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I wish CYBL would do something which would make me a confident buyer--sure is a tempting level, but gun shy, too!
fedex--thanks--but--too busy with a zillion things going on--sorry!
is there any new information in the brochure?
easyknit up again..................
just a cut and paste from yahoo in case others might be interested
The best news of the day re: WITM (2 Ratings) 15-Mar-07 04:28 pm As per the SEC form 8k released today, it should be noted that the massive options grant handed Mr. King is exercisable at a WITM stock price of 1.02
What that means is that Mr. King is highly motivated to ensure that 1.02 remains the absolute floor in the stock, otherwise his 3 million options are effectively worthless.
In other words, 1.02 should serve as the "unofficial" floor price in the stock from this point forward. That is certainly an important that is worth repeating.
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the guy who runs The Signature Fund is posting under "alfie" on Yahoo board and says he has a big WITM position and is adding, and everything appears on track
"He's on the plane to HK Friday to nail down a LOI on 616"
PR on easyknit LOI oughta come early next week IMO, possibly even Monday first thing
I figure attorney's have had enough time to do their thing by now
merger news oughta move this good
Boston roadshow summaries from Yahoo board
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I was just at the Boston road show (8 Ratings) 15-Mar-07 03:25 pm there were approx 70 brokers there... many of which were power equity guys.. SK was raw power...based on what was discussed the merger is imminent.. there are 5 multi million dollar cash flow mines that have been indentified out of 80 potential merger candidates.. SSC is an open checkbook for WITM....
Manaashan alone will generate a minimum $90mil in revs w/ $15,000,000 free cash flow ... I expect by the finalization and tender of WITM shs to 0616 that we will have 9+ properties ..some in which has HARD ASSETS VALUE and many that generate huge cahs flow in excess of $300mil on over $1.5 BILLION in REVENUES
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Re: I was just at the Boston road show (3 Ratings) 15-Mar-07 04:11 pm I too was at the Boston meeting and while moshtrader's enthusiasm and use of CAPS may smell of hype, I can confirm the validity of what he posted...it came straight from King's mouth. While there were a lot of blue blood skeptics in attendance asking the same old questions the most impressive takeaways for me were:
1) the management team is solid
2) they are focused on maximizing shareholder value.
The question of burn rate came up again (I believe it did in Philly as previously posted) King stated in clear terms, that they are not looking to raise money, their burn is <$4Million per year and the merger with 616, along with acquisition of producing assets will provide plenty of cash for them to continue operations with existing assets and pursue opportunties with new candidates (of which 5 are being investigated in HK now - he indicated that they were in Bauxite, Nickel, Gold, Silver and Iron Ore)
The recently announced deal (Tuesday) is exclusive of final merger with 616 and should be completed by mid-May King said. He's on the plane to HK Friday to nail down a LOI on 616...I was happy I went, just wish they served something besides fish...
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today's another roadshow day--boston if I recall
WITM gonna go here!!!
WITM nearing breakout territory
lol--I'm no expert--trying to figure out what's going on as much as anyone else!
$3-5 when tire manufacturer(s) inserts rfid in all new truck tires imo--getting closer--maybe second half this year--but who knows...
nice news!
EasyKnit keeps looking super strong!
thanks bb!
could you maybe do an annotated WITM chart bb--would be great!--btw, rumor on RB of news tomorrow concerning another China mine LOI
keep your eyes on WITM tomorrow!!!!!!!!!!!!!!!!
close at hod
if we bust thru 1.25, watch out!!! plane trip to China Friday; merger signatures possible Monday premarket, considering China day is over by market open.....
with a name like fedex, I'll bet he delivers! <sorry>
great! rumor of new mine LOI tomorrow over on Yahoo and RB; looking good for tomorrow!
Philadelphia meeting (7 Ratings) 14-Mar-07 12:06 am Hi all, took me awhile to settle down and write. I attended the Philadelphia investors meeting today with Stephen King and Deb Kramer. Don't think there's anything earth shattering in this summary, just good confirmation of everything that's going right with Wits. see my summary below .....
My notes from the WITM Investors meeting at the Ritz Carlton Hotel in Philadelphia, PA, on Tuesday, March 13, 2007, 11:45 AM – 1:15 PM.
Meeting was moved from the Moudon Room to the Pavillion Room, not sure if that was because of the size of the group or not. There were about 40 people present. We sat 5 – 8 to a table. I immediately was introduced to the organizer of the event, Marvin Roffman of Roffman Miller Associates, of Philadelphia (https://www.roffmanmiller.com/ROFFMANMIL... and I had the good fortune to meet ajh7025 from the Yahoo WITM bulletin board. I was also immediately greated by Stephen King and Deb Kramer, who is handling some or all of the PR for the company. I introduced myself as a shareholder and a contributor to some stock message boards. She asked which ones. I had the impression she was familiar with some of the boards.
For those of you not familiar with the Ritz-Carlton, it’s adjacent to city hall on the Avenue of the Arts (aka Broad Street – south).
As people filtered into the meeting room, Mr. King enthusiastically introduced himself to everyone. There was only one woman in the bunch of us. I’d say the average age of attendees was about 55 years. We had lunch and I got to meet and talk to a fellow board members (Yahoo board that is) ajh7025 who is a real gentleman. Ajh7025 was broadcasting the meeting over his phone to a fellow board Yahoo member who was recording it. (about half way through our meal, I realized we screwed up because there was an empty seat or two at Mr. King’s table)
Just before dessert, our host Mr. Roffman introduced Mr. King and explained that when Wits set this meeting up, the shares were trading at 30 cents (chuckles in the room). Mr. Roffman also gave a little background on King, that he joined the company about 8 months ago and has background in management of public companies and real estate deals.
Mr. King spoke without a mike from the center of the room with powerpoint slide presentation projected to the front. Many of the slides were from various previous Dutton reports so I didn’t hardly look at the slides. At the same time all attendees received a spiral bound report with some of the same information as the powerpoint presentation. King started by explaining that until now Wits Basin was an explorer but they will shortly be a producer as the Maanshan Mining China deal was announced this morning. He went into some detail as to what the production numbers were today and where they expect it to ramp up to. Unfortunately I didn’t scribble fast enough. From my notes I have 1 million and 30 million but for the life of me I can’t remember what they referred to. This part of the Maanshan discussion should be gone back over and checked.
Mr. King said their strategy is to buy as many Chinese mining properties as possible. The reason this works is you have lots of capital in Honk Kong market and relatively cheap land in China. King said the Hong Kong investment community has a great desire for hard assets, land and resources. Easyknit market cap went from $20 million to $200 million USD once they indicated they wanted to be in mining. Then when they started talking to Wits it went to $600 million. Now it’s at about $1.2 billion. At that point, two of the guys sitting at the table with me started shaking their heads (I assume in disbelief).
The strategy for purchasing these mining operations is to leave the current management in place and ‘roll them up’ is what I heard. I really don’t know what he meant by that, other than simply making the income additive.
Re: Philadelphia meeting-Part 2 (4 Ratings) 14-Mar-07 12:06 am Next part of the discussion was Vianey, Mexico project. He put up the Vianey mine and geography map slides that I’m sure you’ve all seen on the Wits web site. 12 acres, 1.5 million tons at $330/ton. The deeper the ore, the better the quality so far (not new info). With a 50% interest (with Journey) that comes out to a little more than a buck a share.
Bates-Hunter was next. He discussed the history of the mine, the area, and the fact that due to the incredibly large number of very small area claims, it took a very long time to assemble them all into the current claim. He talked about the water treatment plant being in excellent shape and that he has a great rapport with the old guy that runs it, George Watton (sp?). Unfortunately he reported they’ve pumped out the water down to only 360 feet. I didn’t get any sense that there was a strong push on the de-watering process. Either that or the equipment is so limited that one guy can make it work through the entire week. There is a small mill (35 – 40 ton) on the property with a small permit but King said they would not use that as it’s too close to downtown. They plan to truck it some distance away from downtown to mill it. Someone asked what it would cost to get Bates-Hunter gold out of the ground. King replied about $200/ounce.
Next up, FSC project. Vance White started collecting the mining rights in the 1990’s. Area now totals 100 sq. miles. Lonmin of London bought AfriOre and apparently is not the least bit interested in gold properties. I got the sense that 100% interest will belong to WITM in future without too much pain (this is great news IMHO as they could have held out the 50% interest for high price). King was incredulous that Lonmin feels this way about gold. They are focused on platinum group metals. He said there was a trace of gold in the second FSC hole but not conclusive. He showed some very interesting slides showing apparently aeromagnetic data but he skipped very quickly over these due to time.
Question and answer period: There was a question about who would own what percentage of shares. King explained 43% Wits, 57% Easyknit, but now with the Maanshan deal another dilution of Easyknit by 4-5%. He expects at deals completion there will be 8 billion Easyknit shares and $50 million cash on hand.
One of the attendees had apparently read through the 8-K information and asked if they cash burn rate was $700k per month. King said no, it was closer to $1 million per quarter (I think).
Another person asked if they had selected an investment banker. King replied he had interviewed all the big players and is favouring one.
Regarding timing: King leaves for Hong Kong this Friday, March 16 to finalize the merger. The ADR’s registration will take approx. 4 ฝ months to get ADR’s listed. I asked what the probability of the merger being completed as planned was and he looked tired of answering that question. I got the feeling he gets asked that 10 times a day. He answered the question like a man on a mission. There are 4 bodies that need to approve the merger; AMEX, SEC, Hong Kong’s SEC, and (missed the last one). He felt it was just a matter of time and that Baker & McKenzie were very good.
After the structured Q & A King took one on one questions for about 10 minutes. One guy asked him whether it was an arbitrage opportunity. King said emphatically yes it was due to the huge discrepancy in price. The guy who asked this question was explaining that he was an old timer gold bug and remembered hen gold hit $850/oz. He mentioned participating in the forming of the world gold council and threw out names Jimmy Dines and Jim Sinclair. At the end, I tried to ask King about the timing of the other 4 or 5 PRC properties but he anticipated my question differently and said they had looked at close to 200 properties in PRC and selected 5 for due diligence. He was trying to get out of there asap. I couldn’t blame him given his schedule for the next 6 weeks.
from the sound of things, most likely next week
seems highly likely pps should be multiples of today within a couple weeks or so, if 0616.hk holds up....
Re: Todays Presentation? (6 Ratings) 13-Mar-07 08:49 pm Yeah I heard it and all I can say is buy Witm.ob the people who were there will eventually make their way back here and will be able to give you the live analysis. The presentation was very well done, the room was at capacity with a few people even standing.
A few simple highlights.
Wits Basin is moving to the Amex to trade by ADR, this should commence by about July 15th.
EK has 14 million cash u.s. and 35-40 million in Assets. Aprox. 50 million is what Wits will have after the merger.
Wits is looking at other cash flow properties in China.
The CEO is flying over there "to sign this deal" and will have them signed in the next couple weeks, before the end of March.
Probability of merger, -extremely high, end of story.
In negotiations to increase stake in FSC project.
Everything on track, on schedule.
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look at 3 week chart--perfect cup and handle--and selling has diminished--just gotta get goin higher imo to start a chain reaction..........is that you on hotstockmarket--cool grievous icon
WITM cup and handle complete; road show starts in 10 minutes
looks like there's gonna be several more LOIs before the merger
WITM huge news
Wits Basin Enters into a LOI to Acquire PRC Mining Property
Tuesday March 13, 6:13 am ET
MINNEAPOLIS--(BUSINESS WIRE)--Wits Basin Precious Minerals Inc. (OTCBB:WITM - News) is pleased to announce that it has entered into a letter of intent to purchase a 100% interest in "Maanshan Mining" (as described below) located in the People's Republic of China (PRC). Maanshan Mining estimates its 2007 free cash flow will be in excess of US$15,000,000.
ADVERTISEMENT
Wits Basin has obtained a financing commitment for up to US$20,000,000 to be used as a down payment on the purchase. The balance of the purchase price is to be paid for in equity securities upon completion of the merger with Easyknit Enterprises Holdings Limited (SEHK: 616 - News). The final terms of the equity issuance will be based upon completed due diligence but is estimated to be less than five percent of the outstanding share balance of the merged companies. Consummation of the purchase will require shareholder approval and is subject to various other conditions, including completion of definitive documentation.
The timing for the submission to shareholders for a vote will occur after March 31, 2007 in order to allow completion of definitive merger documents with Easyknit as well as completion of required due diligence on the Maanshan Mining properties.
About Maanshan Mining
Maanshan Mining is comprised of two operating iron mines-the Xiao Nan Shan Iron Deposits ("Xiao Nan Shan") and the Ma Tang Iron Deposits ("Ma Tang"), and a processing plant-the Nanjing Sudan Processing Plant. The principal business of Maanshan Mining is mining, the processing and selling of iron ore and concentrates.
Maanshan Mining estimates that the total iron ore available for extraction from the two mines is approximately 95 million tons, with Xiao Nan Shan at approximately 73 million tons and Ma Tang at approximately 22 million tons. Maanshan Mining believes that these extraction estimates are sufficient to allow for mining activities, under the proposed production targets, to continue for approximately 15 years.
The proximity of the two mines to its markets avails Maanshan's customers to favorably low transportation costs, especially in comparison with those of imported iron ore.
Maanshan Mining completed a new production line in June 2006, which has increased overall production of iron ore concentrates by 150% to 250,000 tons from 100,000 tons per annum previously. Furthermore, Maanshan Mining plans to increase the production capacity of its mining operations and processing capability to produce 600,000 tons of iron ore concentrates in 2007 and 1,000,000 tons of iron concentrates in 2008. This proposed increased production scale could provide tremendous growth in Maanshan Mining's financial position for 2007 and going forward.
Imports of iron ore by China in 2005 increased to 275 million tons, an increase of one-third as compared to 208 million tons imported in 2004. China continues to be the largest net importer of iron ore and it is expected that China's demand for iron ore will only increase.
About Wits Basin Precious Minerals Inc.
We are a minerals exploration and development company holding interests in three exploration projects and currently do not claim to have any mineral reserves on any project. Our common stock trades on the Over-the-Counter Bulletin Board under the symbol "WITM." To find out more about Wits Basin Precious Minerals Inc. (OTCBB:WITM - News) visit our website at www.witsbasin.com.
Forward-Looking Statements and Risk Factors
The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. Such statements are valid only as of today, and we disclaim any obligation to update this information. These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes. These risks and uncertainties include, among others, the Company's ability to obtain or maintain regulatory approvals; the Company's ability to obtain necessary financing; the Company's ability to enter into and meet all the conditions to consummate the proposed merger agreement, and other risks and uncertainties described in the Company's filings from time to time with the Securities and Exchange Commission. The Company disclaims any obligation to update its forward-looking statements.
In addition, the exploration for and development of mineral deposits involves significant financial risks, which even experience and knowledge may not eliminate, regardless of the amount of careful evaluation applied to a process. While the discovery of a mineral deposit may result in substantial rewards, few properties are ultimately developed into producing mines. Moreover, we cannot make any estimates regarding probable reserves in connection with any of our projects and any estimates relating to possible reserves are subject to significant risks. Therefore, no assurance can be given that any size of reserves or grades of reserves will be realized. If a discovery is made, the mineral deposit discovered, assuming recoverable, may differ from the reserves already discovered and recovered by others in the same region of the planned areas of exploration. Further, the cost of exploration and exploitation can be extensive and there is no assurance that we will have the resources necessary or the financing available to pursue projects we currently hold interests in or to acquire interests in other mineral exploration projects that may become available. The risks we face are numerous and detailed information regarding these risks may be found in filings made by us with the Securities and Exchange Commission, including our most recent annual report on Form 10-KSB, quarterly reports on Form 10-QSB and reports on Form 8-K.
The proposed merger with Easyknit is subject to various contingencies, including negotiation and execution of definitive documentation, completion of due diligence, receipt of required regulatory approvals, and board and shareholder approvals by both parties.
Contact:
Wits Basin Precious Minerals Inc.
Vance White, Chairman, 416-587-7323
or
Stephen King, CEO, 612-490-3419
or
Lighthouse Communications, 866-739-0390
info@lhcom.bz
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Source: Wits Basin Precious Minerals Inc.
folks, this is the real deal!!!!!
WITM merger today would put at $6, and they're heading to China next week for signatures apparently
WITM will gap and go big tomorrow--Tuesday is first day of 3 day road show--then merger signed next week most likely which would presently put WITM at about $6
WITM gonna go huge again!
WITM huge 1.20 break imminent
WITM going wild!
Hey T4M, keep yer eyes on WITM!
http://finance.yahoo.com/q/bc?s=0616.HK&t=5d
merger looks all but certain--multi-bagger in days...
All yooz guys better dd WITM pronto--rocket ride upcoming!
http://finance.yahoo.com/q/bc?s=0616.HK&t=5d