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As to why he may have layed off the dilution ... go check out the postings about the company at "coloradogoldfields.com" Apparently, he and the company have complaints against him with SEC, FINRA and possibly AG. The information in the website, if true, is very shocking. Most of us here, post reverse-split, have our own opinions about the company and its principals that is a polar opposite of pre-split opinions. I just feel sorry for the newbies to the stock. They will learn the hard way. gg IMO
This company has managed to reverse split, and go from 1.00 to subpenny within 6 months. Check out coloradogoldfields.com for a more indepth and latest analysis of what is happening. I used to believe in this company and its principals. However, since the reverse split, I have learned much more and will soon be filing my own SEC complaint. gg
To all investors: Today, I emailed Stephen Guyer requesting a telephonic shareholder conference so that all investors may participate and ask questions. He immediately responded by email as follows: "acknowledged and considered." If anyone wishes to email him, his email is "csguyer@guyermanagement.com"
gg
A public apology would be appropriate. gg
Are you making fun of me AK? Because if you go to those sites to see who owns "coloradogoldfields.com" it is a proxy. It does NOT actually list the owner. Get it right before posting against me the way you did. gg
567, how do you send communications to Guyer? Because, I sent a letter many months ago via email to investor relations to voice my displeasure with the reverse split and NEVER received the courtesty of a response. That, by itself, lead me to believe that the company principals do not care one bit about the investors, or what we believe, or if we buy stock, etc. Any other company that I have sent an email to investor relations has promptly responded, even if it was to simply acknowledge receipt of the email.
And, how do you know who runs the site "coloradogoldfields.com?" Please tell us how to find such information as it would be a big help to anyone doing DD on companies.
Thanks. GG
The following site bashes the company, and it is in the company's name. The posts are unbelievable. I am really concerned with this company, and even after losing 98% of my investment, had hope for it. Now, I am more concerned with justice; and by that I mean the appropriate legal investigation. gg IMO
Here is the site:
http://coloradogoldfields.com/?p=63#comments
The company apparently did not acquire a domaine name in the company's own name. Check out the link below as it is a blog site clearly dedicated to this company.
http://coloradogoldfields.com/
There is no way the company owns this site. One would think that a company around for 5 plus years, and investing millions into mining, and taking millions from investors, would ensure it owns the website for its own name, to include, intellectual property associated with the same. This is really sad.
gg IMO
Does anyone else see the elephant in the room that no one wants to talk about? gg
I'm not doubting his background. I just have a problem with him wearing such hat within the company. They should use an outside and reputable engineering firm. It would carry a lot more weight, and provide investor confidence. Just check out the drop in pps today in light of the press release.
And, check out Alto ..... (a penny mining stock) He was involved with that company.
Just saying....
gg
The President and CEO, who happens to also wear the hat of the engineer providing resources estimates, publishes the resource estimates today! The loop is getting tighter. With all the money raised from selling shares, the company has to resort to its President/CEO issuing such report? What are they trying to accomplish by issuing an "estimate" by him? Are they fearful that the stock is going subpenny within days? There are more than double the shares issued that reflect on etrade's reported 43 million. That makes the market cap less than the cash in the bond. This is pathetic. It is just a matter of days before the stock is subpenny, and then trades there for a long time. Then, the reverse split comes wiping out all shareholder value again. Unfortunately, the history of this company proves it to date. I wish it were different, as I lost a lot. I would have moved on but for seeing the end result here. For all of us wiped out by these actions there will be justice. It just takes time. Just waiting..... gg IMO
Biowise, the basis for a potential class action goes way beyond just a lack of communication. Just review the fiduciary requirements for principals of a publicly traded company to its shareholders; and compare it to what we see here. I am hoping the company actually does something good that surprises us all. However, if and only if, it becomes a grim scenario for all us longs, and the basis for it is a breach of fiduciary obligations to shareholders, you will see a class action, SEC complaints, etc., from most of us. I can assure you I will be moving forward in that direction. It is one thing to lose money investing in a stock like this, but it is another thing if the principals become greatly enriched to the detriment of all the shareholders. Time will tell. IMO gg
I couldn't agree more with you. I used to think the principals were looking out for their shareholders, but the R/S, and immediate increase to 1 billion shows us where we really stand in their eyes. Anyway, all the shareholders from the beginning of this company until the R/S represented roughly 5.8 million shares. Then add new shareholders to bring us up to about 7 million. And then, the company issues 42 million, or whatever, to an insider for the mine purchases that have yet to be announced as finalized but show up in A/S. And, where did they get the 3 million in cash to pay out on mine purchases? We are always in the dark, and we have been diluted into oblivion. The only saving grace will be when the flood of SEC, Finra, etc, complaints flood in from upset investors, and a class action ensues based upon what they have done, or have not done. Think of it this way - what company does a R/S, and then put the A/S so high that it actually causes the stock to dive to 3 cents in a matter of weeks. Do they like selling high volume at pennies, or a moderate volume at decent share price? IMO gg
Let' see who is going to buy today at .067 or higher, just to see the pps drop by 50% or so within days. I don't like seeing this, but its the reality of this stock now post R/S, and huge increase in A/S. Next question, is anyone concerned that the outstanding shares listed are about 43 million? Does this mean that the post R/S 7 million plus the 36 million for just one mine purchase brings it up to that amount (throw in some more dilution of about 1 million)? Or does it mean that the shared issued are really 43 million, and we have yet to see the mine purchases by January 6th added to this figure. In other words, did the company issue an extra 36 or so million in convertible debt, have not PR'd it yet, and we are seeing that in the figures. If so, then we would be about 43 million plus the restricted 42 million or so. It just gets better each day. One thing for sure, the company does not appear to care one bit about its long shareholders. IMO GG
Wow. High volume today. Makes you wonder who in their right mind would purchase so many shares today around .06 when the likelihood of their investment next week will be worth around 50% less than today's purchase. History and dilution is the proof of that! I used to have confidence in this company, until the R/S, and immediate increase in A/S to 1 Billion, and then of course, the payment of 42 million shares to an insider for a purchase of two mines - THAT BY THE WAY HAS NOT OCCURRED YET BUT IS REFLECTING IN THE OUTSTANDING SHARES ISSUED (Unless it has occurred, but has not been PR'd, along with how they got the 3 plus million in cash to close the deal). I should review that "fiduciary" language owed to shareholders in publicly traded companies again to see exactly where this roadmap leads. IMO gg
Probably because most investors are getting smart to this stock and the dilution. Why buy for .50 when you can buy for .40? Why buy for .40 when you can buy for .30? And so on and so on, until you are here today at .08? But, why buy for .08 when you know next week you can buy at, maybe, .04? Point is that the company increased its A/S to 1 billion, so why trust that it will not dilute? Company provided 42 million shares to an insider on purchase of two mines thereby making the company presently owned by insiders to the tune of approximately 85%. Unfortunately for us long shareholders, we are being diluted, again, into nothing. This is why I have mentioned a class action will eventually result against the company and its principals. Just look at the history, the actions, the non-communication, and the enriching over shareholders. And, although the company files all its reports with the SEC, I would hardly say that is the form of communication that most shareholders want to see on the day to day issues discussed here on Ihub. Sorry, but I have no confidence in this company any longer, and its too late to sell. I am watching, waiting, gathering info, and will do what is legally proper, if necessary, at the right time. IMO gg
Anyone know why etrade was showing zero bid zero ask for the last hour, and still? gg
Thanks for posts. I appreciate insight. Last post said it all, "its usually darkest before the light." Let's hope so. Because the actions appear to be so self-serving, I have to think that any reasonable fiduciary would be righting it for all the shareholders in addition to them when the time is right, or they will have a lot of disgruntled shareholders ready to take action. gg
Then why have those Class A shares not been subject to a reverse split 5000/1 like the rest of us. They would have 4000 shares on a R/S? Correct me if I am wrong, but all the class A shares were subject to a R/S. Something is not right here. gg
There is a new site up at "coloradogoldfields.com" that is an information and/or blog site specifically dedicated to discussing this company. Google it, or put in name to see for yourself. It is unbelievable that the company did not buy its own name for a domaine name registration. gg
THIS IS UNBELIEVABLE! COMPANY JUST FILED WITH SEC GIVING PRINCIPALS WHAT APPEARS TO BE 20 MILLION SHARES EACH UNDER A 2008 COMPENSATION PLAN. If so, where is their 5000/1 reverse split on the shares? This has gone too far, and too blatant now. gg
567, I understand your point. And, I understand that the company, in an unusual way, is acquiring assets, and moving towards operational. However, the existing shareholders are being diluted over what appears to be an inside buy of assets. We all knew we would be diluted when buying in at sub-penny levels. But, we do not have to accept outrageous dilution when the company did R/S, got the share structure under control, and then increased to A/S to 1 Billion. Look at the drop in pps since announcement - that's your proof as how the market sees it. And, to learn that the company will pay its Chief Engineer 3 plus million dollars for a purchase of a mine in the next 60 days, in addition to over five times the amount of the entire A/S in shares, whether the money comes from borrowing or selling more shares, is absolutely confusing to the any shareholder. I don't recall seeing any PR or filing that clearly and unambiguously informs shareholders that an insider is being paid shares and money for a mine, and explaining why it is not a conflict of interest, or at a minimum, an opinion letter being issued by counsel on the particulars. If they have it, and don't bother sharing it or telling us, then it's just another example of how little we shareholders really matter. Hence, we will be sub-penny at this rate, and many more shares will be sold, and we existing shareholders will have our investments reduced to nothing. Amazing that some posters keep thinking everything is going to turn out just great, when they should be trading thoughts and ideas at this juncture based upon what is happening real time. There will be no class action, unless the actions of the principals and company supports the same. That will only be determined at a later date, if and only if, we are actually, factually, and most definitely screwed as the shareholders over any alleged self-dealing and enrichment of principals over shareholders. I hope the company pulls through for the long shareholders. Part of me still holds onto this hope. Time will tell. JMO gg
Does anyone think it is unbelievable that the company has no money to go operational, yet it will be coming up with 3 plus million dollars by January 6th (along with 36 million shares) to purchase a mining claim from a company insider of Goldfields? Please correct me if I am wrong, but this is what the information provided yesterday leads me to believe. Any thoughts? JMO gg
I appreciate the info provided to me today. Just so we are all clear - I believe this company has awesome potential, and will undoubtedly be sold for a lot of money, or go operational and make a lot of money. It's obvious they are moving in that direction. So, for those who post positively about the potential of the company, I agree. HOWEVER, and here is the kicker, it is now apparent that the company will be moving forward without us long shareholders. After the reverse split, I thought we were in good shape with a tight share structure. The company looked as though it was protecting us long shareholders. The company PR'ed saying it was increasing shareholder value. I bought more on this news. However, after a few days post R/S the company increased the shares to 1 Billion which was a clear message to the shareholders as to what the value of our investment would be over time with issuance of those shares. Aside from being a MM shorting dream, the market recognized this quickly, volume dropped and the pps sank like a rock. I learned today that the 36 million shares, plus cash, is to be paid to an insider for two mines. Based upon this, the representations of the company to date in filings and PR's are coming into focus, and not the way I was originally lead to believe by the filings and PR's. Principals, directors, etc., enriching over shareholders, and making deals that benefit them over shareholders is a big problem. It's too late to divest without a large loss here. I am not the type of person to let this just go. I hope to be proved wrong, but in the meantime I will keep track, gather info, and if necessary, take appropriate legal action to right this wrong. Accordingly, if anyone wishes to share info, educate me more, etc., then please send a private post. Thanks. gg
Is Steve Fearn the owner of Jo Grant Mining? Does anyone know? This is important, so if anyone knows please respond. Thanks. gg
I just figured out that Steve Fearn is the Chief Engineer for Colorado Goldfields. Is the the owner of the mine just purchased for 12 million and 24 million shares, respectively, and cash? gg
Thanks Biowise, can you tell me Fearn's relationship to the company? Thanks. gg
Biowise, did you mean to say that "fear get 24 million shares and 3 million" or did you mean to say "Fearn?" If Fearn, can you explain in more detail because I posted yesterday info regarding corporate conflicts of interests, and really need to know the answer. I am working on a few things, gathering info, and am now interested in your post. I will not stand by watching my investment go to zero if the principals are enriching over us. gg
OMG, the principals of this company, through their management decisions, have caused the market cap of this company to be 100% less than the cash sitting in a bond. The cash sitting in a bond exceeds $500,000, and the value of the company is right now at about 250k. Unbelievable. This has to be a first, a company worth 100% less than the actual cash considered its asset.
Eventually, we will see for ourselves whether the company pulls through and retains or makes better our shareholder value. Or whether we will see if the principals enrich themselves over us. Accordingly, you may want to see this, and keep it in the back of your mind as we keep watching our shareholder value get diluted, versus what the principals eventually end up with themselves:
Go to wikapedia, and look under "Conflict of duty and interest" This is what you will find, "As fiduciaries, the directors may not put themselves in a position where their interests and duties conflict with the duties that they owe to the company. The law takes the view that good faith must not only be done, but must be manifestly seen to be done, and zealously patrols the conduct of directors in this regard; and will not allow directors to escape liability by asserting that his decision was in fact well founded. Traditionally, the law has divided conflicts of duty and interest into three sub-categories.
Transactions with the company
By definition, where a director enters into a transaction with a company, there is a conflict between the director's interest (to do well for himself out of the transaction) and his duty to the company (to ensure that the company gets as much as it can out of the transaction). This rule is so strictly enforced that, even where the conflict of interest or conflict of duty is purely hypothetical, the directors can be forced to disgorge all personal gains arising from it."
JMO gg
Thanks. How do we get it posted up to the yellow section. I think its important for anyone thinking about buying this stock to know the ENTIRE history for this company, and not just from the birth of the new symbol. I do not want to see the volume drop, but I do want anyone thinking about buying the stock to view the history - maybe, it will make a difference if the company principals see volume fall because new investors can see in real time the net effect of an increase in the A/S from 7 million to 1 Billion immediately following the R/S. Accordingly, instead of all the whining going on here we can warn versus cheerlead and make a change in how this company moves forward. If volume falls because newbie are not blind to the history of this company, then the company may be forced to provide more communication to us, and to rethink its strategy of huge dilution to raise money. If the company cannot raise money to pay salaries, etc., then the company will become insolvent, or be delisted, or completely switch gears and do the right thing and keep our shareholder value. No one is going to convince me that spending 3 plus million and 36 million shares to buy two mines is smart when it should be working with the assets its already has, and keeping shareholder value. After the money spent, and shares issued, the company IS NO BETTER POSITION TO GO OPERATIONAL OR SELL. They own a few more mines but are still broke. They own a few more mines but have diluted the shareholders who got them to this point. They own a few more mines but must still sell shares to pay bills. The company should have concentrated on the mill, and the mines it has instead of this shotgun and dilution approach. IMO gg
Can someone please post a link to the SEC website on this Board in the paste up so that all newbies can use it for their own DD prior to purchasing this stock? I only think it is fair that new shareholders thinking about a purchase see the ENTIRE history of this company instead of the news associated with only the new symbol. Thank you. gg
Brendan, I see the pps going sub-penny on a downward spiral unless "an event" occurs. The existing shareholders have lost confidence and patience. However, most are in too deep to sell for a large loss; or like me, there is a slight hope that something good may still come out of this and it would be worse to have panicked and sold. The REPRESENTATIONS made by the company and its principals are the only thing keeping me in this stock at this time. It's hard to keep faith, but its the only thing left. If those representations turn out to be misrepresentations, then there will be legal action, complaints to every enforcement agency out there, not only by me, but by most longs here. I am willing to stay in this, and hope for the best on the chance that something good will break in the next 6 weeks. I say this because chances are something is being worked out, just as with learning of the mine purchases a few days ago. The biggest issue is - where is the money coming from to pay the 3 million plus by January 6th irrespective of the 12 and 24 million share lock-up as part of the sale? There is no way the company went into the purchase agreements blindly and on the hope it could raise over 3 million in 60 days selling shares on a fast sliding downward scale beginning with about .15 per share. That's just not logical. So, there has to be financing. And, it has to be a lot bigger than enough to just buy two mines and not have any money to do anything with them. And, anyone selling a mine for millions of shares, or a financer providing funds for the purchase, would have to be incompetent to trade assets and funds for shares that will be worth nothing due to dilution. That goes for the 5% smelter fee. Who would lock up their potentially highly valued asset just before a boom in silver and gold to get 5% of ZERO because the company is incapable of moving forward? This is the hope for an event soon, that would raise the pps, or cause value in some other form. Just my opinion. gg
Congratulations shareholders. At pps of .10 the market cap is now just about equal to the actual cash bond sitting with DRMS (i.e., about 500k). That means today the company is worth only its cash posted on bond - no value to anything else. No value to the permit, nor any value to gold and silver claims. This is company management that has let this occur. They say nothing, all the while the pps sinks. They use millions of shares to make new purchases, all to the detriment of its existing shareholders. If this company sold its assets at 25 million dollars with 5.8 million shares outstanding, the gain to investors would be approximately $4.30 per share. For most, post R/S it would be a 200% gain. And, I find it hard to believe that the mill, permit and mines in possession or control aren't worth 25 million on a fire sale. Now, with the pending closing on 2 extra mines, the outstanding shares will be about 42 million (without further dilution). A fire sale at 25 million under these circumstances would be about .60 per share. This represents a post R/S break even, or large loss for most or all shareholders. I only bring this up because the company is no closer to operational with the purchase of the two extra mines, as without them. The company still cannot go operational without money. So, we get diluted like before. And, where is the company going to get the 3 plus million to close the mine purchases by January 6th? If financing is being put into place, which makes sense, then what terms favorable to financing will be further dilution to shareholders? When and/or if this company sells or goes operational, the shareholdres pre R/S will have lost everything. Anyone buying at any post R/S price, or today's, or tomorrow's, will learn the hard way. The buying now must be newbies to this company who see no history with the new symbol, and maybe arebnot savy enough to go the SEC website where they can see the entire history of filings on this company. Because, anyone who does DD and sees the entire history, representations made by company officials along the way, and the increase to 1 billion shares post R/S, would not touch this stock! It didn't have to be this way. The company was primed at R/S with low share structure, and then goes to 1 billion. Not a very smart move. And, the proof is in the drop in the pps like a rock. The pps will keep going south about 5 to 15 percent each day under these circumstances.
ALL IN MY OPINION. GG
I always thought that the company owned the Silver Wing Mine. The Fact Sheet put out by the company, and posted on this Board, for which I just printed out, gives the impression that the company owns four mines, to include, the Silver Wing Mine. My question is: Why is the company now purchasing it if the fact sheet made it look like it already owned it? gg
The good news is that maybe, just maybe, the dilution will not occur as previously thought based upon the terms of the purchase of the Silver Wing Mine. The seller is getting 12 million shares locked up for 4 years, plus a payoff of $60,352.88 on the bank note, plus $50,000 by 1/6/13. What seller would be willing to lock up 12 million shares for 4 years without any safeguards as to the dilution of its 12 million shares. In other words, if the billion shares authorized are released over the ensuing months, the 12 million shares used to purchase the mine become just as worthless as our current shares. However, the seller does get a net smelter royalty, but then again 5% of a defunct company is still 0 at the end of the day. On the flip side, the Champion Mine is a little disconcerting. The same analogy with the purchase for 24 million shares as discussed above applies. However, the payment of 3 million dollars by 1/6/13 is the big question mark. Where are they getting this money? There is no way the company is raising 3 million on selling shares with dilution by that date (not to mention pay Guyer's salary and company expenses in the interim). It would suggest that something else is in the works to be concluded by 12/31/12. Any ideas? Overall, if it takes the issuance of only 36 million shares on top of the outstanding 6 to 7 million shares to make this happen, then it could work out good for the shareholders. The key is no dilution beyond making the ownership of these mines final. A buyout in the form of an asset purchase would require all these ducks to be put in a row. But, then again, the issue of a buyout seems less when strings are attached with a 99 year net smelter royalty. IMO gg
If you bought at the ask today at .25, it has to be hard seeing the pps at .17, with a bid at .12. This will continue down and down, over and over, until the company retracts the A/S increase to 1 billion. IT DID NOT NEED TO GO TO 1 BILLION, AND THE SAME WAS RECKLESS TO THE EXISTING SHAREHOLDERS. Why would any investor buy at any price knowing that their investment will more than likely worth less by the end of the day? JMO gg
The company's website says it all - nothing, because they do not care enough to update website as much as update shareholders. They have it all wrong - they think we are here to blindly buy shares from them. This worked before the R/S, but the arogant increase of the A/S to 1 billion IMMEDIATELY following the R/S to 7 million has shareholders thinking differently. Just check out the volume, and the pps sinking like a rock in water. I said it before, either the company has something lined up and doesn't care about the noise of the day with trading; or on the other side it really will release mountains of shares for sale to continue funding. Common sense and logic would lead any reasonable person to believe that with all the potential this company has, the mining permit, the preliminary assays, etc., that a move to increase the share structure to ridiculous numbers following a R/S that completely brought the share structure under control and maintained value for existing shareholders would be considered totally incompetent. I am concerned that we were teased with preliminary assays, but have not yet seen a release of assay results. If the company has them, they should have been able to get financing in place upon approval of the permit, as well as, post R/S. If the company has not done assay results yet (final), then what is the problem? Tell us. If the company has assay results, and they are not good, and they are intentionally not releasing the same, then such action would be a complete misrepresentation to shareholders, i.e., selling shares to something that doesn't exist and they know it. Forward looking statements doesn't cover the peddling of shares when you are sitting on information that you know makes the company worthless but are holding back from shareholders while at the same time leading investors to believe differently. I am not going to jump to any of these possible conclusions, but if, at the end of the day, becomes apparent that they are acting only in their self interest as principals, and AGAINST THE INTERESTS OF SHAREHOLDERS, I will be more than happy to be the first named plaintiff on a class action against the company and its principals individually. For now, I am hoping for the best, and that the company's lack of communication is just the way they do business, albeit wrong. JMO gg
Brendan, whatever he is doing, he completely ignores us. I would hardly call a PR on increasing shareholder value the form of communication we deserve. Our buying of shares have allowed this company to get to where it is now. The company principals have lost sight of that fact. Just look at today's volume "0." This is a first for zero volume well into the trading day. This should send a message to Guyer and company. I used to be positive about the company and its principals. However, the blatant increase of the A/S to 1 billion within a day of the post R/S to 7 million was a huge slap in our face. In fact, it sends the screaming message that they don't care about shareholders. So, we stop buying. I would rather see this delisted for inactivity than for another huge dilution. JMO gg
Bid at .12, no volume. Congratulations Guyer and company. Way to go with the increase in A/S so ridiculously high as to ensure that no one wants to buy this stock post R/S. And, by the way, you still have not answered my letter to investors relations. It's hard to not think that by ignoring my email to investors relations that you simply do not care about your shareholders, but at the same time keep printing information about how you are creating value for the company and shareholders. Maybe the company should rethink its strategy. Keep selling shares on the cheap, raising a little here and there, or keep a tight share structure, and sell a little here and there, but bring in the same amount. The increase to 1 Billion following the R/S to 7 million, and within days, makes this a laughing stock. JMO gg
Just a hypothetical: If you use .20 as average today, with volume of about 2,300, and assume for a moment that the company is selling all 2,300 shares then the grand whopping total raised is approximately $460.00. Nice move Guyer and company! Way to keep your loyal shareholders, who by the way got you to this point, still buying.
I have written investors relations at Colorado Goldfields, and of course, GOT NO RESPONSE. I asked the company to rescind the increase in the A/S as it is counterproductive to raising capital.
I will make it my mission to see justice against this company and its principals.
gg