is leveraging all of Canada's mining industry, lol!
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Nice! Thank you for the link, i'm being a little lazy today. Yes, a 43-101 would be a solid, i'll be happy to e-mail/call otherwise try to find out from SRK, unless someone has already tried?
Hey Eom7 or anyone else, have a link for that historical reserve figure?
FGOCQ- OS as of last 8-k 1-27-2010: 196,770,012
http://www.sec.gov/Archives/edgar/data/878808/000117120010000084/i00034_firstgold-8k.htm
All filings:
http://www.sec.gov/cgi-bin/browse-edgar?company=firstgold&match=&CIK=&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany
13G/A filed 02-05-2010, some Canadian asset mgmt. company bought in big AFTER they filed the BK in January:
http://www.sec.gov/Archives/edgar/data/878808/000117891310000340/0001178913-10-000340-index.htm
"This joint filing statement is being filed by 1346049 Ontario Limited
("Holdco"); Trapeze Asset Management Inc. ("TAMI"); Trapeze Capital
Corp. ("TCC"); Randall Abramson ("Abramson"); and the group the
above-named persons comprise. Holdco, TAMI, TCC, Abramson and the
group they comprise are each sometimes referred to as a Reporting
Person and, collectively, referred to as Reporting Persons. Holdco is
a parent holding company for its operating subsidiaries, TCC and TAMI.
TAMI is a Canadian investment adviser and is also registered as an
investment adviser under the Investment Advisers Act of 1940, as
amended. TCC is a Canadian investment dealer. Abramson serves as
Director, Chief Executive Officer, President, Secretary and Treasurer
of Holdco; Director, Chief Executive Officer, President, Chief
Executive Officer, Secretary, Treasurer and Portfolio Manager of TAMI;
and Director, Chief Executive Officer, President, Portfolio Manager
and Compliance Officer of TCC. Holdco owns 100% of the outstanding
voting stock of each of TCC and TAMI. Abramson owns 82% of the
outstanding capital stock of Holdco."
No kidding man, a 26 mill cash infusion and they'd be mining/processing now, what kind of friggin' paranoia blows a deal like that over national security concerns? Or you reckon it was a nose-thumb at the Chinese?
I'm in some agreement on the potential, the site lists what seems to be a conservative figure of 50,000 ounces, but I found an article where the CEO said that 100,000 lounces a year to start once they were in full production, eventually ramping up to 200,000, not sure I believe all that, but 26 mil is chicken feed with all the dough getting slung around on lesser junk, surely they can find a buyer/partner/financier with those kinds of reserves. I'm in today with a small starting position at .022, we'll see.
FGOCQ- BK summary from Madclown, I have seen it posted that they are sitting on close to a million ounces of gold, but have not verified it, here is Madclown's post from that board:
FGOCQ Firstgold Corp. Bankruptcy Case Summary
Firstgold Corp. (FGOCQ.PK) is largely a development stage mining company with one previously productive property. The operations were shuttered a few years ago when gold prices declined. Now they need more money to continue production at the previously producing site as well as money to inject into the other leased sites. They did not have production during 2008 and 2009 but this is not necessarily a 100% development stage company. It has some production capacity at its Relief Canyon Mine but no funds to go and get the gold out of the ground. It looks like the setup and exploration costs were more than anticipated which created too much debt load too early.
The company looks bad on paper ($17 mill assets vs. 26 mil debt) but they are actively shopping the company for a buyer or a partner. They just had a deal with a Chinese company (Northwest Nonferrous International Investment Company) to inject $26 million into the company (some cash, some debt assumption) for a 51% stake but the Committee on Foreign Investment in the United States (CFIUS) shot the deal down on Dec. 21, 2009 because the mines were too close to a military installation, which raised national security concerns. The termination of this deal is what prompted the BK filing as the company needs more time to find a buyer or partner. They have been converting their note holders to equity and have been paying vendors/contractors with equity for a while now, to the tune of about 100 million shares over the past year. There are a little less than 200 million outstanding.
In its press release concerning the BK filing the company expressed its intentions to preserve equity value for stockholders. When they say that they intend to preserve value for the shareholders I am guessing it is because the people they owe money to and the contractors that work for them have been paid in shares as opposed to cash. There are a lot of stock warrants in the $0.15 and $0.40 range that were issued with certain debt taken out recently so there are people who, at least there were recently, people who believed in this company’s prospects for extracting some gold or other minerals (they also have clearance to extract a variety of minerals, including Zinc & Uranium) out of its 4 mining operations. The company filed for BK on Jan 27, 2010 and there has been almost no selloff (volume wise) relative to the 200 million o/s. The price, however, has come down dramatically.
This case will not be on KCCLLC or EPIQ (free court document services) so PACER (pay per use service) is the only way to go.
There are probably about 80% of the current shareholders that are sitting on losses in the 70% range based on recent price/volume action. The corollary here is that if there was going to be a mass selloff, it would likely have already occurred. During the period following the bad news of December 21, 2009 (this was not the bankruptcy day but it was the day that it became imminent) there has been nearly 50 days that have elapsed since that time. In that span of time, only about 41 million of the nearly 200 million outstanding shares changed hands or roughly 20%. This is hardly a capitulation event. Either the collective shareholder base believes a recovery is in the offing and this is a temporary setback or there just is no conviction to sell at this price level.
You will see some language in the 10-Q about having recently raised the authorized shares to 900 million from 250 million. I am guessing the increased share count was to effect the transfer of half the O/S over to Northwest and the other portion may have been in anticipation of further converting debt or accounts payable to equity.
As the case now stands, the Debtor’s are seeking to obtain a DIP loan of $350,000 at 12%. The terms also call for the subscribers to enjoy equity conversion rights as well as rights to purchase gold reserves at $500 per ounce for each $150 subscribed. Here are some of the items of note from the filing:
“The DIP Facility provides for the extension of credit in a maximum post-petition amount of $350,000, by issuance of Gold Notes in the form attached hereto as Exhibit "A". Although the Gold Notes indicate that the total proceeds to be raised are $500,000, Debtor raised $150,000 in cash pre-petition under the Gold Notes, and requests authorization at this time to borrow an additional sum not to exceed $350,000 post-petition.
Furthermore, even though the notes are styled as Secured Exchangeable Promissory Notes they are not secured by any collateral and are in actuality unsecured notes. Due to the immediate cash needs of the Debtor, the Debtor has already obtained an additional $100,000 advance under the Gold Notes post-petition on February 4, 2010.”
“Use of Proceeds - The DIP Facility will be available to finance the Debtor's ongoing business operations, pursuant to the Cash Requirements Budget attached hereto and incorporated herewith as Exhibit "B".”
“Subject to regulatory approval, the promissory note shall be exchangeable at the option of the holder into either (i) common shares of Firstgold Corp. at a price of $0.036 cents per share or such other lower price if Firstgold should accept or issue equity at anytime before December 31 2012 at a price lower than $0.036 per share.”
“FGD has the right to call the promissory note and the gold rights. By paying 4.33 times the original promissory note amount in FGD shares at $0.036 per share with a maximum profit of $500 per ounce.”
The secured creditors have opposed the DIP citing windfall profits for the subscribers to the tune of about a 400% return. The debtors contend that funds are needed immediately to preserve the value of their permits and to continue maintaining the properties until more permanent financing can be obtained or until a buyer or equity partner can be found.
LOL Geoly! Yeah, bring out the big guns, SEND IN THE SNOOKIE!!!
Agreed. Holding SRSR myself as well, got back in at just over .04, will av down if it dips some more, nothing crazy you understand, lol.
Got my WOLV the other day under .03 and am danged happy with that buy, squatting on that like an old mother hen.
Just bought some FGOCQ for a small spec play, they are in BK currently, but BK plays themselves are hot right now, add in that it's a miner, and it was worth a poker bet for me, not recommending it though, very speculative, too much so for me to do more than mention here on the JM board and the Got Parlay board.
Just checking in my Wamu brothas and sistahs, everybody good? Anything y'all need? More cake? lol!
GOOOOOOOOO WAMUUUUUUUUUUUUUU!!!
Hey JW, how you like us now buddy? LMAO!
Awesome, thanks! Started a position here a little while ago, I do some speculating in BK stocks, and also junior miners, so this is right up my alley, lol. I post a fair amount on the Got Parlay board : http://investorshub.advfn.com/boards/board.aspx?board_id=16902
And am...ahem..slightly notorious amongst the Wamu brethren.
Thanks for the chair! I'll post when I have something to contribute, am way behind as far as DD, but I catch up fast.
GLTA,
Dragynn
Good morning all, mind if I have a seat at the table here?
You go brotha! I'm liking what I see at first glance with FGOCQ, somebody ought to step up to the plate for them...we'll see. Some good DD on the FGOCQ board, they know about PACER, Kurtzman-Carson etc.
lol, you got more stones than me Jerle, buying a stock that's already a ten-bagger plus for the day takes yarbles of iron bro!
FGOCQ- Chap. 11 filed in January, starting DD parlayers, I see some potential here if they get financing, or a partner.
http://finance.yahoo.com/news/Firstgold-Files-for-Chapter-iw-1602997950.html?x=0&.v=1
Press Release Source: Firstgold Corp. On Thursday January 28, 2010, 6:25 pm EST
TORONTO--(Marketwire - 01/28/10) - Firstgold Corp. (TSX:FGD - News) (OTC.BB:FGOC - News) ("Firstgold" or "the Company") has filed for Chapter 11 protection under the United States Bankruptcy Code. In a filing yesterday in Reno, Nevada Firstgold listed assets of $17,957,805 and Liabilities of $26,981,427 and outstanding shares of 196,770,012. While in the Chapter 11 proceeding current management will continue to operate Firstgold as debtor-in-possession.
"Filing for Chapter 11 protection will, we hope, give Firstgold the time we need to bring a successful restructuring proposal to our creditors and shareholders. A plan we think will ultimately, see us put our Relief Canyon mine back into production, and one that will include providing value to our shareholders," comments Terry Lynch, Firstgold CEO.
"The termination of the Northwest deal on December 21, 2009 meant we had a very short period of time to find a new investment group or buyer for our company. Chapter 11 will extend this time and protect the company while we seek a comprehensive solution that might be able to be executed under the particular remedies available within the Chapter 11 environment," Mr. Lynch commented.
With the Chapter 11 filing Firstgold also announced that Bob Heimler has resigned as a director of the company. "Bob Heimler was and is a friend of Firstgold; he invested his own money and time when many were afraid. Companies need more Directors like Bob Heimler and we are the worse for his departure. Bob feels, understandably, that in the current environment of Chapter 11 that there is little he can do to be a positive force for our shareholders and regrettably has decided to take this time to resign. We thank Bob for his service and dedication on the behalf of the Company," commented Mr. Lynch.
Firstgold has spent $16 million over the last 24 months developing a processing facility at Relief Canyon, located outside Lovelock, Nevada, on the site of the previously producing Pegasus Gold Mine. Additional information about Firstgold Corp. can be found by visiting its web site at www.firstgoldcorp.com
WLKNQ- HOLY CRAP! That's some serious parlay, can't find a drop of info though, anybody know why the run today?
Very cool resource Tex. Question for ya, what's your thoughts on KATX here just under .06?
Interesting, sounds very similar to the way URST went about defining their Madagascar property. Love the size of the claims, 33,000 acres is a LOT of bang for your buck.
VSTNQ made the dollar run finally! Got Parlay babay?!!!!
LEHMQ doing a sympathetic move with WAMUQ today, anybody else playing? I grabbed a few .10's yesterday, wish I had gotten a few more.
How cool is it to see Wamu hit .40's again!
Right back atcha Jestr! Been a long hard war, and i'm still wanting blood for blood from the most guilty party in this affair...but it's really great to see a nice price pop (and profitable$$$) and see some of the old-time longs making some cash back finally.
WOLV- roger that my friend, over 33,000 acres of claims, and copper just basically laying on top of the ground....i'm stoked, but it's early yet, which is good, I got my tickets to the party CHEAP!
GLTA today!
Dragynn
Valid questions indeed, and ones that apply to the OTC market as a whole, most startups do use shares to fund their efforts until they begin production of whatever products they make/sell/excavate, it's not the exception, it's the norm....so in light of that, I fail to see your point.
Are you trying to convince yourself not to trade in penny stocks?
Because it sounds like it may be a little too risky for your blood, you might want to stick with established companies on the big board, take your 3-5%, collect your little bit of mailbox money, and be fairly safe with your investing strategy. Spend your time on personal projects, and with family. Develop some harmony and don't watch these sorts of stocks, they can be very upsetting for those with more sedate constitutions.
Good Luck!
So, 19 lawyers sitting in a courtroom for roughly an hour, means they will bill it out at 3 hours, at an average of around 500.00 per hour, works out to roughly 28,500.00 dollars. And all for no ruling.
F**k this stock trading crap, i'm going to law school.
Right on the money Abighammer. No way I was taking that bet, Mudflap misses the race enough times in a row, you begin to expect a no-show.
VSTNQ- hot today, great trading ops, I guess the market really liked the Autoliv news.
Friggin scammers running game on NSTLQ, really pisses me off, this is why so many people are dismissive of legitimate bankruptcies/chap 11 re-orgs like Wamu.
Dragynn's in war mode today boys, SEC's ears have got to be burning, I know their inbox is with my scathing reports sitting there.
No kidding, looks like someone manipulated a PR, I posted the actual PR from the GD website, where it says specifically that they awarded the contract to their own subsidiary, but nobody's paying too much attention I think...oh well, their karma to deal with, I did my part to spread the truth.
http://www.sec.gov/Archives/edgar/data/70578/000110465903022725/a03-3995_110q.htm
last National Steel 10Q. I always go straight to the SEC site when I want the truth.
"Any net cash left available for distribution to pre-petition creditors after the above payments is to be allocated 64% to holders of the First Mortgage Bonds; 16% to Mitsubishi and Marubeni (collectively) and 20% to holders of General Unsecured Claims. It is currently estimated that cash left available for distribution will be $20.7 million. Actual amounts could differ from these estimates. There will not be any recovery by our stockholders under the terms of the Liquidation Plan.
Since the asset sale, we have not conducted operations other than in accordance with, and as required by, the Court. In conjunction with closing of the sale transaction with US Steel, represented employees of National Steel became employees of US Steel and the majority of the non-represented employees were employed by US Steel, or severed."
If it takes that long. NSTLQ doesn't even have equipment or a plant or anything.
http://en.wikipedia.org/wiki/National_Steel_Corporation
"The company then lumbered along for the next few years, hampered by doddering executive management. Bankruptcy was then filed in 2002, the result of a deep depression in the industry at the time combined with the laggard leadership.
The company would never enjoy extended periods of profit. Finally in March 2002, the company filed for bankruptcy with only $2.3 billion in assets for $2.6 billion in debt. After a bidding war between AK Steel and US Steel, in May 2003 the remains of National Steel were sold to US Steel for USD 850 million and the assumption of USD 200 million in debt. US Steel continues to operate National's Keewatin mining operation and pellet plant under the new name of Keewatin Taconite or Keetac."
LMAO!
On that subject, saw previews for the new Wall Street II, looks like GG gets outta jail, will he go all Martha Stewart on our collective @$$e$? Inquiring minds want to know!
SCAM IN PROGRESS.
Real hoot going on right now over at the NSTLQ board.
This company sold ALL their assets in 2003. They couldn't make a paperclip.
There is no contract for National Steel, they don't even exist anymore, this is a SHELL. And it looks like someone deliberately manipulated a PR from General Dynamics, the PR I posted came directly from their website, and shows clearly that the contract is for NASSCO, a subsidiary of GD.
Someone is about to be in deep deep trouble I believe, as soon as the SEC gets wind of this. And the stock will likely get halted.
General Dynamics NASSCO Awarded $825 Million Contract for T-AKE Ship Construction
http://www.nassco.com/
March 1, 2010 - SAN DIEGO - General Dynamics NASSCO, wholly-owned subsidiary of General Dynamics (NYSE: GD), has been awarded an $824.6 million contract from the U.S. Navy for the construction of two T-AKE dry cargo-ammunition ships.
Announced by the Department of Defense on February 26, the contract provides full funding to NASSCO for the construction of T-AKE 13, the future USNS Medgar Evers, and T-AKE 14, the unnamed final ship of the Lewis and Clark class. In December 2008, NASSCO received a $200 million contract to purchase the engines and other long lead materials for these ships. Construction of T-AKE 13 and 14 is scheduled to begin in the second and fourth quarters of 2010, respectively. NASSCO expects to deliver both ships to the Navy’s Military Sealift Command in 2012.
General Dynamics NASSCO employs more than 4,300 people and is the only full-service ship construction and repair yard on the West Coast of the United States. The shipyard delivered its ninth T-AKE ship on February 24 and is currently building the tenth through twelfth ships of the class. More information about NASSCO can be found at www.nassco.com.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 91,700 people worldwide. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. More information about the company is available on the Internet at www.generaldynamics.com.
NSTLQ- looks like scam city, i think some people have awakened to the fact that parlays are hot this year, and the scammers are coming out of the woodwork. Caution is advised parlayers.
http://www.thelion.com/bin/forum.cgi?tf=pinks_and_bb&msg=15114&cmd=r&t=
From: Kamz (Rep: 54) reply to Megladon314 Date: 03/03/2010 16:52
Forum: Pinks and BB - Msg #15114 - List NSTLQ.OB msgs Thread #672923933 (Rec: 0)
bingo, DD part 1 ... Re: General Dynamics has a subsidiary called National Steel....or NASSCO
IMHO The IHUB poster who posted a version of the article below HAD TO DELIBERATELY INSERT THE SYMBOL NSTLQ for National Steel, which I cannot see it’s related to Gen Dyn’s National Steel and Shipbuilding Company NASSCO, which is the company that was REALLY rewarded the contract !! If someone can legitimately tie NSTLQ to NASSCO, then please show me the info, would be happy to eat my words.
http://www.nassco.com/
above website links to the article below, already posted:
General Dynamics NASSCO Awarded $825 Million Contract for T-AKE Ship Construction
March 1, 2010 - SAN DIEGO - General Dynamics NASSCO, wholly-owned subsidiary of General Dynamics (NYSE: GD), has been awarded an $824.6 million contract from the U.S. Navy for the construction of two T-AKE dry cargo-ammunition ships.
Announced by the Department of Defense on February 26, the contract provides full funding to NASSCO for the construction of T-AKE 13, the future USNS Medgar Evers, and T-AKE 14, the unnamed final ship of the Lewis and Clark class. In December 2008, NASSCO received a $200 million contract to purchase the engines and other long lead materials for these ships. Construction of T-AKE 13 and 14 is scheduled to begin in the second and fourth quarters of 2010, respectively. NASSCO expects to deliver both ships to the Navy’s Military Sealift Command in 2012.
IHUB VERSION:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=47350737
USA, Feb. 28, 2010 (Info-Prod Research) -- According to DOD: General Dynamics (NYSE:GD) , National Steel (OTCBB:NSTLQ) and Shipbuilding Co., San Diego, is being awarded an $824,642,437 modification to previously awarded contract (N00024-02-C-2300) for construction of T-AKE 13 and T-AKE 14, which shall include design and construction, technical manuals, special studies, analyses and reviews, engineering and industrial services, and data. Work will be performed in San Diego, and is expected to be completed by Dec. 2013 for T-AKE 13 and Nov. 2014 for T-AKE 14. Contract funds will not expireat the end of the current fiscal year. The Naval Sea Systems Command, Washington, D.C., is the contracting activity.
And all their filings are uptodate and one is a call to shareholders RE:extraordinare shareholders meeting for March 16
NSTLQ- lotta chatter this morning parlayers, not sure of the whole story yet.
In order for SFMI to become a trading stock on the NASDAQ-OTC:BB, the Company had to first become fully reporting under the US SEC 1934 Act (The Exchange Act). Once compliant under the 1934 Act, the Company through the offices of its Market Maker, petitioned for listing onto the NASDAQ-OTC:BB. Only companies with full disclosures and transparencies can apply for this listing status. As of March 4, 2010, at 9:30 AM EST, SFMI now trades on this fully regulated NASDAQ-OTC:BB.
The OTC-BB is part of NASDAQ dude.
The uplisting should now also give level 2 quotes for those who have it, I know TDA Apex gives you level 2 down to OTC level but not on pinks. I've heard other brokerages are the same? I have to go through a third party vendor like I-hub to get level 2 on pinks, just not worth the added expense, and yet another reason to stay away from pinks, lol!
This is really solid good news for this company and those who trade it, absolutely no doubt and no arguing it.
I hear ya. But ya do have an excellent idea with this board, hope it takes off, I can think of many times in the past, that a pair of local eyes in a faraway town would have saved me a lot of trouble, not to mention $$$$$$. And the pinks seem to me to have gotten even worse than they used to be in the last few years as far as scams go.
Agreed. I'm seeing other mining firms going ecstatic over some elements at just over 1% concentrations, cheaper elements too. 4% is huge IMO.