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This might be worth a buy
RBC
Continental Gold Limited(TSX: CNL; 2.86)
Rating:
Risk Qualifier:
Price Target:
Outperform
Speculative Risk
4.50 ? 4.00
Number of key catalysts on the horizon
We expect Continental's shares could benefit from strong tailwinds with a number
of key catalysts expected shortly. Given the high-grade nature and underlying
exploration potential of Buritica, we believe interest in Continental from both
institutional investors and potentially producers is likely to increase as key
milestones are cleared. Continental remains one of our preferred exploration/
development plays.
• Environmental approval expected shortly
• The key de-risking event for Continental remains the approval of an amended
environmental license for its Buritica project in Colombia. Although the recent
share price performance would indicate investors are growing comfortable with
the likelihood for such approval, we believe the company's share price is likely to
gain further traction once approval is in hand (expected within the next couple of
months). Approval could also result in increased corporate interest in Continental
given the high-grade and prospective nature of Buritica.
• Updated resource likely to show improved grades
• We expect the upcoming resource update to demonstrate increases in both the
measured and indicated categories as in-fill drilling upgrades inferred resources.
With over 60,000 metres of drilling/sampling since the last update, we expect
grades on average could increase moderately based on drill results released to
date. The upcoming resource is expected to form the basis of the next economic
study.
• Price target lifted to C$4.50 on lower implied share dilution
• We increase our price target to C$4.50 from C$4 as a result of less implied share
dilution. Although we have not made any changes to our equity/debt funding
mix ($275M/$175M), the 49% increase in Continental's share price since our last
update (C$2.86 versus C$1.92) has resulted in our NAVPS increasing to $3.60
from $3.26. Applying an unchanged P/NAV multiple of 1.0x and CAD ($0.82
versus $0.80 previously), we derive our C$4.50 price target.
Just got increased to 30 million, down 8% today
Trevali Mining Corporation
TSX : TV
OTCQX : TREVF
LMA : TV
FRANKFURT : 4TI
Trevali Mining Corporation
May 21, 2015 10:15 ET
Trevali Mining Increases Bought-Deal Financing to $30 Million
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 21, 2015) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Trevali Mining Corporation ("Trevali" or the "Company") (TSX:TV)(LMA:TV)(OTCQX:TREVF)(FRANKFURT:4TI) announces that it has entered into an amended agreement with Dundee Securities Ltd. on behalf of a syndicate of underwriters (together, the "Underwriters"), in which the Underwriters will now purchase on a "bought deal" basis by way of short form prospectus, 30,000,000 common shares of the Company ("Shares") subject to all required regulatory approval at a price per Share of $1.02 (the "Issue Price") for gross proceeds of $30,600,000 (the "Offering").
The Underwriters have been granted an option to purchase up to an additional 15% of the Offering, exercisable in whole or in part at any time up to 30 days after the closing of the Offering (the "Option").
The Offering is scheduled to close on or about June 11, 2015. The Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.
The net proceeds of the Offering will be used to accelerate the ramp-up process and expedite optimization initiatives at the Company's Caribou Zinc mine during commissioning, and for working capital and general corporate purposes.
The Shares will be offered by way of a short form prospectus to be filed in all of the provinces of Canada, excluding Quebec, pursuant to National Instrument 44-101 - Short Form Prospectus Distributions.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
Here is why we had resistance
May 20, 2015 16:17 ET
Trevali Mining Announces $20 Million Bought-Deal Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 20, 2015) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Trevali Mining Corporation ("Trevali" or the "Company") (TSX:TV)(LMA:TV)(OTCQX:TREVF)(FRANKFURT:4TI) announces that it has entered into an agreement with Dundee Securities Ltd. on behalf of a syndicate of underwriters (together, the "Underwriters"), to purchase on a "bought deal" basis by way of short form prospectus, 19,610,000 common shares of the Company ("Shares") subject to all required regulatory approval at a price per Share of $1.02 (the "Issue Price") for gross proceeds of $20,002,200 (the "Offering").
The Underwriters have been granted an option to purchase up to an additional 15% of the Offering, exercisable in whole or in part at any time up to 30 days after the closing of the Offering (the "Option").
The Offering is scheduled to close on or about June 11, 2015. The Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.
The net proceeds of the Offering will be used to accelerate the ramp-up process and expedite optimization initiatives at the Company's Caribou Zinc mine during commissioning, and for working capital and general corporate purposes.
The Shares will be offered by way of a short form prospectus to be filed in all of the provinces of Canada, excluding Quebec, pursuant to National Instrument 44-101 - Short Form Prospectus Distributions.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
Could Apple buy a third of the world’s gold?
Frank Holmes
7 Comments|12 hours ago
Is there anything Apple can’t do?
First it revolutionized the personal computing business. Then, with the launch of the iPod in 2001, it forced the music industry to change its tune. Against initial market reservations, the company succeeded at making Star Trek-like tablets hip when it released the iPad in 2010. And in Q1 2015, a record 75 million units of its now-ubiquitous iPhone were sold around the globe. The smartphone’s operating system, iOS, currently controls a jaw-dropping 89-percent share of all systems worldwide, pushing the second-place OS, Google’s Android, down to 11 percent from 30 percent just a year ago.
As you might already know, the company that Steve Jobs built—which we own in our All American Equity Fund (GBTFX) and Holmes Macro Trends Fund (MEGAX)—is history’s largest by net capitalization. In its last quarterly report, Apple posted a record $75 billion in revenue and is now sitting pretty on a mind-boggling $180 billion in cash. Many analysts believe the company will reach a jaw-dropping $1 trillion in market cap.
So what’s Apple’s next trick?
How about moving the world’s gold market?
iGold
image: http://www.stockhouse.com/getmedia/431c2ec3-a8bf-449c-a87f-d1e6cceba8e1/apple-watch?width=200&height=152
This April, Apple will be venturing into the latest wearable gadget market, the smartwatch, joining competitors such as Samsung, Garmin and Sony. All of the models in Apple’s stable of watches look sleek and beautifully designed—just what you’d expect from Apple—and will no doubt be capable of performing all sorts of high-tech functions such as receiving text messages, monitoring the wearer’s vitals and, of course, telling time.
But the real story here is that the company’s high-end luxury model, referred to simply as the Apple Watch Edition, will come encased in 18-karat gold.
What should make this news even more exciting to gold investors is that the company expects to produce 1 million units of this particular model per month in the second quarter of 2015 alone, according to the Wall Street Journal.
That’s a lot of gold, if true. It also proves that the Love Trade is alive and well. Apple chose to use gold in its most expensive new model because the metal is revered for its beauty and rarity.
To produce such a great quantity of units, how much of the yellow metal might be needed?
For a ballpark estimate, I turn to Apple news forum TidBITS, which begins with the assumption that each Apple Watch Edition contains two troy ounces of gold. From there:
If Apple makes 1 million Apple Watch Edition units every month, that equals 24 million troy ounces of gold used per year, or roughly 746 metric tons [or tonnes].
That’s enough gold to make even a Bond villain blush, but just how much is it? About 2,500 metric tons of gold are mined per year. If Apple uses 746 metric tons every year, we’re talking about 30 percent of the world’s annual gold production.
image: http://www.stockhouse.com/getmedia/300412b5-7016-4fa3-9974-a5cdbd141b4e/sripuram-temple?width=200&height=240
To put things in perspective, the Sripuram Golden Temple in India, the world’s largest golden structure, is made from “only” 1.5 tons of the metal.
TidBITS acknowledges that the amount of gold is speculative at this point. Two troy ounces does seem pretty hyperbolic. But even if each luxury watch contains only a quarter of that, it’s still an unfathomable—perhaps even unprecedented—amount of gold for a single company, even one so large as Apple, to consume.
Ralph Aldis, portfolio manager of our Gold and Precious Metals Fund (USERX) and World Precious Minerals Fund (UNWPX), likens the idea of Apple buying a third of the world’s gold to China’s voracious consumption of the metal. As I mentioned last week, China is buying more gold right now than the total amount mined worldwide.
“If the estimates of how much gold each watch contains are close to reality, and if Apple’s able to sell as many units as it claims, it really ought to help gold prices move higher,” Ralph says.
But Can Expectations Be Met?
Here’s where this whole discussion could unravel. Although we don’t yet know what the Apple Watch Edition will retail at, it’s safe to predict that it will fall somewhere between $4,000 and $10,000, placing it in the same company as a low-end Rolex.
With that in mind, are Apple’s sales expectations too optimistic?
Possibly. But remember, this is Apple we’re talking about here. Over the years, it has sufficiently proven itself as a company that more-than-delivers on the “if you build it, they will come” philosophy. Steve Jobs aggressively cultivated a business environment that not only encourages but insists on “thinking different”—to use the company’s old slogan—risk-taking and developing must-have gadgets.
“Our whole role in life is to give you something you didn’t know you wanted,” says current Apple CEO Tim Cook. “And then once you get it, you can’t imagine your life without it.”
A perfect case study is the iPhone. When it launched in June 2007, the cell phone market was decidedly crowded. Consumers seemed content with the choices that were already available. Why did we need another phone?
Yet here we are more than eight years later, and as I pointed out earlier, 75 million iPhones were sold in the last quarter alone.
So it’s not entirely out of the realm of possibility for Apple to move 1 million $10,000 Apple Watch Editions per month.
Early in January I shared the following chart, which shows various analysts’ Apple Watch shipment forecasts for 2015, ranging from 10 million to 60 million units. Of course, all models are included here, not just the luxury model.
image: http://www.stockhouse.com/getmedia/a39850d6-6ba4-443f-b648-90f285c036a2/apple-chart-2?width=450&height=310
Looking at it now, many of the predictions seem a little understated. After all, Apple hasn’t released a dud product in at least two decades (remember the Newton?). Come April, we’ll see for sure what the demand really is—for the Apple Watch as well as gold.
Global Metals & Mining Conference
The weekend before last, I attended the BMO Metals & Mining Conference in Hollywood, Florida, along with Ralph, Brian Hicks, a portfolio manager of our Global Resources Fund (PSPFX), and junior analyst Alex Blow.
“Generally speaking, companies have streamlined operations and are focused on shareholder returns,” Brian said.
Alex came away from the conference with renewed conviction that the global climate is conducive for gold, citing central bank easing policies and increasing volatility in world currencies, both of which support the yellow metal’s performance.
“It looks as though gold has technical support and that a bottom has been reached,” he said. “If the eurozone really picks up, gold demand should rise, which would also benefit China since its primary gold export destination is the eurozone.”
Read more at http://www.stockhouse.com/opinion/independent-reports/2015/03/03/could-apple-buy-third-world-s-gold#IiCgiXU5gtXwc5RV.99
Mind-blowing: China consumes more gold than the world produces
Frank Holmes
3 Comments|5 hours ago
image: http://www.stockhouse.com/media/news-images/charts/good-health.png
Welcome to the year 4713. Or, if you prefer, the Year of the Ram.
The Chinese New Year, which kicks off today, is the largest and most widespread cultural event in mainland China, bringing with it massive consumer spending and gift-giving. During this week alone, an estimated 3.6 billion people in the China region travel by road, rail and air in the largest annual human migration.
Imagine half a dozen Thanksgivings and Christmases all rolled into one mega-holiday, and you might begin to get a sense of just how significant the Chinese New Year festivities and traditions are.
image: http://www.stockhouse.com/media/news-images/charts/Chinese-New-Year.png
According to the National Retail Federation, China spent approximately $100 billion on retail and restaurants during the Chinese New Year in 2014. That’s double what Americans shelled out during the four-day Thanksgiving and Black Friday spending period.
As I’ve discussed on numerous occasions, one of the most popular gifts to give and receive during this time is gold—a prime example of the Love Trade.
Can’t Keep Gold Down
Most loyal readers of my Frank Talk blog know that China, along with India, leads the world in gold demand. This Chinese New Year is no exception. Official “Year of the Ram” gold coins sold out days ago, and since the beginning of January, withdrawals from the Shanghai Gold Exchange have grown to over 315 tonnes, exceeding the 300 tonnes of newly-mined gold around the globe during the same period.
China, in other words, is consuming more gold than the world is producing.
What’s not so well-known—but just as amazing—is that China’s supply of the precious metal per capita is actually low compared to neighboring Asian countries such as Taiwan and Singapore.
The World Gold Council (WGC), in fact, calls China “a huge, relatively untapped reservoir of gold demand.”
This might all change as more and more Chinese citizens move up the socioeconomic ladder. Over the next five years, the country’s middle class is projected to swell from 300 million to 500 million—nearly 200 million more people than the entire population of the United States. This should help boost gold bullion and jewelry sales in China, which fell 33 percent from the previous year.
image: http://www.stockhouse.com/media/news-images/charts/Chindia-grow.png
“I don’t see demand staying down because you have had structural changes,” commented WGC Head of Investment Research Juan Carlos Artigas in an interview with Hard Assets Investor. “One of them, emerging market demand from the likes of India and China, continues to grow, and we expect it to continue to grow as those economies develop further.”
New Visa Policy Promises Increased Chinese Tourism
The Year of the Ram has also ushered in a new visa policy, one that has the potential to draw many more Chinese tourists to American shores.
For years, Chinese citizens could receive only a one-year, multi-entry visa. Now, leisure and business travelers can obtain a visa that allows them to enter multiple times over a 10-year period. The visa application process has also been relaxed.
image: http://www.stockhouse.com/media/news-images/charts/Walt-Disney.png
In terms of overseas spending, Chinese tourists already sit in first place, just above their American counterparts. According to the United Nations World Tourism Organization, a record $129 billion was spent by Chinese travelers in 2013 alone. The average Chinese visitor spends between $6,000 and $7,200 per trip in the U.S.
This visa policy reform is an obvious boon to travel and leisure companies such as those held in our All American Equity Fund (GBTFX)—Walt Disney and Carnival Corp., for examples, not to mention retailers such as Kohl’s, Coach and The Gap.
Other beneficiaries include Chinese airlines such as Air China, which we own in our China Region Fund (USCOX). Global airline stocks are currently soaring as a result of low oil prices, increased seat capacity and more fuel-efficient aircraft. The new visa policy has the potential to give these stocks an even stronger boost.
On a lighter note, at least a couple of airports in North America are making the most of the Chinese New Year, hosting performances by Chinese musical artists and providing entertainment such as a lion dance through the terminal and calligraphy.
To our friends and shareholders here in the U.S. and abroad, I wish you all a Happy Chinese New Year!
Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Distributed by U.S. Global Brokerage, Inc.
Stock markets can be volatile and share prices can fluctuate in response to sector-related and other risks as described in the fund prospectus.
Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk. By investing in a specific geographic region, a regional fund’s returns and share price may be more volatile than those of a less concentrated portfolio.
Fund portfolios are actively managed, and holdings may change daily. Holdings are reported as of the most recent quarter-end. Holdings in the All American Equity Fund and China Region Fund as a percentage of net assets as of 12/31/2014: The Walt Disney Co. 1.16% All American Equity Fund; Carnival Corp. 1.18% All American Equity Fund; Kohl’s Corp. 1.17% All American Equity Fund; Coach, Inc. 1.18% All American Equity Fund; The Gap, Inc. 1.19% All American Equity Fund; Air China Ltd. 1.11% China Region Fund.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this/these website(s) and is not responsible for its/their content.
Venture 50
The top performing companies from each industry sector are:
Clean Technology Legend Power Systems Inc. (LPS)
Diversified Industries theScore, Inc. (SCR)
Mining Niocorp Developments Ltd. (NB)
Oil & Gas Ikkuma Resources Corp. (IKM)
Technology & Life Sciences Patient Home Monitoring Corp. (PHM)
The 2015 TSX Venture 50 are:
Clean Technology:
Clean Technology:Legend Power Systems Inc. (LPS)
Clean Technology:Questor Technology Inc. (QST)
Clean Technology:Titanium Corporation Inc. (TIC)
Clean Technology:Epicore BioNetworks Inc. (EBN)
Clean Technology:Bevo Agro Inc. (BVO)
Clean Technology:Clean Seed Capital Group Ltd. (CSX)
Clean Technology:H2O Innovation Inc. (HEO)
Clean Technology:PyroGenesis Canada Inc. (PYR)
Clean Technology:Eguana Technologies Inc. (EGT)
Clean Technology:EnWave Corporation (ENW)
Diversified Industries:
Diversified Industries:theScore, Inc. (SCR)
Diversified Industries:Jemi Fibre Corp. (JFI)
Diversified Industries:Parkit Enterprise Inc. (PKT)
Diversified Industries:Terra Firma Capital Corporation (TII)
Diversified Industries:People Corporation (PEO)
Diversified Industries:The Westaim Corporation (WED)
Diversified Industries:Input Capital Corp. (INP)
Diversified Industries:XPEL Technologies Corp. (DAP)
Diversified Industries:International Barrier Technology Inc. (IBH)
Diversified Industries:Iplayco Corporation Ltd. (IPC)
Mining:
Mining:Niocorp Developments Ltd. (NB)
Mining:Excelsior Mining Corp. (MIN)
Mining:Nevada Sunrise Gold Corporation (NEV)
Mining:NexGen Energy Ltd. (NXE)
Mining:Roxgold Inc. (ROG)
Mining:Ascot Resources Ltd. (AOT)
Mining:Bacanora Minerals Ltd. (BCN)
Mining:Kaminak Gold Corporation (KAM)
Mining:Red Eagle Mining Corporation (RD)
Mining:Columbus Gold Corporation (CGT)
Oil & Gas:
Oil & Gas:Ikkuma Resources Corp. (IKM)
Oil & Gas:Mapan Energy Ltd. (MPG)
Oil & Gas:ArPetrol Ltd. (RPT)
Oil & Gas:Pine Cliff Energy Ltd. (PNE)
Oil & Gas:Stonehaven Exploration Ltd. (SE)
Oil & Gas:Quattro Exploration and Production Ltd. (QXP)
Oil & Gas:Tuscany Energy Ltd. (TUS)
Oil & Gas:Toro Oil & Gas Ltd. (TOO)
Oil & Gas:Kicking Horse Energy Inc. (KCK)
Oil & Gas:Taipan Resources Inc. (TPN)
Technology & Life Sciences:
Technology & Life Sciences:Patient Home Monitoring Corp. (PHM)
Technology & Life Sciences:POET Technologies Inc. (PTK)
Technology & Life Sciences:Snipp Interactive Inc. (SPN)
Technology & Life Sciences:EXO U Inc. (EXO)
Technology & Life Sciences:Photon Control Inc. (PHO)
Technology & Life Sciences:Spectra7 Microsystems Inc. (SEV)
Technology & Life Sciences:Engagement Labs Inc. (EL)
Technology & Life Sciences:Theralase Technologies Inc. (TLT)
Technology & Life Sciences:Imperus Technologies Corp. (LAB)
Technology & Life Sciences:ProntoForms Corporation (PFM)
I didn't see TGZ on your list. Why not? they are going to be debt free any day now and they should have nice CF in 2015 with current gold price. I wish i had more cash to buy much more today but I'm almost all in oil.
December presentation
http://www.terangagold.com/files/doc_presentations/2014/12-05-14-December-Investor-Presentation.pdf
Petaquilla Minerals Ltd.
TSX : PTQ
OTCBB : PTQMF
FRANKFURT : P7Z
Petaquilla Minerals Ltd.
November 25, 2014 18:07 ET
Petaquilla Minerals Ltd. Provides Financing Update and Second Default Status Report
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 25, 2014) - Further to its news release of October 1, 2014, Petaquilla Minerals Ltd. (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) ("Petaquilla" or the "Company") announces that closing of the bridge loan expected last month has been delayed due to issues that arose during due diligence. As a result, the Company is pursuing alternative financing arrangements.
In addition, further to its news releases of October 20, 2014, and November 13, 2014, the Company provides this second biweekly default status report in accordance with the alternative information guidelines in National Policy 12-203, Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203").
On October 20, 2014, the Company announced the filing of the Company's audited annual financial statements, related management's discussion and analysis and accompanying certifications for the 13-months ended July 31, 2014 (collectively, the "Required Filings"), would not be completed by the prescribed deadline of October 29, 2014, for the filing of such documents (the "Default Announcement").
As a result of the delay in filing the Required Filings, the British Columbia Securities Commission (the "BCSC") granted a management cease trade order (the "MCTO") on October 30, 2014, prohibiting all trading in the securities of the Company, whether directly or indirectly, by certain insiders of the Company until such time as the Required Filings have been filed by the Company and the MCTO revoked by the BCSC. The MCTO does not affect the ability of shareholders who are not insiders of Petaquilla to trade their securities.
Petaquilla's Board of Directors and management confirm that they are working expeditiously to meet the Company's obligations relating to the filing of the Required Filings no later than December 29, 2014.
Pursuant to the provisions of the alternative information guidelines of NP 12-203, the Company reports that since the Default Announcement:
There have been no material changes to the information contained in the Default Announcement;
There have been no failures by the Company to fulfil its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines;
There has not been any specified default subsequent to the default which is the subject of the Default Announcement; however, the Company, if unable to file the Required Filings by December 15, 2014, will also become delinquent in filing its interim financial statements for the 3-months ended October 31, 2014; and
There is no other material information respecting the Company's affairs that has not been generally disclosed.
Until the Required Filings are filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines of NP 12-203 by issuing biweekly default status reports, each of which will be issued in the form of a news release and also filed on SEDAR. The Company expects to file its next default status report on or about December 10, 2014.
About Petaquilla Minerals Ltd. - Petaquilla is a growing, diversified gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates a surface gold processing plant at its Molejon Gold Project, located in the south central area of Panama. In addition, the Company has exploration operations at its wholly-owned Lomero-Poyatos project located in the northeast part of the Spanish/Portuguese (Iberian) Pyrite Belt and several other exploration licenses in Iberia.
Forward-Looking Statements: Certain statements contained in this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. Petaquilla believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. Petaquilla undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
On behalf of the Board of Directors of PETAQUILLA MINERALS LTD.
Richard Fifer, Executive Chairman
NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
CONTACT INFORMATION
Petaquilla Minerals Ltd.
(604) 694-0021 or Toll Free: 1-877-694-0021
(604) 694-0063 (FAX)
www.petaquilla.com
Giving you something to talk about
Petaquilla Minerals has no material changes
2014-11-13 14:37 ET - News Release
Mr. Richard Fifer reports
PETAQUILLA MINERALS LTD. PROVIDES DEFAULT STATUS REPORT
Petaquilla Minerals Ltd. is providing this biweekly default status report in accordance with the alternative information guidelines in National Policy 12-203, Cease Trade Orders for Continuous Disclosure Defaults.
On Oct. 20, 2014, the company announced the filing of the company's audited annual financial statements, related management's discussion and analysis, and accompanying certifications for the 13 months ended July 31, 2014, would not be completed by the prescribed deadline of Oct. 29, 2014, for the filing of such documents.
As a result of the delay in filing the required filings, the British Columbia Securities Commission (BCSC) granted a management cease trade order (MCTO) on Oct. 30, 2014, prohibiting all trading in the securities of the company, whether directly or indirectly, by the company's chief executive officer and chief financial officer, until such time as the required filings have been filed by the company and the MCTO revoked by the BCSC. The MCTO does not affect the ability of shareholders who are not insiders of Petaquilla to trade their securities.
Petaquilla's board of directors and management confirm that they are working expeditiously to meet the company's obligations relating to the filing of the required filings no later than Dec. 29, 2014.
Pursuant to the provisions of the alternative information guidelines of NP 12-203, the company reports that since the default announcement:
There have been no material changes to the information contained in the default announcement;
There have been no failures by the company to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines;
There has not been any specified default subsequent to the default which is the subject of the default announcement; however, the company, if unable to file the required filings by Dec. 15, 2014, will also become delinquent in filing its interim financial statements for the three months ended Oct. 31, 2014;
There is no other material information respecting the company's affairs that has not been generally disclosed.
Until the required filings are filed, the company intends to continue to satisfy the provisions of the alternative information guidelines of NP 12-203 by issuing biweekly default status reports, each of which will be issued in the form of a news release and also filed on SEDAR. The company expects to file its next default status report on or about Nov. 26, 2014.
BINGO!!!
Scorpio Mining to merge with U.S. Silver
2014-11-07 18:53 ET - News Release
Also News Release (C-USA) US Silver & Gold Inc
Mr. Darren Blasutti of U.S. Silver & Gold reports
SCORPIO MINING AND U.S. SILVER & GOLD ANNOUNCE BUSINESS COMBINATION TO CREATE A WELL-FUNDED JUNIOR SILVER PRODUCER
Scorpio Mining Corp. and U.S. Silver & Gold Inc. have entered into a definitive agreement to complete a merger of equals that will combine their respective businesses to create a leading junior silver producer in the Americas.
The combined company will continue under the name of Scorpio Mining Corp. and is positioned to have a strong operating platform with two established producing mines, a third mine in development, an advanced-stage exploration project and pro forma net working capital of approximately $40-million (including approximately $21-million in cash (as of Sept. 30, 2014, assuming a U.S.-Canadian-dollar exchange rate of 0.88)). In addition, the combined company will be led by a highly experienced management team and board of directors that will focus on efficiently executing a combined business plan, further reducing costs and optimizing operations given current market conditions, and evaluating accretive growth opportunities.
Under the terms of the transaction, which will be effected by a statutory plan of arrangement, shareholders of U.S. Silver & Gold will receive 1.68 common shares of Scorpio Mining for each share of U.S. Silver & Gold held. Shareholders of Scorpio Mining will not have to exchange their shares of Scorpio Mining in the transaction. Upon completion of the transaction, the combined company will have approximately 335 million common shares outstanding, of which former shareholders of Scorpio Mining will own approximately 59 per cent and former shareholders of U.S. Silver & Gold will own 41 per cent. The transaction values the combined company at $65-million on a basic basis.
Highlights of the transaction
Key investment highlights of the combined company include:
Diversified production base: Sustainable annual production of approximately 4.5 million to five million silver equivalent ounces from Scorpio Mining's Cosala district operations in Sinaloa, Mexico, and U.S. Silver & Gold's Galena complex in Idaho, United States;
Improving cash cost profile: Cash costs expected to decline as current operations and brownfield development assets are optimized and general and administrative (G&A) synergies are realized;
Proven management team: Extensive experience in all critical mining disciplines with demonstrated capabilities in financing, acquiring, developing and operating open-pit and underground mines;
Solid financial position: Pro forma net working capital of approximately $40-million (including approximately $21-million in cash), with greater access to capital to finance future growth initiatives;
Robust reserve and resource base: Supports sustainable operations at current prices with further potential profitable expansion at higher prices from earlier-stage internal projects;
Enhanced market presence: The larger company is expected to appeal to a broader institutional shareholder base, increase analytical following and improve share trading liquidity;
Compelling value proposition: Leading leverage among junior silver producer equities and attractive relative valuation on net asset value and cash flow multiples.
Management team and board of directors
The combined management team will be led by Darren Blasutti, who will assume the title of president and chief executive officer and will draw from the expertise of both companies. Upon completion of the transaction, the new board will comprise Mr. Blasutti together with four directors from each of Scorpio Mining and U.S. Silver & Gold. Scorpio Mining founder Peter Hawley will be chairman of the combined company. Biographies of all proposed directors are included below.
"This merger creates a stronger, better-positioned company that is capable of not only surviving the current low-silver-price environment, but potentially transitioning from a junior precious metals company to an intermediate producer over the next couple of years," stated Darren Blasutti, president and chief executive officer of U.S. Silver & Gold. "The diversified low-risk asset base, solid financial position, enhanced capital markets profile, and proven abilities of the combined management team and board make this a compelling and unique value proposition for all shareholders."
Ewan Mason, current chairman of Scorpio Mining, added: "As we look to expand our operating portfolio, we have a strong combined management team that has a very recent track record of significantly reducing operating costs. Management of the combined company will aim to surface tangible near-term cost savings through realization of G&A synergies, focus on cost control and a systematic review of operations to achieve improved productivity and operational efficiencies at its existing assets. We see this business combination as the first step towards building a leading precious metal producer in the Americas."
Optimized corporate structure and asset base
The transaction is supported by strong intrinsic value-creation opportunities that, if realized, would provide mutual benefits to the shareholders of both Scorpio Mining and U.S. Silver & Gold.
Single-asset mining companies are not efficient in the current market environment, and the proposed merger represents an effort to create a stronger combined entity that has the ability to:
Eliminate duplicate corporate and mine site G&A costs: Management believes that this could save the combined company approximately $2-million to $3-million per year.
Optimize current operations and development opportunities: In the last two years, the U.S. Silver & Gold team reduced all-in sustaining cash costs by almost 50 per cent at the Galena complex by implementing strict cost controls and productivity enhancements. Based on detailed mutual due diligence, U.S. Silver & Gold and Scorpio Mining believe that there is an opportunity to further improve profitability across the combined asset base through operational improvements, some of which are already being implemented, that could result in an additional $2-million to $3-million of cost savings per year.
Allocate capital efficiently: Management plans to allocate existing financial resources over a larger universe of opportunities, not only internally, but to potentially take advantage of opportunities arising from historically low valuations in the precious metals sector.
U.S. Silver & Gold management has intensively reviewed Scorpio Mining's El Cajon asset as part of its due diligence process, including the potential boundary movement and related effect on mineral resources. While the final location of the concession boundary remains subject to confirmation, based on its review of the current facts, U.S Silver & Gold has assumed a potential reduction of total resources at El Cajon of 40 per cent to 50 per cent for the purposes of evaluating the transaction. Despite this, U.S. Silver & Gold believes that pending production from the continued development of El Cajon will contribute positive cash flows for three to four years at current silver prices and will efficiently bridge the development of the 120 zone at San Rafael in the next two years through shared El Cajon infrastructure. This operating scenario was used by U.S. Silver & Gold as a basis for the relative valuation discussion and exchange ratio determination between the two companies.
Board of directors' recommendations
The board of directors of each company has determined that the proposed transaction is in the best interests of the respective company's shareholders based on a number of factors, including the recommendation of Scorpio Mining's special committee and fairness opinions received from respective financial advisers. Each company's board of directors unanimously approved the terms of the transaction and recommends that shareholders vote in favour of the transaction. GMP Securities LP and Morrison Park Advisors Inc. provided fairness opinions to the board of directors of U.S. Silver & Gold and Scorpio Mining, respectively.
All the officers and directors of Scorpio Mining and U.S. Silver & Gold have consented to enter into an agreement supporting the transaction pursuant to which they will vote any common shares of the companies that are held by them in favour of the approval of the transaction. In addition, Tocqueville Asset Management LP, which holds or controls approximately 15.9 per cent of the outstanding Scorpio Mining common shares, and Sprott Asset Management LP, which, together with Eric Sprott, holds or controls approximately 19.6 per cent of the outstanding U.S. Silver & Gold common shares and approximately 1.6 per cent of the outstanding Scorpio Mining common shares, have entered into lock-up agreements and have agreed to vote in favour of the transaction.
Details of the transaction
The transaction will be carried out by way of court-approved plan of arrangement under the Business Corporations Act (Ontario). It requires the approval of at least 66-2/3 per cent of the votes cast by shareholders of U.S. Silver & Gold represented in person or by proxy at a special meeting of the shareholders of U.S. Silver & Gold to be called to consider the plan of arrangement. Approval by a simple majority of votes cast by Scorpio Mining shareholders will also be required at a special meeting of the shareholders of Scorpio Mining that will be held in connection with the transaction. In addition, the transaction will be subject to the approval of the Toronto Stock Exchange.
The agreement includes customary provisions, including, among other things, reciprocal non-solicitation covenants, fiduciary outs and rights to match any superior proposal. In the event that a party wishes to terminate the agreement in order to support an alternative proposal, such party is obligated to pay to the other party an amount equal to 4 per cent of its equity value as a termination payment. Expense reimbursement of $1-million is payable by a party in the event that approval from its shareholders is not obtained.
Timing
Scorpio Mining and U.S. Silver & Gold expect to mail shareholder information circulars in mid-November, 2014, and plan to hold their respective shareholder meetings in mid-December, 2014. The transaction is expected to close prior to year-end.
Advisers and counsel
GMP Securities LP is acting as financial adviser to U.S. Silver & Gold and Davies Ward Phillips & Vineberg LLP is acting as legal counsel. Medalist Capital Inc. acted as a strategic adviser.
Morrison Park Advisors Inc. is acting as financial adviser to Scorpio Mining and Irwin Lowy LLP is acting as legal counsel.
Qualified persons
Daren Dell, vice-president, technical services, of U.S. Silver & Gold, is a qualified person under National Instrument 43-101, and has approved the applicable contents of this news release.
Scorpio Mining's president and CEO, Pierre Lacombe, Eng, is a qualified person as defined under National Instrument 43-101, and has reviewed and approved the applicable contents of this news release.
Conference call
A joint conference call will be held on Monday, Nov. 10, 2014m at 9 a.m. ET to discuss the transaction. An investor presentation will be available on each company's website prior to the call. The call-in details are as follows:
Local and international: 1-416-981-9001
Canada and United States toll-free: 800-763-5728
Please dial in 15 minutes prior to the start of the call to secure a line. You will be put on hold until the call begins. A replay will be available on both company websites approximately two hours following the end of the call.
Proposed board of directors for the combined company
Peter J. Hawley, BSc, BEng, PGeo
Chairman
Mr. Hawley has over 30 years of experience in the exploration and mining industry. He has worked as a consulting geologist to a large number of intermediate and senior mining companies, including Teck Corp., Noranda Inc., Placer Dome Inc. and Barrick Gold. Mr. Hawley is the founder of Scorpio Mining Corp. and current CEO of Scorpio Gold Corp.
Darren Blasutti
Mr. Blasutti is currently the president and CEO of U.S. Silver & Gold and will serve in this role for the combined company. He was formerly the president and CEO of RX Gold & Silver Inc., and prior to that was senior vice-president of corporate development at Barrick Gold, where he reported to the CEO and played a lead role in the strategic development for over 13 years. While at Barrick, Mr. Blasutti executed over 25 gold mining transactions, including the acquisition of Homestake Mining Co. and Placer Dome Inc. and the consolidation of the world-class Cortez property from Rio Tinto. He also led the creation of Barrick Energy Inc. to hedge the company's exposure to energy prices, and was integral to the initial public offering of African Barrick Gold. During his tenure at Barrick, Mr. Blasutti also led the investor relations function. He was previously at PwC Canada, where he planned, supervised and managed audits for a variety of clients. Mr. Blasutti is a member of the Canadian Institute of Chartered Accountants and a director of Noront Resources Ltd.
Alex Davidson
Mr. Davidson is currently a corporate director and was formerly executive vice-president, exploration and corporate development, at Barrick Gold, with responsibility for the company's international exploration programs and corporate development activities. Mr. Davidson joined Barrick in 1993 as vice-president, exploration, with responsibility for expanding the exploration program. He initiated the company's expansion into Latin America and beyond. Prior to joining Barrick, Mr. Davidson was vice-president, exploration, for Metall Mining Corp. Mr. Davidson has over 25 years of experience in designing, implementing and managing gold and base metal exploration and acquisition programs throughout the world. In 2005, he was presented the A.O. Dufresne award by the Canadian Institute of Mining, Metallurgy and Petroleum to recognize exceptional achievement and distinguished contributions to mining exploration in Canada. In 2003, Mr. Davidson was named "prospector of the year" by the Prospectors and Developers Association of Canada in recognition of his team's discovery of the Lagunas Norte project in the Alto Chicama district in Peru. Mr. Davidson is also a director of MBAC Fertilizer Corp., Capital Drilling Ltd., Amara Mining PLC, Orca Gold Inc. and Yamana Gold Inc.
Alan Edwards
Mr. Edwards serves on the board of directors and is president of AE Consulting Corp. He also serves on the board of directors for Entree Gold Inc., AuRico Gold Inc. (chairman), Oracle Mining Corp. (chairman) and AQM Copper Inc. (chairman). From September, 2012, to July, 2013, he was CEO of Oracle Mining; from 2009 to May, 2011, he was president and CEO of Copper One Inc.; and from 2007 to 2009, he was president and CEO of Frontera Copper Corp. Mr. Edwards holds an MBA from the University of Arizona and a BS in mining engineering also from the University of Arizona.
Bradley R. Kipp, HBA, CFA, CPA, CA
Mr. Kipp has over 18 years of experience in the mining sector, specializing in operations, corporate finance and public company reporting. In 1997, he joined a mining development company as vice-president, finance, and has been involved in the financing and development of emerging and start-up mineral projects focused primarily in southern Africa, Mexico and Myanmar. As part of these activities, he is, or has been, chief financial officer and/or director of several public companies listed on both the Toronto and London AIM stock exchanges.
Ewan Mason, HBSc, MBA
Mr. Mason began his career as a contract geologist working for a number of mining companies. Following receipt of his MBA in 1992, he embarked on a corporate banking career with Bank of Nova Scotia, focusing on project financing. Recruited by Richardson Greenshields in 1995 (acquired by RBC in 1996), Mr. Mason rose to the role of managing director. In 2005, he was recruited by TD Securities to start up and head its mining investment banking team, which he led until May, 2009.
Thomas McGrail, BSc, BEng
Mr. McGrail has over 35 years of experience in the mining industry, most recently as Chief Operating Officer for Scorpio Mining. Prior to joining Scorpio, he was General Manager of the Mulatos Mine for Alamos Gold. His previous positions also include Vice-President of Operations for Aura Minerals with responsibility for their San Andres open-pit mine in Honduras and the Aranzazu underground mine in Mexico, consultant to Cia Minera de Caldas, S.A., General Manager for Desarrollo Minera de Nicaragua, S.A., and President and General Manager of HEMCO de Nicaragua, S.A.
Gordon Pridham
Mr. Pridham is principal of Edgewater Capital and sits on the public company boards of Newalta Corp. (chairman, compensation), Titanium Corp. Inc. (chairman) and Roxgold Inc. He is on the advisory board for Enertech Capital, a clean-tech venture fund. Recent activities include the merger of U.S. Silver and RX Gold as chairman, the sale of Norock Realty to Partners REIT as chairman of the special committee, and the sale of Western Prospector to CNNC as chairman of the special committee. Mr. Pridham has over 25 years of experience in investment banking, capital markets and corporate banking. He has worked in New York, Calgary, Toronto and Hong Kong for global financial institutions, and has financed and advised companies in public and private markets across a broad range of industry sectors. He is a graduate of the University of Toronto and the Institute of Corporate Directors program.
Lorie Waisberg
Mr. Waisberg is a corporate director currently serving as a director of Chantrell Ventures Corp., Chemtrade Logistics Income Fund, Metalex Ventures Ltd., Primary Energy Recycling Corp. and Tembec Inc. Prior to retirement, Mr. Waisberg served as executive vice-president, finance and administration, of Co-Steel Inc., a steel manufacturer. Prior to this, he practised law with a major Canadian law firm. Mr. Waisberg is accredited as ICD.D by the Institute of Corporate Directors
I noticed SPM & USA both halted around the same time today. Merger? buyout?
Low cost producer that i own T.SMF.
What do you think of TGZ at these levels? they have been downgraded by CIBC and Cormark.
Maybe bottom close to be in.
China Gold Buying Means Price Floor to Standard Chartered
By Debarati Roy and Nicholas Larkin Nov 6, 2014 7:00 PM ET 7 Comments Email Print
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Photographer: Brent Lewin/Bloomberg
A customer tries on gold bangles inside a store in Macau, China.
The cheapest gold in four years is proving irresistible for shoppers in China and India, where rebounding demand may signal an end to the longest price slump in more than a decade.
Purchases in Asia will help support prices that are headed for the first two-year decline since 2000, Standard Chartered Plc said. While surging equities and tame inflation have eroded gold’s appeal as a hedge, sending bullion tumbling to $1,137.94 an ounce this week, prices are nearing the lows forecast by banks from Citigroup Inc. to Goldman Sachs Group Inc.
China supplanted India as the world’s largest buyer last year, when the metal plunged 28 percent. Jewelry and bullion are viewed in both countries as a store of value and are popular as gifts. China’s gold imports from Hong Kong in September were the highest in five months. Indian jewelers are forecasting a surge in fourth-quarter sales.
“There is a floor around $1,100 set by Chinese retail demand,” Paul Horsnell, head of commodities research at Standard Chartered in London, said by e-mail on Nov. 5. “Physical demand indicators out of China and India are firming.”
Gold demand in China will rise 20 percent in three years, the World Gold Council forecast in September. The country’s net imports from Hong Kong that month totaled 61.7 metric tons, the most since April, according to calculations by Bloomberg News based on data from the Hong Kong Census and Statistics Department on Oct. 27.
Festival Buying
The All India Gems & Jewellery Trade Federation has said fourth-quarter imports of the metal may jump 75 percent. Gold is often bought during the year-end festivals, and during the wedding season, it is part of many bridal trousseaus and as gifts in the form of jewelry.
Gold for immediate delivery has lost 5 percent this year and closed yesterday at $1,141.92. The Bloomberg Commodity Index of 22 raw materials declined 7 percent in 2014, while the MSCI All-World Index of equities climbed 2.5 percent. The Bloomberg Treasury Bond Index advanced 4.9 percent.
Coin collectors also are buying. The U.S. Mint has sold 30,500 ounces of gold coins this month, about half the average monthly total since August, after October sales reached 67,500 ounces, the most since January. The Mint ran out of American Eagle silver coins after selling 1.26 million ounces since the start of the month, a spokesman said in a Nov. 5 e-mail.
Dollar Downer
To other investors, the selloff in gold is far from over, with the rallying dollar curbing demand for the metal as a store of value. The greenback rose to a five-year high against a basket of 10 currencies.
Gold will end the year at $1,100 and keep sliding to $800 by the end of 2015, Georgette Boele, an analyst at ABN Amro Group NV in Amsterdam, wrote in a Nov. 5 report. The chances are increasing that it will slip to $1,000 as oil prices tumble and the U.S. economy improves, Societe Generale SA’s Michael Haigh, an analyst who correctly forecast gold’s 2013 rout, said Oct. 30.
“The reasons to hold gold are getting smaller and smaller,” Sameer Samana, a senior international strategist at Wells Fargo Advisors LLC in St. Louis, which oversees $1.4 trillion, said in a Nov. 5 telephone interview. “The dollar will continue to trade strong since there is a divergence between the U.S. economy and other major economies in Asia and Europe.”
Reduced Holdings
Investors have cut holdings in gold-backed exchange-traded products by 38 percent since they reached a record in December 2012, data compiled by Bloomberg show. The 1,639 metric tons now held is the least in more than five years and valued at $60.2 billion.
Hedge funds and other money managers have reduced bullish bets on gold by 51 percent since early July, U.S. Commodity Futures Trading Commission data show.
David Wilson, an analyst at Citigroup, said he expects gold to trade between $1,100 and $1,200 in the short term. Michael Widmer at Bank of America Corp. in London predicted a drop to as low as $1,100, and Barnabas Gan, an economist at Oversea-Chinese Banking Corp. in Singapore, forecast $1,150 by yearend. Goldman’s Jeffrey Currie said he expects $1,050 by the end of December.
Gold Production
Some higher-cost mining companies are already losing money on production. Gold’s drop this week took it below output costs for seven of 19 mining companies tracked by Bloomberg Intelligence. Two more were within $50 of the figure.
Unprofitable mine output will cause producers to shelve plans and help limit gold supplies, according to Caroline Bain, a commodities economist at Capital Economics Ltd. in London. She said prices will probably rebound to $1,200.
“We are building our gold position very gradually,” Peter Sorrentino, senior vice president at Huntington Asset Advisors in Cincinnati, said in an interview Nov. 5. He helps oversee $1.8 billion. “We are still favorably disposed to accumulating. Gold has become a victim of dollar strength.”
To contact the reporters on this story: Debarati Roy in New York at droy5@bloomberg.net; Nicholas Larkin in London at nlarkin1@bloomberg.net
To contact the editors responsible for this story: Millie Munshi at mmunshi@bloomberg.net; Lynn Thomasson at lthomasson@bloomberg.net Steve Stroth, Patrick McKiernan
That being said..you know we are close the bottom when you see articles like this. I would bet $100k we don't see below $900 in all of 2015.
How many Gold stocks have all in costs below $800?
Don’t Catch a Falling Knife! ABN Says Gold’s Rout Set to Deepen
By Jake Lloyd-Smith Nov 5, 2014 11:10 PM ET - Comments Email Print
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The selloff in gold is set to deepen as the dollar will probably extend gains, according to ABN Amro NV, which forecast that the precious metal may end this year at $1,100 an ounce and finish 2015 at $800.
“Don’t try to catch a falling knife,” analyst Georgette Boele wrote in an e-mailed report received today. “The U.S. dollar rally has further to run, especially if the Fed turns more hawkish this year.”
Bullion retreated to the lowest level since April 2010 yesterday as the dollar advanced and holdings in the largest bullion-backed exchange-traded product contracted. Investor positions are still very substantial and while recent data show that wagers have been reduced modestly, more liquidation is likely, Boele wrote in the report.
Bullion for immediate delivery traded at $1,139.57 an ounce at 11:59 a.m. in Singapore, according to Bloomberg generic pricing. The metal yesterday dropped to a low of $1,137.94 as the Bloomberg Dollar Spot Index rose to a five-year high.
To contact the reporter on this story: Jake Lloyd-Smith in Singapore at jlloydsmith@bloomberg.net
To contact the editors responsible for this story: James Poole at jpoole4@bloomberg.net Jake Lloyd-Smith
TGZ...i wasn't impressed with lower guidance and higher cash cost per ounce. It looks like next Q will be better but next year is when this really looks good.IMO
Go read EXN financials...you are better off selling and buying T.LSG.IMO
Even after the impairment of $15.5mm they still would of loss money for the quarter.
Dr.Airtime...Don't you expect TGZ to post a profit today?
Market already knew this was getting delayed in the last NR.
Petaquilla Minerals Ltd. Announces Expected Late Filing of Audited Annual Financial Statements
2014-10-20 18:40 ET - News Release
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/20/14
Petaquilla Minerals Ltd. (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) ("Petaquilla" or the "Company") announces that it does not expect to file its audited annual financial statements for the 13 months ended July 31, 2014, and its management's discussion and analysis relating thereto (collectively, the "Required Filings") before the prescribed deadline of October 29, 2014.
The expected delay in filing the Required Filings is principally related to longer than expected completion of an agreement executed by the Company in May 2014. The timing of various transactions forming components of the agreement, mainly associated with the public registration of asset ownership transfers in Panama, led to delays in accounting for the subject sale and corresponding delays with respect to the receipt of funds pursuant to the agreement. These delays have had the effect of deferring works related to the Company's year end audit.
Petaquilla is making every effort to file the Required Filings in a timely fashion and expects to file the audited annual financial statements for the 13 months ended July 31, 2014, by December 29, 2014.
Petaquilla has applied to the British Columbia Securities Commission (the "BCSC") and other applicable securities regulators under National Policy 12-203, Cease Trade Orders for Continuous Disclosure Defaults ("National Policy 12-203"), requesting that a management cease trade order (a "MCTO") related to the Company's securities be imposed against some or all persons who have been directors, officers or insiders of the Company. The MCTO would prohibit such specified persons from trading in the securities of Petaquilla for such time as the Required Filings are not filed and the MCTO remains in force. The issuance of a MCTO does not generally affect the ability of persons who are not directors, officers or other insiders of Petaquilla to trade in Petaquilla's securities. There is no guarantee that an MCTO will be granted.
Pending the filing of its audited annual financial statements and MD&A, the Company confirms it will satisfy the provisions of the alternative information guidelines pursuant to National Policy 12-203.
About Petaquilla Minerals Ltd. - Petaquilla is a growing, diversified gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates a surface gold processing plant at its Molejon Gold Project, located in the south central area of Panama. In addition, the Company has exploration operations at its wholly-owned Lomero-Poyatos project located in the northeast part of the Spanish/Portuguese (Iberian) Pyrite Belt and several other exploration licenses in Iberia.
Forward-Looking Statements: Certain statements contained in this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. Petaquilla believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. Petaquilla undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Here is the link...you can check some of your other holdings as well.
http://www2.morningstar.ca/homepage/h_ca.aspx?culture=en-CA
Type your symbol....scroll down click shareholders
Dr_airtime...Check out TGZ holdings
Name Shares Change % Total
Shares Held % Total
Assets Date
Sentry Precious Metals Growth F 18,253,300 1,500,000 5.17 2.51 30/06/2014
Investors Canadian Natural Resource A 6,810,500 810,500 1.93 1.03 31/07/2014
Sentry Canadian Resource Class 4,373,800 300,000 1.24 2.83 30/06/2014
BMO Resource 4,536,500 0 1.29 1.33 31/07/2014
AGF Precious Metals Series F 2,989,650 0 0.94 1.11 31/03/2014
Sentry Select Primary Metals Corp 2,915,000 1,310,100 0.92 2.79 31/03/2014
RBC Global Precious Metals Sr D 2,807,300 0 0.80 0.35 30/06/2014
PH&N Canadian Growth Sr D 2,695,800 -147,200 0.76 0.42 31/07/2014
BMO Precious Metals 2,400,000 0 0.68 2.47 31/07/2014
RBC O'Shaughnessy All Cdn Equity GIF 1,419,466 477,747 0.40 0.21 30/06/2014
Total: Top 10 funds 49,201,316 4,251,147 14.13
Name Shares Change % Total
Shares Held % Total
Assets Date
Van Eck Associates Corporation 54,625,547 0 14.73 1.51 09/10/2014
Sentry Investment Management Inc 22,627,100 1,800,000 6.41 2.57 30/06/2014
Colonial First State Investments Limited 6,416,726 6,416,726 1.82 0.91 31/08/2014
IG Investment Management Ltd 7,066,348 808,200 2.00 0.47 31/07/2014
BMO Asset Management Inc. 6,936,500 0 1.97 1.58 31/07/2014
RBC Global Asset Management Inc. 5,517,900 -147,200 1.56 0.38 31/08/2014
U.S. Global Investors Inc 4,834,600 427,500 1.37 1.32 30/06/2014
AGF Investments 3,682,386 -107,400 1.16 0.17 31/03/2014
Franklin Advisers, Inc. 4,000,000 0 1.13 0.25 30/06/2014
Sentry Investments 2,915,000 1,310,100 0.92 2.79 31/03/2014
Total: Top 10 institutions 118,622,107 10,507,926 33.07
GL if he secures this bridge loan....he secures his salary for a year.IMO
I'm still not convinced they will close the bridge financing. I have lost all trust in PTQ...it will take time to regain trust from me.
I apologized for all my comments against all the so called "bashers" on this board. You guys the so called bashers saved my ass in a big way and should of even saved my ass more had i listened to you guys earlier. Extremely mad at myself that i didn't.
Fifer still getting paid...he will want this to drag on as long as possible.IMO
20-1 consolidation plus dilution right after. It should go lower with nothing happening.IMO
One thing is happening and that is Fifer is sucking what is left out of the company for himself. You would think this prick would stop taking a salary after putting us in so far in debt plus turning a profitable company into near BK in one year.
5 days left in September.... Do you really think he has done anything?
Lack of buyers due to poor management decisions. Only way to get buyers back to save the sp is to prove they can get back to a profitable company. Market has been telling us they can't.
NO operations currently happening...Fifer still in. Surprised you still can get 4c.
Pretty well worthless these days...just glad i dumped most when i did. I wish i sold back in the 36c+ when a few of my friends did. Stupid bs deal cost us dearly. I didn't think DIJI could offer anything good for us.
Last out turn off the lights
So much for Gold price going heading higher... feds screwed that up again.
Sucking the company out of $. I would like to make $1 million for wasting the companies money on poor dissensions.
Richard Glenn Fifer
Executive Chairman, Member of Corporate Governance Committee, Member of Corporate Social Responsibility Committee and Chief Executive Officer of Iberian Resources Corporation, Petaquilla Minerals Ltd.
Age Total Calculated Compensation This person is connected to 7 board members in 2 different organizations across 4 different industries.
See Board Relationships
57 $1,000,000
As of Fiscal Year 2013
Background*
http://investing.businessweek.com/research/stocks/people/person.asp?personId=2754631&ticker=PTQ:CN
HOY POR HOY
15/09/2014 - The decline in market prices determined Petaquilla Minerals suspended gold mining at its mine in Columbus, which significantly impacts the national exports, marked in recent years by the precious metal.
To raise cash, the company sold assets last year for 60 million dollars to fellow Canadian First Quantum Minerals, whose subsidiary Minera Panama develops infrastructure to extract copper from 2017. sustained and incrementing value of gold will almost always bet blindly believing maintained over time.
But it was not, as now seen. The question is, in the case of Panama, the State pays the mining companies which, irrespective of the fate of their business here, do not reverse the country keeping it as tradeable value.
This is without considering the environmental footprint of this activity. And as disturbing as this, royalties foregone surrounding communities and sources of employment cease with his paralysis. What brings the state to adopt policies that ensure the sustainability of resources, so we do not lose dazzled by the brightness of the ephemeral.
Where is the pulse? enlighten us please
5c sp...no mining...massive debt that keeps adding up...fifer flying planes ...fifer taking larger salary. Where is the money going to come from?
We will a plan be in place for all investors?
Anyway you slice it 2014 and Q1 2015 is write off.IMO
SGR.TO might be good to buy in Q1 2015
LSG.TO One of my top holdings right now
KGI.TO Dr.Airtime have a look at this one...let me know what you think.
You can go see some of your Gold stocks live broadcast below
http://www.gowebcasting.com/conferences/2014/09/10/precious-metals-summit
TGM.V is more of a longer term story and will take another year to get moving well.IMO
I took some profits on a few Gold plays...all the ones i sold are holding up well with bullion dropping $30 in a couple of days. I was hoping to buy them back cheaper today. I believe Gold will start to gain momentum next week.
Keep your eye on our MMT...should be a good ride.IMO
Caution owning stocks in west Africa
SOURCE: Randgold Resources
September 08, 2014 11:50 ET
Randgold Resources Limited Statement on Ebola
Eleven CEOs Call on the International Community to Step Up the Fight Against Ebola and Welcome President Obama's Statement on Additional US Military Support
JERSEY, CHANNEL ISLANDS--(Marketwired - Sep 8, 2014) - Randgold (LSE: RRS) (NASDAQ: GOLD), along with a group of ten other companies operating in West Africa, are concerned about the impact of the Ebola virus on affected countries' economies and the well-being of their people, which is being compounded by subsequent decisions and actions that affect travel to and trade with the region.
Our companies have made long term commitments to these countries and their people and we intend to honour that commitment. We have strong ties to hundreds of local communities that depend on our operations. Despite the challenging environment, we are continuing where possible with normal operations, with the health and safety of our employees being the absolute priority at all times.
We have enormous respect for the organisations and selfless individuals working to contain this outbreak and are committed to support them and the governments concerned to bring the epidemic to an end. As a group we are in regular dialogue with governments, NGOs and other task forces involved to support their work.
We also recognise that a larger coordinated global effort is required. The global community has a strong track record in responding to natural disasters such as hurricanes or earthquakes. We need a similar strength of resolve to tackle an epidemic that has the potential to cause great harm to this region.
We therefore urge the international community to pool its resources and lend support to help reverse the virus and enable these countries to recover as swiftly as possible from dealing with the epidemic. Yesterday's declaration by President Obama concerning US military support in the region is exactly the type of action that is required.
Furthermore there is a risk the measures being taken to restrict travel to the countries most impacted by the virus will aggravate the growing humanitarian crisis.
Ebola is without doubt a horrific virus. But it is a virus that with the right understanding, precautions and processes in place should be avoidable and containable. That's why we are calling for the immediate opening of humanitarian and economic corridors to the affected countries and urge the international community to respect the ECOWAS (Economic Community Of West African States) call to lift any travel bans in accordance with the WHO (World Health Organization) recommendation.
Without the support of the international community the situation for these economies, many of whom are only beginning to return to stability after decades of civil war, will be even more catastrophic.
African Mining Services - John Kavanagh, General Manager for African Operations
ArcelorMittal - Lakshmi Mittal, Chairman and CEO
Aureus Mining Inc - David Reading, CEO
Dawnus Group - Bob Jones, Managing Director
Golden Veroleum Liberia - David Rothschild, Director
Hummingbird Resources Plc - Dan Betts, CEO
IAMGOLD Corporation - Stephen J.J. Letwin, President and CEO
London Mining Plc - Graeme Hossie, CEO
MonuRent - Tony Carr, CEO
Newmont Mining Corporation - Gary Goldberg, President and CEO
Randgold Resources - Mark Bristow, CEO
Website: www.randgoldresources.com
That would be great to eliminate Fifer without having to give a big fat settlement.
We are now in September..Did our mine restart?
August 26 presentation
http://www.terangagold.com/files/doc_presentations/2014/08-26-14-Teranga-Gold-Jennings-August-Investor-Presentation_v001_z00rzt.pdf
You can view at TGZ website
All looks good...Production is on schedule.
TGZ
Starting tomorrow
DATE EVENT
September 17, 2014 Denver Gold Forum 2014 10:00 AM
September 4, 2014 Bank of America Merrill Lynch Canada Mining Conference 03:20 PM EST
August 26, 2014 Jennings Capital Gold Symposium 02:35 PM EST
MND halt
Mandalay holder West Face arranges secondary offering
2014-08-14 16:11 ET - News Release
Mr. Brad Mills reports
MANDALAY RESOURCES CORPORATION AND WEST FACE CAPITAL INC ANNOUNCE C$44 MILLION SECONDARY OFFERING
A fund advised by West Face Capital Inc. has entered into an agreement with BMO Capital Markets and Mandalay Resources Corp. to complete a secondary offering, on a bought-deal basis, under which BMO Capital Markets has agreed to purchase 40 million common shares of the company held by West Face at a purchase price of $1.10 per common share for gross proceeds of $44-million. West Face has granted the underwriter an option, exercisable at the offering price for a period of 30 days following the closing of the offering, to purchase up to an additional six million common shares to cover overallotments, if any, and for market stabilization purposes. The maximum gross proceeds of the offering will be $50.6-million should this option be exercised in full. The company will not receive any proceeds from the offering.
West Face is company's largest shareholder and currently owns approximately 40.1 per cent of the company's issued and outstanding common shares. Following the closing of the offering, West Face will continue to hold 96,987,938 common shares of the company, representing approximately 28.4 per cent of the outstanding shares. If the overallotment option is exercised in full, West Face will hold 90,987,938 common shares of the company, representing approximately 26.6 per cent of the outstanding shares.
"West Face has been a significant shareholder of Mandalay since 2010, and we have been very pleased with our investment," said Greg Boland, president and chief executive officer of West Face. "Given the market value of our holding in Mandalay relative to the market capitalization, we have decided at this time to monetize a portion of our investment. We will continue to retain a significant stake in Mandalay and look forward to the continued growth of our investment."
The common shares will be offered by way of a short-form prospectus in all of the provinces and territories of Canada, excluding Quebec and may also be offered by way of private placement in the United States. A preliminary short-form prospectus relating to the offering will be filed with the applicable Canadian securities regulatory authorities no later than Aug. 20, 2014. The offering is subject to certain conditions, including the receipt of all necessary regulatory approvals. The offering is expected to close on or about Sept. 9, 2014.