from sale of electricity
281 - 459 -
Petroleum and natural gas revenue
114 37 305 146
Net income (loss)
1,392 (374 ) 2,138 (2,274 )
Income (loss) per share - basic and diluted
0.00 (0.00 ) 0.01 (0.01 )
Funds generated from (used in) operations
330 (232 ) 1,414 (325 )
Capital expenditures(2)
- - 352 -
Pro-rata capital expenditures(2)
146 - 601 869
Pro-rata netback ($/boe)
31.00 9.11 22.90 9.13
Pro-rata netback ($Mcfe)
5.17 1.52 3.82 1.52
September 30,
2021
December 31,
2020
Cash and cash equivalents
5,385 4,424
Notes:
Pro-rata petroleum and natural gas revenue is a non-IFRS measure that adds the Company's petroleum and natural gas revenue earned in the respective periods to the Company's 35% equity share of the KUB-Gas natural gas sales that the Company has an economic interest in.
Capital expenditures includes the purchase of property, plant and equipment and the purchase of exploration and evaluation assets. Pro-rata capital expenditures are a non-IFRS measure that adds the Company's capital expenditures in the respective periods to the Company's 35% equity share of the KUB-Gas and 50% equity share of CNG Holdings capital expenditures that the Company has an economic interest in.
For purposes of the pro-rata netback calculation, the Company's profit from gas trading is added to the revenue of Kub-Gas to better reflect the true natural gas price achieved and field netback.
Reader Advisory
With the current cash resources, negative working capital, fluctuating commodity prices, currency fluctuations, reliance on a limited number of customers, the Company may not have sufficient cash to continue the exploration and development activities. These matters raise significant doubt about the ability of the Company to continue as a going concern and meet its obligations as they become due.
Supporting Documents
Cub's complete interim reporting package, including the unaudited consolidated interim financial statements and associated Management's Discussion and Analysis, have been filed on SEDAR (www.sedar.com) and has been posted on the Company's website at www.cubenergyinc.com.
About Cub Energy Inc.
Cub Energy Inc. (TSX-V:KUB) is a power and upstream oil and gas company, with a proven track record of exploration and production cost efficiency in Ukraine. The Company's strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of assets within a high commodity price environment. For further information please contact us or visit our website: www.cubenergyinc.com
Patrick McGrath
Chief Executive Officer
(832) 499-6009
patrick.mcgrath@cubenergyinc.com
Kaymus Resources Inc. Audited Year End Results. All information can be found on SEDAR
Symbol: KYS.H
Price: $0.05
Common Shares: 23,153,285
Market Cap: $1.2 million
Insider/Management Holdings: 10,369,595 or 44.8%
The Kaymus website is currently down, but management can be reached at - info@kaymus.ca or by phone: 403-262-9177
Audited Financial Results (Ending April 30, 2021)
ASSETS
Cash: $38,194
Investments: $787,213
Royalty Income Receivable: $9,210
Goods & Services Tax Receivable: $3,951
Prepaid Expenses: $833
Deposit: $10,000
Property & Equipment: $116
Total Assets: $849,517
LIABILITIES
Trade & Payables: $24,623
Total Liabilities: $24,623
2021 Performance
Royalty Income: $29,480
Investment Gain: $427,097
Total Operating Expenses: $39,079
Net Income: $417,498 or $0.018c EPS
Conclusion: Not only does Kaymus Resources have a small float and spotless balance sheet, the company is growing through it’s royalties and investments, while keeping G&A expenses at a minimum. Insiders own almost half of the stock as well. This combined gives me confidence that there’s a plan for 2022.
MD&A Highlights
OUTLOOK
The Company plans to accumulate prospective land in the WCSB and will execute a drilling program when capital markets allow for raising equity.
ASSETS
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.
Another great quarter by TTZ. Profits continue to build up the cash position. Fair value based on the last several years of earnings and tight float should put the price around $0.30 or between $7-7.5 million market cap. 2X Net asset value for an EPS stock is the average for a growing micro cap, but should be higher. Screenshots below can be found on Sedar.
TTZ Balance sheet: https://cdn-ceo-ca.s3.amazonaws.com/1gq0got-TTZ%20Balance%20Sheet%20Q1%202021.jpg
TTZ Q1 Revenue: https://cdn-ceo-ca.s3.amazonaws.com/1gq0gpb-TTZ%20Q1%202021%20Revenue.jpg
Updated article regarding the situation with the Ndassima gold mine:
https://cdn-ceo-ca.s3.amazonaws.com/1gpfoal-Axmin%20Document.jpg
Canada Energy Partners appoints Nightingale CEO
2021-11-15 16:42 ET - News Release
Mr. Grant Hall reports
CANADA ENERGY PARTNERS ADDS INTERNATIONAL INDUSTRY VETERAN AS CEO TO DRIVE NEXT PHASE OF GROWTH
Canada Energy Partners Inc. today appointed Duncan Nightingale to the position of chief executive officer of Canada Energy Partners. Mr. Nightingale is a proven senior executive with extensive global exposure to all oil and gas operations. Mr. Nightingale joins the existing technical team members Ricardo Chona, VP Geology and Ricardo Peñas VP Engineering.
"The board of directors selected Duncan specifically for his ability to operate international energy assets and provide returns for shareholders," said Grant Hall, CEO of Canada Energy Partners. "Along with Ricardo Chona, our reservoir engineer and Ricardo Peñas, our geologist, we believe we have assembled a top tier international team to work with the Gabonese Government to develop their many brownfield opportunities, as well as target other opportunities in jurisdictions in Africa and Latin America."
Mr. Nightingale has implemented profitable capital programs across all areas of field development, production, and exploration in complex operating environments. Duncan has more than 35 years of corporate and resident in-country experience spanning Latin America, Africa, the Middle East, Russia, and Europe. Recently he held the position of V.P. Development, Reservoir Management, Reserves & Exploration for Frontera Energy (FEC-TSX) and previously held many other senior management positions including in-country manager and President in Colombia for Gran Tierra Energy, and as COO, and in-country manager and President in Qatar and Oman for Encana. He has a proven ability to spearhead complex development projects, increase well productivity, and drive field life extension and reserves additions.
Mr. Nightingale has run operations producing more than 70,000 boepd, consistently achieving more than 100% reserves replacement, lowering operating costs and increasing production efficiency resulting in increased value-add barrels.
Mr. Ricardo Chona brings 30 years of industry experience and an extensive track record of acquisitions and divestitures of E&P assets throughout North and South America. Ricardo is known for his ability to leverage experience and technology to create production optimization opportunities and solutions. He has a proven ability to provide strategic planning and portfolio program management for upstream, onshore, and offshore. Ricardo is an exceptional leader able to build and foster collaborative, results-driven relationships. Mr. Chona has a BS and a MS in petroleum engineering.
Ricardo Peñas has more than 30 years of geological evaluation expertise with major Oil & Gas companies in conventional/unconventional, on/offshore projects in the U.S, Latin America, Caribbean, West Africa, and the North Sea. He is a results-driven and valued contributor in determining and communicating technical project merit, business-focused geological characterization, subsurface risks, and resource volumes. He also has exploration, appraisal and development experience in operated and non-operated joint ventures. Ricardo brings technical leadership with a comprehensive understanding of operational below ground issues and related technology solutions.
Canada Energy is involved in ongoing, detailed negotiations with the Government of Gabon regarding a production sharing agreement concerning the Konzi Field oil development project, a proven, offshore oil resource located in the shallow water near Point Gentil, Gabon.
We seek Safe Harbor.
Wescan to settle $98,930 debt with 988,300 shares
2021-11-01 14:58 ET - News Release
Mr. Greg Busby reports
WESCAN ENERGY ENTERS INTO DEBT SETTLEMENT AGREEMENTS
Wescan Energy Corp. has entered into debt settlement agreements to settle payables with various trade creditors through the issuance of an aggregate of 988,300 common shares in the capital of the company at a deemed price of 10 cents per share, which will reduce the company's accounts payable and net debt by $98,830. The common shares issued under this transaction will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws. The transactions contemplated under the debt settlement agreements are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including that of the TSX Venture Exchange.
The company further advises of a correction to the amount stock options granted in a previous news release dated Sept. 29, 2021. The total amount of stock options approved for issuance should have read 2.75 million common shares as opposed to 2.8 million stock options made available to purchase.
We seek Safe Harbor.
Total Telecom Inc. DD Report
TSXV: TTZ
Price: $0.165
Common Shares: 25,315,014
Options: 1,430,000 @ $0.10 - $0.15
Insider Holdings: 7,195,836 or 28.4%
Market Cap: $4.18 million
Website: www.romcomm.com
Company Description: The Company, through its wholly owned subsidiary ROM Communications Inc. (ROM) is a leading developer and provider of remote asset monitoring and tracking products and services throughout North America. ROM specializes in the development of innovative wireless communications that provide low cost, high tech monitoring, tracking and remote control solutions for commercial, industrial and consumer applications. ROM is uniquely positioned and qualified to deliver complete web to wireless solutions that enable companies and organizations to remotely monitor, track and control their fixed and mobile assets with a web browser from any Internet enabled PC. Products and services are based on ROM’s web to wireless technology and proprietary 2nd generation hardware & software marketed as TextAnywhere, ROM Controllers, ROMTraX, MotoTraX, TraX, DataTraX, WaterTraX, SiteTraX, CamTraX and AlarmTraX. These modules are wireless modems that utilize microcomputers integrated with sensors, GPS engines and various inputs and outputs (I/Os) and interfaced by the user through the Internet. ROM is an authorized airtime reseller and hardware developer for satellite, cellular and wireless IP Networks.
Audited Results (Announced October 26th, 2021) – Available on Sedar
ASSETS
Cash & Equivalents: $1,791,631 – $0.071c per share
Trade & Other Receivables: $166,829
Inventories: $149,943
Prepaid Expenses: $6,213
Race Management Equipment: $77,833
Property & Equipment: $224,258
Product Development: $974,848
Deferred Income Tax Asset: $524,000
Total Assets: $3,915,000
LIABILITIES
Trade & Other Payables: $131,550
Deferred Revenue: $63,095
Current Portion of Lease Liability: $74,342
Remaining Lease Liability: $177,932
Long Term Debt: $40,000
Total Liabilities: $486,919
Sales Performance From 2018 to 2021: *Note* Q1 2022 Results Will Be Out In November.
Year Revenue Profit/(-Loss) Assets Liabilities EPS
2017 $1,741,556 $300,227 $1,730,249 $151,959 0.012
2018 $1,781,474 $476,028 $2,315,379 $193,561 0.019
2019 $1,438,390 $301,615 $2,622,889 $199,456 0.012
2020 $1,506,798 $321,438 $3,256,331 $511,460 0.013
2021 $1,736,500 $608,315 $3,915,555 $486,919 0.024
MD&A Highlights From 2021
Overall Performance
Revenues for the year increased by approximately $230,000 compared to 2020. This increase was a result of the Company continuing to see increasing hardware sales from new product developments that have been completed over the past couple years. In addition, there was increased race management revenue as the Company managed more races in 2021 and more racers participated in the races this year compared to the prior year.
The Company saw an increase in its net income of approximately $287,000. This increase was primarily a result of the Company recognizing a deferred income tax recovery of $524,000. This income tax recovery represents the income tax benefits that the Company expects to be able to realize on its unused income tax losses carried forward as management determined the Company operations have reached a level where the Company will probably be able to use a portion of the unused income tax losses against future taxable income.
Income from operations decreased by about $134,000. The increased sales and a resulting increase in gross profits generated of $194,000. This increase was offset by a $254,000 impairment allowance taken to write off product development costs for projects showing impairment indicators at June 30, 2021. In addition, the Company reported $40,450 of non-cash share based compensation resulting from stock options issued during the year and a $12,000 increase in amortization of product development costs as more products reached the commercialization stage during the year. The Company also saw an increase in other general and administrative costs of about $25,000.
The Company reported a $95,000 foreign exchange loss for the year compared to a $25,000 foreign exchange gain reported in 2020. The Company holds significant resources in US dollars, which weakened compared to the Canadian dollar over the past fiscal year.
The Company saw an increase in its cash of just under $357,000 in 2021 with working capital only increasing by approximately $282,000. The Company generated $644,000 in positive cash flows from operations, but reinvested $293,000 of this cash on its product development initiatives for the year. The increased working capital was primarily related to the increased cash held by the Company but was offset somewhat by lower receivable and inventory levels.
Total assets increased by approximately $659,000 in 2021 and total liabilities decreased by approximately $25,000. The increase in the assets is primarily attributed to recognition of the $524,000 deferred income tax asset. The decrease in liabilities is primarily attributed to the $30,000 decrease in the lease liability resulting from payments made during the year.
The Company’s working capital increased by approximately $282,000 from 2020. This is a result of increased cash resources that are offset somewhat by decreases in accounts receivable and inventory levels at year end. The Company generated $660,000 positive cash flow from operations. $296,000 of this cash flow was invested into new product development during the year. The Company also used $9,000 in cash resources on its financing activities as $82,000 in lease liability payments were made but offset by $18,000 in government rent subsidies received, $20,000 in government loans received and $35,000 received from the exercise of stock options during the year. The Company’s primary cash requirements are for the continued implementation of its marketing strategy to bring its new products to full commercialization. The Company will continue to invest resources in the development of new product and services for specific applications identified for potential new customers. In addition, the Company could have short term cash requirements in order to purchase inventory should larger sales opportunities be realized. The Company has sufficient cash resources to fund these initiatives and does not anticipate any immediate financing requirements.
Outlook
Over the past year, the Company saw continued growth in market acceptance of the DataTraX product with significant new sales occurring in the forestry industry. Management expects to see this growth continue as the value of the product is being proven to customers resulting in increased demand for additional DataTraX units.
The expertise developed around large data package transmission from DataTrax has allowed the Company to develop a remote satellite camera (CamTraX) application. There has been significant interest from government agencies for the use of this product in remote environmental monitoring applications. By then end of fiscal 2021 development and testing of a beta product had been substantially completed and field testing commenced. Management hopes to complete development of the commercial version of this product by the end of the second quarter to allow for commercial deployment to start in 2022.
The Company also saw increased customer interest in the Remote Motor Controller, SiteTraX and TextAnyWhere Aviation products and development of these products was completed in 2020. However, full commercial deployment of these products in 2021 was slower than hoped for, as the customer bases are primarily larger organizations that take longer to integrate new products into their sales distribution channels. In addition, the travel restrictions and work from home mandates for these customers resulting from the Covid 19 pandemic further slowed the Company’s ability to effectively market and distribute these new products. Management is still confident these products will gain market acceptance and continues to work with specific customers on the distribution of these products. However, management expects this process will likely take two to three years before the Company sees significant increases in the sales of these products.
Spectra earns $123,215 before taxes in Q3 2021
2021-10-26 10:04 ET - News Release
Mr. Andrew Malion reports
SPECTRA PRODUCTS 3RD QUARTER FINANCIALS PRESS RELEASE
Spectra Products Inc. has released its financial results for the nine months ended Sept. 30, 2021.
Revenues for the nine-month period ending Sept. 30, 2021, were $1,302,789 compared with $1,185,159 for the same period in 2020. Revenues for the third quarter ending Sept. 30, 2021, were $421,848 compared with $343,882 for the same period in 2020.
In the nine-month period ended Sept. 30, 2021, net income before taxes of $313,475 was earned compared with net income before taxes of $373,285 for the same period in 2020. In the third quarter ended Sept. 30, 2021, net income before taxes of $123,215 was earned compared with net income before taxes of $121,910 for the same period in 2020.
The main factors that contributed to the $59,810 decrease in nine-month net income was an $83,980 expense in 2021 as a result of the issuance of director and employee stock options. There was no comparable expense in 2020.
As at Sept. 30, 2021, cumulative other comprehensive income, representing the after-tax realized and unrealized gains on investments, totalled $28,901.
Spectra Products Inc. is the Toronto-based North American designer, manufacturer and distributor of wheel end safety products to the transportation industry. These products include Brake SafeO, Brake InspectorO, Zafety Lug LockO, Hub Alert and the Anti-Seize Cotter Pin as well as the Termin-8RO line of anti-corrosion and extreme pressure lubricants.
We seek Safe Harbor.
PGOL (Patriot Gold Corp) Value Review for H1 2021
Despite Patriot Gold’s market cap being chopped in half over the last several months, the company has had some positive outcomes over the year. The stock market has yet to understand and rationalize this into value. Let’s break it all down:
Royalty Income – Over the first half of 2021, PGOL has received just under $1 million in royalty income. Net earnings (before drilling Windy Peake) were around half a million dollars, after G&A expenses. But the company did some extensive drilling and around two thirds of the net income was used for that. But that still leaves an additional $150k USD in the bank after the first half. Q3 results will be out next month and it should be another profitable quarter.
Moss Mine – Patriot Gold owns a 3% NSR on this mine and it has several years of production left, which can still be increased by drilling. Last quarter Elevation Gold mined 9,000 ounces of gold, meaning they should be able to extract anywhere from 36,000 to 40,000 ounces of gold per year. A new 43-101 report for the Moss Mine was released last week by ELVT stating that the resource is now 490,000 ounces of Gold and 5.75 million ounces of silver. At $1800 gold and $24.50 silver, the resource is worth $1.022 billion. With a 3% NSR, Patriot gold would get around $31 million USD if pricing remained constant over the next several years. But many forecasts are suggesting that commodity prices will increase.
Bruner Project – This was in essence a dead asset for several years until recently. Why? Canamex Gold was unable to work on this project and generate more value for PGOL. The historic resource is under 400,000 ounces of gold, but only 10% of the property was ever explored. This year Endeavour Silver (EDR.T) purchased Burner for $10 million USD and the deal was completed during the summer. EDR has a billion-dollar market cap and is more than capable of exploring Bruner and putting it into production within the next 4-5 years. This is longer hold asset, but any positive results they release will reflect positively on Patriot Gold. There is a 2% NSR where 1% can be bought back for $5 million USD.
Windy Peak – PGOL has been working on this project for quite some time and there have been many positive assay results from it. Windy will still require more work and it’s not the highest-grade material, but it can be mined once a 43-101 indicated resource has been established.
Vernal – Although it has not been worked on yet, the Vernal property isn’t too far from Bruner. The potential of finding some economic gold here seems promising, but we won’t know until the company starts sampling, then drilling.
One last important note. Insiders/Institutions own a majority of the 74.4 million shares, with 10.4 million options exercisable at $0.10 USD (average on MD&A). That means management needs to grow this company in order to extract any value from the common shares or options. Having consistent positive cash flow and value being created over every quarter is key to increasing shareholder value.
Updated 43-101 report announced today by Elevation Gold (Previously Northern Vertex). PGOL owns a 3% royalty on this project.
Elevation Gold Announces 36% Increase to Measured and Indicated Resources at the Moss Mine, Arizona in New Technical Report
VANCOUVER, BC, Oct. 21, 2021
Current Reserve Larger than Total Gold Ounces Mined to Date
VANCOUVER, BC, Oct. 21, 2021 /PRNewswire/ - Elevation Gold Mining Corporation (TSXV: ELVT) (OTC: NHVCD) (the "Company" or "Elevation Gold") a U.S. gold and silver producer with district scale exploration projects in the Walker Lane Trend of Nevada and Arizona is pleased to report updated Mineral Reserve, Mineral Resource estimates and Technical Report for its Moss Mine, located in Mohave County Arizona. The Company also provides production results for the quarter ended September 30, 2021.
Elevation Gold's new leadership believes the Moss Mine and surrounding 168 square kilometer land package possesses unrealized gold exploration potential. Consequently, the Company began an aggressive near mine and regional exploration drilling program in March of this year to deliver new resource ounces while beginning to demonstrate the potential of the property.
The updated Mineral Reserve and Resource Estimates disclosed in this press release will be included in a technical report (the "Technical Report"), to be filed on SEDAR under the Company's profile within 45 days of this press release. The Technical Report represents an interim update, which only incorporates the results of the drilling to a May 24, 2021, cut-off.
Since this cut-off date, Elevation has completed approximately 100 drill holes and continues to encounter significant mineralization, which are not included in the Mineral Resource and Mineral Reserve estimates presented in this new Technical Report.
Dollar amounts are United States Dollars unless otherwise noted.
Technical Report Highlights:
Proven and Probable Mineral Reserves of 12,744 ktonnes with grades of 0.45 g/t gold and 5.4 g/t silver containing 184,500 ounces of gold and 2.2 million ounces of silver (Table 1)
Measured and Indicated Mineral Resources of 38,857 ktonnes with grades of 0.39 g/t gold and 4.6 g/t silver, containing 490,200 ounces of gold and 5.75 million ounces of silver with Inferred Mineral Resources of 6,562 ktonnes with grades of 0.35 g/t gold and 4.5 g/t silver, containing 73,800 oz gold and 940,000 oz silver (Table 3)
Life of Mine plan only based on the Proven and Probable Mineral Reserve estimate extends the Moss Mine Life to 2025, mining ore at 11,000 tons per day, with an average strip ratio of 0.88:1
Pre-tax NPV(5%) $50.8 million, after-tax NPV(5%) $45.3 million at $1,700/oz gold and $18.50/oz silver
Chairman, Douglas J. Hurst commented, "The Moss Mine has been historically constrained by tenure and permitting that limited the mine's footprint and production capacity. It has also hindered the Company's ability to expand the resources and reserves. These constraints have now largely been removed, and the potential of the property is just beginning to be realized."
President, Michael G. Allen commented, "The updated reserve estimate and mine plan for the Moss Mine is a foundational piece in the transformation of the Company. Approximately 100 drillholes have been completed since the data for the resource was cut off and results received to date continue to demonstrate growth potential of the resource. Additional near-mine to regional exploration opportunities on our 168 square kilometer land package are being targeted and will systematically drilled later this year and well into 2022."
Mineral Reserves and Resources
The current reserves are larger than the total ounces produced by the mine to date, demonstrating our ability to replace ounces through exploration. The Proven and Probable Reserve estimate was constrained by the existing infrastructure of the mine. In the future, infrastructure may be relocated to allow the Moss Mine to realize the full economic benefits of the additional near mine mineralization being defined by the ongoing exploration drilling program.
Lingo Media Due Diligence Report
Ticker Symbols: LM.V & LMDCF
Price: $0.075
Common Shares: 35.53 Million
Market Cap: $2.66 Million
Insider Holdings: 20.17%
Most recent company presentation: https://lingomedia.com/wp-content/uploads/2020/04/Lingo-Media-Corporate-Presentation-April-2020-Final11.pdf
Lingo Media is a global EdTech company that is ‘Building a multilingual world’, developing and marketing products for learners of new languages through various life stages, from classroom to boardroom. By integrating education and technology, the company empowers language educators to easily transition from traditional teaching methods to digital learning. The Company provides both online and print-based solutions through two distinct business units: ELL Technologies Ltd. Everybody Loves Languages and Lingo Learning. Everybody Loves Languages provides online training and assessment for language learning, while Lingo Learning is a print-based publisher of English language learning programs in China. Through its two distinct business units, Lingo Media develops, markets, and supports a suite of language learning solutions consisting of web-based software licensing subscriptions, online and professional services, audio practice tools and multi-platform applications. The Company continues to operate its textbook publishing business from which it collects recurring royalty revenues.
Most recent financial results (Ending June 30th 2021)
ASSETS
Cash: $1,292,042 - $0.037c a share in cash
Accounts & Grants Receivable: $1,188,781
Prepaid & Other Receivables: $108,184
Property & Equipment: $19,156
Total Assets: $2,607,163
LIABILITIES
Accounts Payable: $101,839
Accrued Liabilities: $111,112
Contract Liability: $262,072
Loans Payable: $80,000
Total Liabilities: $555,023
Company Performance From 2019 to 2021
Year----Revenue----Profit----Assets----Liabilities-----EPS
2019--- $1,956,222----$113,817----$1,951,990----$1,185,714-----0.003
2020--- $2,102,054----$1,077,609----$2,396,035----$529,006----0.030
2021(Q1-Q2)----$1,179,598----$183,331----$2,607,163----$555,023----0.005
Notes:
- Company market cap has stayed in the same range for the last 20 months, despite adding almost $0.04c in value
- G&A in 2019 was 11 times what it was in 2020
- Q1 is historically weak for Lingo Media. From the last MD&A: Revenue for the first quarter ended March 31, 2021, totalled $149,080 as compared with $97,013 in Q1 2020.
MD&A Highlights from Last Quarter
Q2 2021 Operational Highlights
• Online English Language Learning:
- Launched Ola App, allowing students to access hundreds of additional hours of speaking and pronunciation practice with their smartphones with Speak2Me and Studio features.
- Redesigned and refreshed product design for English, Portuguese, Spanish, French, Mandarin, and Business.
- Added Assessment Test security features including: o browser locking, full screen lock, one login per device, and student declaration and selfie picture to verify identity.
- ELL Technologies rebranded as Everybody Loves Languages, including redesign of logo, website, and platform.
- Conducted three webinars as part of ELL teacher development series
• Print-Based English Language Learning:
- expanded existing market for PEP Primary English program into one additional province in China
Summary of Q2 2021 product development achievements:
• Launched Ola App - a iOS and Android native app that provides learners with hundreds of hours of speaking and pronunciation exercises. Added Assessment Test security features including:
- browser locking full screen lock, one login per device, and student declaration and selfie picture to verify identity.
- this allows ELL Technologies to sell the Assessment Test as a stand-alone solution.
• Advanced teacher development course with expected completion in Q3.
As at June 30, 2021, Lingo Media had working capital of $2,112,984 compared to $1,779,076 as at June 30, 2020. Total comprehensive income for the three-month period ended June 30, 2021 was $451,588 compared to comprehensive income of $557,802 for the period ended June 30, 2020.
As at June 30, 2021, the Company had cash of $1,292,042 compared to $1,127,418 in 2020. Accounts and grants receivable of $1,188,781 were outstanding at the end of the period compared to $983,235 in 2020. With 98% of the receivables from PEP and the balance due from ELL Technologies customers with a 90 - 180 days collection cycle, the Company does not anticipate an effect on its liquidity. Total current assets amounted to $2,588,007 (2020 - $2,242,448) with current liabilities of $475,022 (2020 - $463,372) resulting in working capital of $2,112,984 (2020 - $1,779,076).
Lingo Learning receives government grants based on certain eligibility criteria for publishing industry development in Canada and for international marketing support. These government grants are recorded as a reduction of general and administrative expenses to offset direct expenditure funded by the grant. The Company receives these grants throughout the year. The grant is applied based on Lingo Learning meeting certain eligibility requirements. The Company has relied on obtaining these grants for its operations and has been successful at securing them in the past, but it cannot be assured of obtaining these government grants in the future.
ELL Technologies has developed and is marketing one of the largest libraries of online language learning resources in the world. The library has more than 3,000 hours of interactive learning through a number of product offerings that include Winnie’s World, English Academy, Campus, English for Success, Master and Business in addition to courses to learn French, Mandarin, Spanish, and Portuguese languages. ELL Technologies is primarily marketed in Latin America, Asia, Europe, and now the U.S. through a network of distributors and earns its revenues from online and offline licensing fees from its suite of web-based language learning products and applications.
ELL Technologies’ high-tech, easy to implement eLearning Software-as-a-Service solutions have positioned the Company to provide learners of all ages and levels of English proficiency with a platform to further their language learning development.
All products have been designed by our proprietary tools enabling ELL Technologies to market and sell to academic institutions and governments. Educators who license the platform are able to easily assign, and arrange lessons and courses as they see fit, including personalizing the learning to a particular individual’s needs and progress.
Formative assessments and data gathering functionality allows us to adapt and improve content. Based on that data, we are able to program iterations to address specific problem areas and to make learning more accessible, efficient and measurable. Built for learners, by learners, we empower educators and allow them to easily transition from pure classroom paper-based teaching to the online world.
Vital Energy's Lampman wells produce 630 bopd
2021-10-05 16:52 ET - News Release
Mr. Yingchuan Wu reports
VITAL ENERGY INC. LAMPMAN NEW DRILL RESULTS A UPDATE
Vital Energy Inc. successfully drilled and completed three horizontal wells in Q3 2021 in Lampman, southwest Saskatchewan, on a multiwell pad (01-04-006-05W2). The completed formation is in the Frobisher zone.
From Aug. 29 to now, the three horizontal wells' (HZ C7-4, HZ C8-4 and HZ D8-4) total average daily oil production has stabilized at approximately 630 barrels per day. The average water cut (BS&W) is approximately 13 per cent, and the oil's API is 32.5 (sweet light oil).
The three wells are pipelined to an adjacent third party oil battery. All three pump jack wells include equipment with electric motors with electric power supplied by the SaskPower grid in the area. As a result, lower maintenance costs are anticipated which should significantly improve field netbacks.
Vital is the operator of the three wells in the Lampman area and maintains a 100-per-cent working interest.
Vital Energy is a publicly traded junior oil and gas company, the primary focus of which is developing light and medium crude oil production in Western Canada.
We seek Safe Harbor.
Great to see a new 52 week high today! Looking forward to seeing the placement closed and drilling to begin!
Wescan Energy grants options to buy 2.8 million shares
2021-09-29 12:55 ET - News Release
Mr. Greg Busby reports
WESCAN ENERGY GRANTS STOCK OPTIONS
Wescan Energy Corp.'s board of directors has approved the issuance of stock options to purchase 2.8 million common shares of the corporation at a price of six cents per share, exercisable until Sept. 29, 2026. The options vest immediately and are being issued to directors, officers and consultants of the corporation in accordance with the corporation's stock option plan. The stock options (and common shares issuable thereunder) are subject to a four-month-plus-one-day hold period, expiring Jan. 30, 2022, in accordance with the policies of the TSX Venture Exchange. These stock options grants remain subject to receipt of final approval from the TSX-V.
Magnum Goldcorp increases private placement
2021-09-28 17:29 ET - News Release
Mr. Douglas Mason reports
MAGNUM GOLDCORP INC. INCREASES SIZE OF NON-BROKERED PRIVATE PLACEMENTS
Magnum Goldcorp Inc., further to its news releases of Aug. 18, 2021, and Sept. 2, 2021, and subject to regulatory approval, has increased the size of its non-flow-through non-brokered private placement and will now raise $613,000 by the issuance of 12.26 million non-flow-through units at five cents per NFT unit. Each NFT unit will consist of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share for a period of five years at an exercise price of 10 cents. The warrants are subject to an acceleration right that allows the company to give notice of an earlier expiry date if the company's share price on the TSX Venture Exchange is equal to or greater than 25 cents for a period of 20 consecutive trading days.
In addition, the size of the flow-through private placement has increased, and the company will now raise $365,000 by the issuance of 6,083,333 flow-through shares at six cents per FT share.
With respect to these private placements, the company may pay finders' fees in the amount of 10 per cent, payable in cash or NFT units, based on the sale of the FT shares and NFT units purchased by subscribers introduced to the company by such finders.
The company intends to use the proceeds from these private placements for further exploration on its LH property and for general working capital purposes.
We seek Safe Harbor.
Ndassima mining case: an arbitration between the Central African Republic and Axmin will be held in Abidjan
https://www.rfi.fr/fr/afrique/20210920-dossier-minier-de-ndassima-un-arbitrage-entre-la-centrafrique-et-axmin-se-tiendra-%C3%A0-abidjan
Ndassima mining case: an arbitration between the Central African Republic and Axmin will be held in Abidjan
Published on : 09/20/2021 - 04:55
In the Central African Republic, the case concerning the mining permits of Ndassima, the only mines in the country known to be industrially exploitable, continues. The permit was withdrawn from the Canadian Axmin consortium at the end of 2019 because the authorities accused it of not having met the legal deadlines to start operations. Axmin opposes its inability to operate because of the security conditions and in particular the presence of armed men on the site.
It took several weeks for a date to be set. It is therefore on October 20 that the arbitration will be held between the Canadian junior Axmin and the Central African State. The meeting will take place in Abidjan. The mediator has been appointed but his identity is kept confidential. The objective is to find a way out of the crisis from this situation. But for the company Axmin, the goal is clear, it is to recover the two licenses withdrawn two years ago now. A withdrawal that she considers illegal.
Contacted the Minister of Mines did not wish to comment, specifying to prepare for the meeting at the end of October. Rufin Benam Beltungou, recently appointed to this post, was before that the advisor on natural resources to President Touadéra. In a note addressed to the Head of State, he advised at the time to " go back purely and simply on this decision to withdraw " considering that this decision lacks " legal basis ".
What does this sudden news release mean for Cub Energy:
1) Cub Energy has de-risked itself politically, as mentioned in the news. This company was getting a huge discount before because of fears that Rebels/Russians would takeover their assets in East. This happened to some assets in 2014, so the fear is justified. This is no longer an issue.
2) Cub Energy has also de-risked itself from a company balance sheet standpoint. Yes the cash flow will be reduced, but who cares about revenue if the liabilities/debt are too high. Natural Gas rates are very good right now, but Cub Energy has gone from almost 1000boed in 2018 to now around half of that. That means even with $500k USD profits, cleaning the books would take several years, assuming gat prices stay above $6 an MCF for the next 5 years, which there’s no certainty.
3) Cub Energy has also sold the Uzhgorod lease for $970,000USD, which means it’s only asset is the RK Field and this is more a utility asset then a regular natural gas producing field.
So what does this all boil down to once both asset sales are complete and we are left with cash and the RK field. Lets take the last quarterly results and combine them with what we are expecting from this deal.
- Last quarter came out 2 weeks ago and the Assets were at $10.8 million USD($5.14 million being cash) and liabilities were $10.93 million.
- Uzhgorod will add $970,000 USD in cash once the deal is completed
- Deal announced today worth $10.6 million USD will reduce the debt by $8 million and leave around $2.6 million USD in cash
So let’s start adding these up. We don’t know RK’s value, but the company wrote off over $10 million from that asset, so I’m guessing that will be added back, plus the generators that were purchased as assets. That being said, lets assume for a minute that only cash is left on the assets, which is $5.14 million.
CASH: $5.14M(current cash on hand) + $0.97M(Uzhgorod) + $2.6M(KUB Gas Sale) = $8.71 million USD or $11 million CAD based on today’s rates. That works out to $0.035c CAD per share just in cash. No value for RK added. Most juniors trade at 2X cash just FYI.
DEBT/LIABILITIES: $10.93M –$8M = $2.93M left in Debt/Liabilities. This is clearly mentioned on the news release.
So what are we left with in the end, and this is a rough estimate, as well as assuming both deals close:
- $8.71 million USD in CASH
- $2.93M million USD in Debt/Liabilities
RK Field which is worth quite a bit. Last quarter it cash flowed $178K USD for only half a quarter, so it would be safe to say that $300K cash flow per quarter is realistic, or around $1.2 million USD per year. $178K was revenue from electricity sales and cost on the books show $67K USD, so the margins are good.
Cub Energy to sell Kubgas stake for $10.6M (U.S.)
2021-09-07 08:12 ET - News Release
Mr. Patrick McGrath reports
CUB ENERGY ANNOUNCES LETTER AGREEMENT FOR SALE OF 35% INTEREST IN KUBGAS
Cub Energy Inc. has entered into a letter agreement dated Sept. 3, 2021, with its partner to sell its 35-per-cent interest in Kubgas Holdings Ltd. The sale is for a deemed consideration of approximately $10.6-million (U.S.). The consideration comprises a cash payment of $2.6-million (U.S.) and the settlement of approximately $8-million (U.S.) in debt that the company owes Kubgas, subject to adjustments on the completion date. The sale terms were negotiated at arm's length with the partner, and closing of the transaction is subject to the parties entering into a definitive agreement and the company obtaining TSX Venture Exchange approval.
Patrick McGrath, chief executive officer of Cub, said: "Cub Energy's founder and former CEO, Mikhail Afendikov, built Kubgas into one of the largest natural gas producers in Ukraine during the 2000s. The company is proud of its success, but it has decided to divest its remaining interest in this asset. The sale will add cash and substantially deleverage Cub's balance sheet by reducing 80 per cent of the company's debt as of the last quarterly financial results. The divesture allows Cub to focus on its 100-per-cent-owned western Ukraine gas assets and its associated power generation business. The company continues to review new opportunities."
About Cub Energy Inc.
Cub Energy is a power and upstream oil and gas company with a proven record of exploration and production cost efficiency in Ukraine. The company's strategy is to implement Western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of assets within a high commodity price environment.
We seek Safe Harbor.
So what are the catalysts for KUB right now:
1) Positive cashflow from KUB-GAS operations. Still producing over 500+BOED
2) Positive cashflow from the RK field electricity generation (asset value has not been added back yet. Over $10 million written off over the last few years because of this project, but there are reserves they can now add back)
3) Drilling of a new well (mentioned in the presentation + MD&A)
4) Well recompletions (also mentioned in the presentation + MD&A)
5) Rising natural gas prices in Ukraine. Increased commodity price means larger earnings going forward
6) Pending sale of Uzhgorod, which will add around $1.2 million CDN cash back to the books
September company presentation: http://www.cubenergyinc.com/_resources/corporate-presentation.pdf
Here's the news release from Endeavour Silver and their take on the Bruner project. I believe they can prove up at least a million ounces over the next 2-3 years.
Endeavour completes acquisition of Bruner property
2021-09-01 07:30 ET - News Release
Mr. Dan Dickson reports
ENDEAVOUR SILVER COMPLETES ACQUISITION OFA BRUNER GOLD PROJECT IN NYE COUNTY, NEVADA
Endeavour Silver Corp. has completed the acquisition of the Bruner property, located in Nye county, Nevada, from Canamex Gold Corp. (see news release dated July 19, 2021). Endeavour paid $10-million (U.S.) in cash for 100 per cent of the Bruner gold project, which includes mineral claims, mining rights, property assets, water rights, and government authorizations and permits.
The Bruner gold project is an exploration- and development-stage project located approximately 180 kilometres southeast of Reno, Nev. Gold was originally discovered in the district in 1906 and saw intermittent historic mining between 1906 and 1998. Recent exploration activities by previous operators included mapping, drilling, geophysical surveys and sampling, culminating in a mineral resource estimate in 2015 and a preliminary economic assessment in 2017 outlining a low capital cost, open pit, heap leach operation.
A historic resource estimate of 342,000 ounces of gold contained in 17.5 million tonnes grading 0.61 gram per tonne in three zones, Paymaster, HRA and Penelas, was prepared for Canamex in a technical report dated Jan. 22, 2018, titled "NI 43-101 Technical Report on the Bruner Gold Project, Updated Preliminary Economic Assessment, Nye County, Nevada, USA" by Welsh Hagen Associates. A qualified person has not done sufficient work for Endeavour to classify the historical estimate as a current mineral resource or mineral reserve. Endeavour is not treating the historical estimate as a current mineral resource or mineral reserve, has not verified the historical resource estimate and is not relying on it. Endeavour plans to twin certain drill holes and conduct a drilling program to upgrade the historical estimate as a current mineral resource. Activities in Q4 2021 will focus on surface work and data compilation, and, in 2022, Endeavour anticipates recommencing exploration work on high-priority targets.
Endeavour chief executive officer Dan Dickson commented: "We are pleased to add an advanced precious metals property to our project pipeline. Bruner should be an accretive acquisition for our five-year strategic plan to become a premier senior silver producer, with potential for exploration discoveries, district acquisitions, near-term production and organic growth.
"We will provide a formal market update in our 2022 annual guidance on our exploration plans for the Bruner project. Our exploration team will focus initially on verifying the historic resources, then turn its attention to the many exploration targets on the Bruner property. We look forward to unlocking the full potential of the Bruner property with the goal of building a new mining operation in another historic mining district in Nevada.
"In the short term, our attention is on the Terronera project, as we are nearing the completion of the feasibility study and we look forward to releasing the results."
Dale Mah, BSc, PGeo, Endeavour's vice president of corporate development, is the qualified person who reviewed and approved this news release.
About Endeavour Silver Corp.
Endeavour Silver is a mid-tier precious metals mining company that owns and operates three high-grade, underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project toward a development decision, and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer. The company's philosophy of corporate social integrity creates value for all stakeholders.
We seek Safe Harbor.