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I read in one of the previous 10Q's that they essentially gave up on the Brooklyn (I think it had to do with the ability to drain the water out). In any event, they didn't renew their option to buy it.
Assuming most of this trading was from new stock issued by the company, CGFI has probably raised about $500,000 over the past 30 to 60 days. Maybe Guyer wants to show that he has enough cash to open the mill on the next 10Q. We should see it about mid April.
??? Where's that quote from AK? Are they talking about CGFI?
Hi Flicker,
I just want to make sure that you're aware that Guyer and Rice are constrained in what they can tell you by securities regulations. They would naturally not want to talk to an investor for fear of unintentionally giving out insider information. There are stiff penalties that can fall on either them or you or both of you. At best you can communicate your desire for them to release more public info.
I wouldn't worry too much about the phone message. I own an insurance agency and call customers all of the time. I get that message quite often for various different reasons (e.g. customer forgot to pay bill on time, line dropped, customer discontinued number because he/she was being harrassed, phone turned off, etc.)
Now that we're showing $16+ million in assets, maybe Guyer can get a conventional loan to pay the $3+ million for the mines.
Volume today is over 6 million with an average price of about $.0058 so someone has made about $38K. There just aren't enough buyers to keep the price from going down with that kind of volume. Book value has nothing to do with this situation.
As I stated previously, the bond (aka Surety Bond) exists to ensure that the government has enough money to clean up the pollution created by the previous owner. Once the pollution is cleaned up there is no more need for that particular bond so the money is released/returned. As we pointed out before, a new bond may eventually be required to clean up any new pollution caused by CGFI, however, indications are that their operation will be a lot more environmentaly friendly and require less or no surety.
The reason many of us seem irritated with your questions is because we feel that they've been answered and yet you keep raising them over again a few days later as if no one responded. Regarding the reclamation bond, reread my post 61621. The funding issues were adressed in posts 61475 and 61980.
The company has issued $300,000+ of stock since last 10Q. Not sure how much of that is convertible or part of the 40 million shares allocated for contractors and employees so there may still be considerably more available on the convertibles. There's also money coming back from their $500,000 bond. We'll know more once we see the next 10Q.
Hi Bruno,
The $400k spent last year included a several hundred thousand dollar paydown on the PWM which won't be repeated.
I'm just wondering what happened to the several hundred thousand dollars that were raised in bringing the OS up to 96 million shares. I'm speculating that they could be raising startup cash in advance so as to avoid dilution later as the pps goes up with new announcements. Under this scenario, there would be nothing to break the momentum once the pps starts rising.
Hi Mod,
pps is simply a function of supply and demand as is the market cap. Market cap is simply pps x os. People are willing to sell shares at a lower and lower pps to cash out which means that there's an abundance of supply, most likely the result of dilution. In the meantime, a limited number of buyers are all looking for a bargain and are bidding at a lower and lower price.
The question is, where is the supply coming from. We've rarely seen volume of less than 1 million shares/day. The float is only about 46 million shares which is only about 20 million more than it was as of the last 10Q. Who's selling those 1 to 3 million shares each day?
If you've been watching level 2 you'll see that somebody parks a low ask, hiding the actual number of shares being sold. The closest bids will transact several hundred thousand shares before the ask moves down again and the process repeats.
Here's the current info on the fact sheet:
I wouldn't take them too serously Flicker. Several of us have taken turns at being Guyer in disguise.
As for typos, this has got to be one of the most frustating websites I've ever used. Every third or fourth character I type is skipped. I think the screen is refreshing some ad. The navigation around the board scks too.
The Yahoo site (post# 62057) shows CGFI with an "Enterprise Value" of $6.64 million. I find this intriguing since they have a separate value for "Market Cap". The only definition they give for "Enterprise Value" is "Data derived from multiple sources or calculated by Yahoo! Finance". The other odd thing is that it is calculated as of tomorrow 2/28/13.
You're being a little harsh Mod, but whatever. You forgot to connect the dots. The 5 million market cap comes from Outstanding Shares(OS) times Price Per Share (pps). However, since the OS mistakenly includes non-tradeable B shares, the market cap is incorrect and should be closer to $800,000.
Here's a new update:
CGFI Level 2
Here you go:
CGFI Level 2
Thanks Mod,
I think you've sorted it out for us. Makes more sense now. Although I still think they're off on the float.
It could include the $3 million needed for final payment on the mines plus enough cash to fund the mill startup. It could also be a surprise acquisition (although the first explanation would seem more likely).
They couldn't have sold all those shares on the market so it would have had to have been done through an investor. However, the same site also shows that their float is only 6.5 million shares, institutional holdings are 7 million (1.3%) and insiders own 10.3% although no shares were bought or sold in the last three months by insiders.
If the float is right, there have to be a lot of restricted shares.I don't believe we could be seeing all this price volatility with only a 6.5 million float. We turn over 2 to 5 million shares on many days. The numbers just leave me puzzled. That's why I'd like to see some confirmation to make sure it's not just a computer typo limited to this site.
I just noticed on my QuoteStream service that it's showing CGFI with 563,538,995 OS. Can anyone independently confirm that number? That would mean about $4.5 million + was issued by the company.
If true, they may be restricted shares or there may be something new brewing. Could be an announcement coming soon. ???
For every transaction there's a buyer and a seller. Price wouldn't be this low unless someone is selling at that price. Someone needs the cash or is just selling to drive the price down. If the supply dried up the demand would eventually force a reversal.
Sorry for the delay, I was away from the board.
Follow the link;
CGFI Level 2
Drawing on that line is the most logical explanation for our current pps. There are more shares hitting the market than the limited number of investors can absorb. Every time the pps hits a new low, we see a bargain and start buying again. But who's doing all of the selling?
Besides the cheerleaders on this board, what does this stock have going for it other than new management? There's no revenue nor solid prospect of any revenue - only rumors that something might happen. This smells like another pump and dump
RS won't do any good until revenue is flowing and company can show some real value/assets. Otherwise we'd just end up at the same price again in a few months. Once revenue flows pps will grow anyway. I agree, we need new investors. But I think best way to get them is some well timed pr's just before mill is set to go live. I think Guyer is waiting to get closer to that point before he hires a new IR rep. Not much for an IR guy to do until then but cheerlead.
I'll be traveling and unavailable most of the weekend but to answer your question, I thought the RS was inevitable. I wasn't on this board at the time but I expected the RS. I just hoped it would happen after the mill opened and the pps recovered a bit. I wasn't expecting 5000 to 1 though. In any event, I don't think management had a choice. There were several delays in the permit process that I don't think they were expecting. Nevetheless, they continued to make progress which encouraged me to continue investing(I had about 150 million shares before the RS. I'm back to 600,000)
I think Guyer taking voting control to discourage a hostile take over made sense. If we can see the potential here,so can CGFI competitors. It wouldn't have taken much cash to buy control and as I said in several of my posts, democracy for sharehlders is a mirage anyway. None of us will ever own enough shares to have any real influence.
Have faith,
Les
Regarding the other blog, join the club Bruno. They were saying I worked for the company too. They can't imagine anyone saying good things about CGFI unless they are part of a corporate conspiracy. As far as I could tell, the whole group consist of three guys doing a circle jerk. When I tried to join so I could post a response they never sent me a password. Then they criticized me for not responding.
Right on Bruno! We've both said this could go sub-penny before it gets better. Problem is more shares available (contractors, convertibles, etc.) than people to buy them. Price has to be attractive enough for the few of us who follow this stock and invest to keep us spending more. I'm bidding for another 20,000 shares. In a few months, hopefully we'll be looking back at what a bargain this was.
Knowing where you all live (City/state) might be nice.
I can't figure out a way to post the image but I've uploaded it to skydrive. See if this link works for you. Let me know.
https://skydrive.live.com/redir?resid=5AA0E3039D359D9D!129&authkey=!AHXi20eV-gV4ezA
I agree with Mod. Talk of RS at this point is pure speculation and irresponsible. There's no way management could do that prior to producing some revenue. They'd just end up back at $.01 and loose a lot of investor confidence. Once revenue is flowing there's no more reason for the DTC chill and there's a high probability it would be removed. Speculating about what could happen afterwards is about as productive as speculating when Apple will split.
As for funding, re-read my post # 61475
Talking about a another reverse split at this point is nonsense and counterproductive. Not that it couldn't happen in a few years if things go sour, but right now you're assuming that the stock price can't recover to $.50 to $1.00 range once it starts producing revenue or that the mill won't open this year as planned. We won't have serious movement on the stock price until revenue is produced no matter how you split the shares. Once the company is a going concern and able to produce value they'll be able to attract new investors.
I'm still holding to my prediction of $2 to $5 per share within two years based on your worst case scenario of 200 million OS and on what we know today about the CGFI implementation plan, even with no reverse split (see post #61466). If we're closer to 100 million OS we could be at $5 to $10/share or more.
If they can finalize those NI 43-101's and report those valuations on the next 10Q, we should definitely see some major up movement on the pps. I don't think press releases alone will do the trick or we would have seen a spike already. Keep in mind that the 10Q's are running about 45 days after the end of the quarter which would put the next one out around April 15.
On the other hand, a few more PR's will help shore up the price and may get us up a few cents. For example, if they could give us a firmer idea of how much dilution to expect before the mill opens it would give investors a lot more confidence.
Thanks Mod. You got it right. I registered for their web site but I still haven't gotten a password in my email.
To date, I've spent over $34K for my shares (about $24k pre-split) and that doesn't include the 12k post split shares I own in my Morgan Stanley account where they won't allow any more buys.
Thanks for coming to my defense Mod. You had it exactly right. I owned about 170 million shares pre-split which I purchased for an average price of between .0001 and .0002 which roughly converted to about 34,000 shares at $.75 post split. I'm back up to about 580,000 shares at just under $.06. (i.e. I've put my money where my mouth is).
I've never sold a single share of CGFI. Who knows, I may regret it later. But the folks on the other board seem to want to do nothing but bash the company. I was going to post a reply myself but they haven't pocessed my registration. They don't seem anxious to entertain opposing views.
"By building a credible story they can build speculative demand..."
This is precisely the problem CGFI should avoid right now. Speculative demand is a house of cards. They'd quickly be accused of a pump and dump as soon as something went wrong with their timetable and the price tanked. They shouldn't "pump" until they can back everything up with solid and steady results.
This is simply supply and demand folks. Trying to put a rational on investor confidence is silly. Someone had about 7 million + shares and they wanted to turn it into cash. People see a bargain at around $.01/share and are willing to take the risk. Probably most of those shares were sold to people on this board. Until we get a lot more investors interested in CGFI, the demand won't be there. This will not happen until there is solid movement on the balance sheet, whether from higher valued assets or income.
Look at it as an opportunity to buy on the cheap That's what I've been doing. I've brought my cost per share down from around $.75 post split to under $.06.
We're under 100 million OS and we'll still be making a good profit if we get to 200 million OS by the time the mill is operational. There will probably be some more dips before then. Better learn to relax and enjoy the ride.