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Anyone have their TDA account switched to Schwab? How did it go? Any problems with the transfer?
Spoke to a FINRA representative who confirmed that there is an application for a name & symbol change for GVSI that was submitted about a month ago but has not been decided yet.
GVSI now trading on TD Ameritrade.
"Sharp did his part" Post proof that Sharp stated or tweeted that he has answered all OTC questions, provided all documentation & that he returned it to the OTC.
Sharp said he was expecting the OTC to ask for more information when he applied & he was right. Sharp obviously knew that the application would not be acceptable when he filed it. The question that Sharp REFUSES to disclose to shareholders & the market is WHAT INFORMATION IS THE OTC ASKING SHARP FOR? Nothing but crickets from THE OTC WHIZ. Could it be the preferred shares designation? Anyone know for sure what the OTC is asking for?
"I don't see anything incorrect with those tweets. December is still 6 months away. He has plenty of time to get it right."...... What an ignorant statement.........Not this December, LAST December. LMAO..
Here are examples of false & misleading tweets by Sharp.............Why doesn't GVSI have a refiled and SEC approved Form 10? George Sharp said he would refile it in December but never did.
Quote:@OTCpinkGVSI
During the SEC review it was discovered that the designation of a class of pref shares issued by $GV*I's previous management is missing... On the SEC's advice, management has decided to withdraw the Form 10 and refile in December so that corrections can be made with the Nevada SOS.
Nothing has been done.
Why hasn't George Sharp petitioned the court to cancel the preferred like he said he would?
"What are some examples of Rule 10b-5 violations?
In addition to the examples of securities fraud discussed in the introduction, Rule 10b-5 violations include but are not limited to:
False or misleading statements made by a corporate executive intended to increase market share price".......Sharp is 100% guilty of this one & will be prosecuted for it. Sharp has left a paper trail of purposely misleading or false tweets that will prove he was in violation of Rule 10b-5.
" But he said it's either that OR "...assign designation" to them. Certainly that shouldn't be too difficult to acquire."... Like the motion to cancel the preferred, "assign designation" is very easy do do, & takes little time for a competent lawyer to submit. Sharp has not submitted either because he CAN'T SUBSTANCIATE to the court why the court should cancel or assign designation to the preferred shares. Sharp continues to purposely mislead & lie to GVSI shareholders about bringing GVSI current. Like it or not, THAT'S THE BOTTOM LINE.
The perplexing GVSI question is why Sharp hasn't filed a motion in court to cancel the preferred stock like he said he would. Filing a motion is a simple process that any competent lawyer could easily do.......................Motion Basics
Under the court’s rules, a motion must:
Be in writing (NRCP 7(b); JCRCP 7(b))
State exactly what grounds you have for the request you are making
This is called a “memorandum of points and authorities.” The memorandum is where you set out the facts of the case, the relevant law, and your analysis of the facts and the law, all of which supports whatever request you are making.
If you fail to support your motion without a memorandum of points and authorities, the court could deny the motion because you have implicitly admitted THERE IS NO BASIS FOR IT.(EDCR 2.20(c); JCRLV 11(a).)
State specifically what you are asking for and what you want the judge to order.
Be signed by you.
Contain a “NOTICE OF MOTION” (EDCR 2.20(b); JCRLV 22.5(a))
The “notice of motion” is where the court clerk inserts the date, time, and place the motion will be heard by the judge.............Bottom line is Sharp should have submitted this motion five months ago but didn't. Why? Bottom line: SHARP CANT PROIDE FOR THE COURT THE REQUIRED MEMORANDUM OF POINTS & AUTHORITIES TO SUPPORT CANCELLING THE PREFERRED STOCK.
The perplexing GVSI question is why Sharp hasn't filed a motion in court to cancel the preferred stock like he said he would. Filing a motion is a simple process that any competent lawyer could easily do.......................Motion Basics
Under the court’s rules, a motion must:
Be in writing (NRCP 7(b); JCRCP 7(b))
State exactly what grounds you have for the request you are making
This is called a “memorandum of points and authorities.” The memorandum is where you set out the facts of the case, the relevant law, and your analysis of the facts and the law, all of which supports whatever request you are making.
If you fail to support your motion without a memorandum of points and authorities, the court could deny the motion because you have implicitly admitted there is no basis for it. (EDCR 2.20(c); JCRLV 11(a).)
State specifically what you are asking for and what you want the judge to order.
Be signed by you.
Contain a “NOTICE OF MOTION” (EDCR 2.20(b); JCRLV 22.5(a))
The “notice of motion” is where the court clerk inserts the date, time, and place the motion will be heard by the judge.............Bottom line is Sharp should have submitted this motion three months ago but didn't. Assuming Sharp still owns 20 million shares, it is in Sharps best interest to file this motion ASAP but he hasn't. Why? Bottom line: SHARP CANT PROIDE FOR THE COURT THE MEMORANDUM OF POINTS & AUTHORITIES TO SUPPORT CANCELLING THE PREFERRED STOCK.
Why hasn't Sharp resolved the GVSI preferred shares problem?
Why hasn't Sharp filed a motion in court to cancel the preferred shares three months after he told GVSI shareholders he would?".........The answers to these two questions is clear & obvious. ........Sharp hasn't filed the motion to cancel because he CANT PROVIDE to the court, as REQUIRED by the court, a memorandum of points & authorities to support the cancelling of the preferred stock.... FAILURE to support a motion without a memorandum of points and authorities, the court could deny the motion because you have implicitly admitted there is NO BASIS for it. (EDCR 2.20(c); JCRLV 11(a).)....That's the bottom line & Sharp doesn't have the testicular fortitude to admit the truth.
George Sharp is the GVSI DREAM CRUSHER. Sharp can't provide the "designation of preferred shares" that the SEC requires for GVSI to become current even though Sharp claims to have his lawyers & accountants working on it for at least 3 months. Sharp's credibility along with GVSI share price has collapsed because GVSI can't become current. GVSI shareholders have become bag holders with their dreams of riches, early retirement & glory crushed by Sharp the GVSI dream crusher. Sharp may be subjected to many lawsuits for breach of fiduciary responsibility, misleading investors & manipulation of the share price.
"Why hasn't Sharp resolved the preferred shares?
Why hasn't Sharp furthered the court case?".........The answers to these two questions is clear & obvious. ........Sharp can't provide to the court memorandum of points & authorities to support cancelling the preferred stock.... Failure to support a motion with a memorandum of points and authorities, the court could deny the motion because you have implicitly admitted there is no basis for it. (EDCR 2.20(c); JCRLV 11(a).)
The mystifying GVSI question is why Sharp hasn't filed a motion in court to cancel the preferred stock like he said he would. Filing a motion is a simple process that any competent lawyer could easily do.......................Motion Basics
Under the court’s rules, a motion must:
Be in writing (NRCP 7(b); JCRCP 7(b))
State exactly what grounds you have for the request you are making
This is called a “memorandum of points and authorities.” The memorandum is where you set out the facts of the case, the relevant law, and your analysis of the facts and the law, all of which supports whatever request you are making.
If you fail to support your motion with a memorandum of points and authorities, the court could deny the motion because you have implicitly admitted there is no basis for it. (EDCR 2.20(c); JCRLV 11(a).)
State specifically what you are asking for and what you want the judge to order
Be signed by you
Contain a “notice of motion” (EDCR 2.20(b); JCRLV 22.5(a))
The “notice of motion” is where the court clerk inserts the date, time, and place the motion will be heard by the judge.............Bottom line is Sharp should have submitted this motion a month ago but didn't. Assuming Sharp still owns 20 million shares, it is in Sharps best interest to file this motion ASAP but he hasn't. Why? No memorandum of points & authorities to support cancelling the preferred stock?
Sharp could easily be sued for breach of fiduciary responsibility, purposely misleading GVSI shareholders & the market, & stock price manipulation.
"So where is the petition, where is the form 10?".................It's where the water flows, it's where the wind blows.
You have provide all the stone cold PROOF needed for many lawsuits against Sharp for purposely misleading GVSI shareholders & the market.
It's not in the court because Sharp has failed to file the motion to cancel the preferred stock with the court.
The perplexing GVSI question is why Sharp hasn't filed a motion in court to cancel the preferred stock like he said he would. Filing a motion is a simple process that any competent lawyer could easily do.......................Motion Basics
Under the court’s rules, a motion must:
Be in writing (NRCP 7(b); JCRCP 7(b))
State exactly what grounds you have for the request you are making
This is called a “memorandum of points and authorities.” The memorandum is where you set out the facts of the case, the relevant law, and your analysis of the facts and the law, all of which supports whatever request you are making.
If you fail to support your motion with a memorandum of points and authorities, the court could deny the motion because you have implicitly admitted there is no basis for it. (EDCR 2.20(c); JCRLV 11(a).)
State specifically what you are asking for and what you want the judge to order
Be signed by you
Contain a “notice of motion” (EDCR 2.20(b); JCRLV 22.5(a))
The “notice of motion” is where the court clerk inserts the date, time, and place the motion will be heard by the judge.............Bottom line is Sharp should have submitted this motion a month ago but didn't. Assuming Sharp still owns 20 million shares, it is in Sharps best interest to file this motion ASAP but he hasn't. Why? No memorandum of points & authorities to support cancelling the preferred stock?
A motion is a written request or proposal to the court to obtain an asked-for order, ruling, or direction. Sharp stated he was going to file a motion in court to cancel the preferred shares in January so GVSI could be current. Sharp has FAILED to file the motion, using the lame "I'm working on it" excuse, the share price has collapsed & GVSI is still not current. However, Sharp had no problem filing a motion to cancel 5 million GOFF PREFERRED shares. ..................................................................................".$GOFF Order Granting Motion to Cancel Shares of Goff Stock on an Order Shortening Time
It is further ordered, adjudged and decreed that the 50 million shares of GOFF common Stock and 5 million shares of GOFF PREFERRED stock that were registered to Calasse are hereby cancelled."
GVSI is the ultimate example of HOPIUM. That's all GVSI shareholders have left after Sharp's total failure to solve the preferred share fiasco & bring GVSI current..... "Hopium
In securities trading a trader is said to be under the influence of the fictional narcotic hopium when she/he finds themselves deeply in the negative on the wrong side of a trade. The trader will continue to hold the position in the hopes that the security will return to the value at which they acquired it. (eg. staying long in a stock position when the price continues to plummet)".
"Recently, GOFF was able to cancel 50 million “common shares” along with another 5 million “Convertible Preferred Shares”....Sharp can cancel preferred shares for GOFF, but cant cancel the GVIS preferred.
George Sharp is the GVSI DREAM CRUSHER. Sharp can't provide the "designation of preferred shares" that the SEC requires for GVSI to become current even though Sharp claims to have his lawyers & accountants working on it for at least 2 months. Sharp's credibility along with GVSI share price has collapsed because GVSI can't become current. GVSI shareholders have become bag holders with their dreams of riches, early retirement & glory crushed by Sharp the GVSI dream crusher. Sharp may be subjected to many lawsuits for misleading investors & manipulation of the share price.
" but he’s invested too much money in this he won’t let it go at this point".....You can take it to the bank that Sharp has recovered any money invested in GVSI long ago by selling off some of his GVSI stock.
The SEC is requiring Sharp "to provide the designation of a class of pref shares". Sharp, after almost two months, has failed to provide the designation to the SEC & complete the form so GVSI can be bought in the USA again. Sharp cries he has lawyers & accountants working on this yet Sharp still can't provide the "designation of the preferred shares". This is a relatively simple request by the SEC, but no response from Sharp because he cant provide the answer. A BIG RED flag for all GVSI shareholders.
Bottom line, if Sharp could get it done, he would have done it last month. Sharp cant solve the preferred share issue with the SEC. A BIG red flag or GVSI shareholders.
Sharp's credibility is rapidly crumbling as he fails to deliver for GVSI, SRNW & GOFF. The reason why Sharp has not submitted the corrected form 10 for GVSI is that he can't provide the designation of preferred shares the SEC required. Very ominous for all GVSI shareholders as the share price crumbles along with Sharp's crumbling credibility.
This is what the SEC told Sharp was missing from the form 10 for GVSI become current. Sharp told the market he would submit the corrected form last December: "During the SEC review it was discovered that the designation of a class of pref shares issued by $GVSI's previous management is missing." Exactly what does the term "DESIGNATION" mean & what does Sharp have to do that apparently Sharp hasn't or cant do, to satisfy the SEC & bring GVSI current?
Exactly what does ''the designation of a class of preferred shares is missing" mean & what does Sharp have to do to solve the issue & file a new form 10?
GVSI is now the ultimate HOPIUM stock...Hopium definition:
An addiction to false hopes, combined with the delusion of potential fame/greatness.
"Not sure why a timeline matters" This has to be one of the most ignorant posts that ever appeared on this board. Sharp & GVSI credibility on the line for all GVSI shareholders after three false starts That's the reasons the time line matters. LMAO, What a HOOT!
"During the SEC review it was discovered that the designation of a class of pref shares issued by $GVSI's previous management is missing." What does the term "DESIGNATION" mean?? This was posted yesterday & no shareholder or non shareholder answered, clearly illustrating that no one knows what the critical word DESIGNATION means or refers to.
"During the SEC review it was discovered that the designation of a class of pref shares issued by $GVSI's previous management is missing." What does the term "DESIGNATION" mean?
It would only take very low volume Canadian buying to move the stock up, just as it takes verry low volume Canadian selling to move the stock down.
Why is the GVSI share price NOT RISING on decent volume when the market sees that GOFF is current & the share price has more than doubled with no merger info yet?
On July 26, Sharp tweeted: I hate posting this, but I got to get y'all off my back. FINS FOR GVSI ARE READY. Waiting for access to OTCIQ portal. Today Sharp posted that the hold up is BECAUSE the FINS are NOT READY. What? The fins are ready on July 26, today they are NOT ready?
Tweet from Mr. Sharp:
The process has begun to register $GOFF $SRNW & $GVSI as SEC reporters, as will be evident through 8-Ks & Form 10s, that are soon to be filed. This is for the benefit of the POTENTIAL acquisition targets who require funding options available specifically to reporting issuers.
Revisiting Caledonia Mining - No Developments On M&A And I Remain Bearish
Aug. 26, 2021 8:55 AM ETCaledonia Mining Corporation Plc (CMCL)1 Like
Gold Panda
Contributor Since 2015
- Disclosure: I am not a financial adviser. All articles are my opinion - they are not suggestions to buy or sell any securities. Perform your own due diligence and consult a financial professional before trading.
Summary
The company is on track to boost production at Blanket to 80koz per year by 2022.
The mine life stretches to 2034, but this is based on inferred resources.
Reserves at Blanket were just 527koz of gold as of the start of 2020 and Zimbabwe is a terrible mining jurisdiction.
Also, the Glen Hume property was impaired and there have been no updates on the potential purchase of the Isabella-McCays-Bubi mines.
I continue to be bearish and the short borrow fee rate stands at 1.69% as of the time of writing.
Bear icon
Maciej Koza/iStock via Getty Images
Investment thesis
In January, I wrote a bearish article on SA about Zimbabwe-focused gold miner Caledonia Mining (NYSE:CMCL). The company aimed to become a 500koz/year gold producer but the latest quarterly report looks unimpressive. Also, the Glen Hume property was impaired, and there have been no updates on the potential purchase of the Isabella-McCays-Bubi mines.
Caledonia's valuation has decreased significantly since my previous article but I remain bearish as the prospects for the company now look worse than before. Let's review.
Overview of the operations and the financials
In case you haven't read my previous articles on Caledonia, here is a quick overview of the operations. The company's main asset is a 64% interest in the Blanket gold mine, which is located on the northwest limb of the Gwanda Greenstone Belt in Zimbabwe. This is the largest gold mine in a belt which had 268 operating mines at its peak.
(Source: Caledonia Mining)
Blanket has so far produced over a million ounces of gold and its output stood at 16,710 ounces in Q2 2021. As you can see from the charts below, the grades have been decreasing over the past decade but the production has been improving as Caledonia keeps boosting the mined volume.
(Source: Caledonia Mining)
Caledonia's aim is to reach an annual production rate of 80,000 ounces of gold and is close to achieving this. Blanket is comprised of five significantly independent near vertical ore bodies and Caledonia the Central Shaft project last quarter. With this, July production reached almost 6,000 ounces. Overall, Caledonia has invested around $67 million into expanding its production rate since January 2015, which was fully funded from internal cash flows. This is impressive.
(Source: Caledonia Mining)
Blanket has a mine life stretching 13 years and is generating EBITDA of $14 million per quarter even before the expansion. Also, Caledonia has just around $0.2 million in debts and over $16 million in cash.
(Source: Caledonia Mining)
Why in the world would I be bearish on this one? Well, the main reasons are mining jurisdiction and reserves.
Zimbabwe is a terrible mining jurisdiction and this is why there are almost no mines left there today. The country has a history of nationalization plans for parts of its mining industry and is currently struggling with food and fuel shortages, electricity supply disruptions, soaring inflation, and an imploding currency.
Looking at the reserves, keep in mind that Blanket's 13-year mine life is based on resources. Sure, the mine has a very good track record of replacing reserves, but it's dangerous to base your mine life on inferred resources. As of January 2020, Blanket had proven and probable gold reserves of just 527koz.
(Source: Caledonia Mining, page 6 here)
If you take into account only measured and indicated resources, the mine life ends in 2026.
(Source: Caledonia Mining, page 131 here)
Oh and keep in mind that Caledonia owns less than two-thirds of Blanket, which means that the attributable reserves were just 337koz as of January 2020. With this in mind, Caledonia looks like a value trap.
Let's move onto why I think the prospects for the company now look worse than before. There are two main reasons. First, gold prices are lower today compared to January:
(Source: Gold Price)
Second, I'm unimpressed by the recent exploration and M&A developments. Caledonia disclosed in its Q2 financials that it impaired the Glen Hume property near Gweru following disappointing exploration results. That's $3.5 million down the drain.
(Source: Caledonia Mining, page 18 here)
In addition, there has been no development in regards to a rumor that Caledonia was planning to buy the mothballed Isabella-McCays-Bubi mines in northwest Zimbabwe. The latter is said to have the potential to produce over 200koz of gold per year. It seems that Caledonia Mining is back to focusing on Blanket and I just don't see a way the company can achieve its ambition of growing output to 500koz per year.
Caledonia has a market capitalization of $147.1 million as of the time of writing. Blanket had a net present value (NPV) of $191 million according to the May 2021 technical report.
(Source: Caledonia Mining, page 12 here)
Keep in mind that 64% of this sum is $122.2 million. In view of this, I think Caledonia looks overvalued and investors can take advantage of this by short-selling the shares. According to data from Fintel, the short borrow fee rate stands at 1.69% as of the time of writing.
Investor takeaway
I view Blanket as a relatively small gold mine that has pretty low all-in sustaining costs (AISC). The problem is that the mine is located in Zimbabwe and reserves are low. Caledonia has done a good job at Blanket over the past several years, but I just don't see a clear path to a production profile of 500koz per year anymore. The company is already valued at above its NPV and I think it deserves to be trading at a discount due to the jurisdiction. In light of this, I view the company as overvalued.
I see two major risks for the bear case at the moment. First, gold prices might increase in the future. Central banks across the world are currently injecting record amounts of liquidity into the financial system due to the Covid-19 pandemic and gold is seen by many investors as a safe haven against inflation and currency depreciation (personally, I prefer real estate). Second, Caledonia could have success on the exploration front over the next few years, thus significantly boosting reserves. This, in turn, would increase Blanket's NPV.
TDAmeritrade & Schwab have pushed forward the no bid date to Sept 3rd.