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BMSPF Annual Summary as of June 30, 2021 was published on SEDAR on September 14, 2021.
Still no take off agreements. No agreements: No plant: No business.
I found the following items to be on interest:
The company is currently
dealing with Daichu Corporation, who have brought two large power utilities to the table. At the
present time discussions are ongoing regarding licensing agreements to build several plants in
Asia. Terms of the agreement are being discussed and will include an upfront fee and a royalty
payment over the term of the license usually 25 years
The Covid 19 Virus has caused many companies in Europe and Asia to delay new projects, including the
change from coal to renewable fuels. We are of the opinion that a large demand for Biocoal exists but will
take an extended period to be developed.
Wood LLC the EPC for the project has delivered a FEL 2 budget that allows BSP subsidiary Biomass
Power Louisiana to commence construction at Natchitoches when the Company secures an off-take
agreement.
Sure and Congress (DEMS) want to give the IRS 80 billion right now to enhance their collection efforts. And the GOP has said NO! More good money goes after the bad.
The amount INTK owes is chicken feed. The IRS may file a lien but collecting it is very doubtful.
You better go back to "The Sky is Falling" routine. It is more entertaining!
Keep up the BS Demain.....We all need a little break from reality....
OCR
May I ask how you know BMSPF is working to get the SEDAR data transferred to the OTC?
Received notification from TDAmeritrade NINK will be sell only on August 13, 2021. They state the company has not met the new SEC rule for trading.
TDAmeritrade notified me this week I will not be able to buy BMSPF. Only sell it because it does not meet new SEC rule. I thought all the SEDAR filings met that requirement given BMSPF is a Canadian company.
TDAmeritrade notified me that on August 13, 2021 you will only be able to sell INTK. No buys.....Stock price heading down.
I thought it was reported INTK filed all the required documents to the OTC by June 30th.
Was someone left off the email?
Did anyone notice the Seeking Alpha writer (July 20, 2021) who stated GORO stock is worthless based on current current mining reserves (270K ounces)?
This article was extremely negative.
Quote Gold Panda:
I think that Gold Resource could be a value trap. Sure, the EV/EBITDA ratio of the company is in the low single digits and costs are low, but reserves are almost depleted and the mine life of Arista is severely limited at the moment. And almost all of that EBITDA will be used by the company to try to extend the mine life. Unless Gold Resource manages to find a lot more gold and silver reserves, I think the business is close to worthless.
OCR
This is good news indeed. I find this Middle Man (Daichu Corporation) has been in the biomass selling for 6 years by selling PKS to Japanese Power Producers. I believe BMSPF product is superior. The PKS specs are:
Specification
Moisture Content = < 18-25%
Calorific Value = ±4200 kcal/kg
Ash Content = < 5%
Fixed Carbon = 19.0 %
Packing = Loose Form
Torrefied Wood Pellets average 1-5% moisture, 1% ash and caloric value of 20-24 GJ per ton. The pellets contain more caloric value than PKS. PKS has about 1 million calories per pound and torrefied pellets have around 2.6 million calories per pound
When torrefied, the energy density of the material increases to roughly 10,500 btu/lb, it no longer contains the mix of volatiles, it does not absorb water (hydrophobic), it is equally easy to grind as carbon coal and is very easy to transport, and the material only loses about 15% of its calorific value while being 96% thermally efficient to produce.
Cork
I think your April questions have been answered. GORO is now a Canadian run company whose CEO ran off all of the old Executive Team and replaced them with an all Canadian team. The reason for this action remains clouded but the results are very clear. GORO has stopped growing and is stagnant.
They now want to dilute the stock further. Why: Leverage in a buyout.
I believe GORO is up for sale and the bidder is NEWMONT. Newmont Corporation just completed its purchase of GT Gold in Canada for CA$ 3.25 per share. GT Gold traded at around CA$ 1.00 in January 2020. GT Gold had 130 million shares outstanding at time of sale. That is a CA$ 425 million acquisition.
If you look at GORO current share price $2.79 with 75 million shares outstanding, it has a market value of $210 million. That would be CA$261 million market value. CA$425 million divided by 75 million shares equates to around CA$5.65 per share. So a CA$6.00 per share bid would not be out of the question.
Newmont is engaged in all the same metal areas (Gold, Silver, Copper, Zinc, and Lead) as GORO. However, their North American operations are limited to : North America segment consists primarily of Carlin, Phoenix, Twin Creeks and Long Canyon in the state of Nevada, and Cripple Creek &Victor (CC&V) in the state of Colorado, in the United States.
Note the addition of Canada and the absence of Mexico.
Have I discovered an upcoming acquisition? Only time will tell. But the split of GORO in December 2020 is becoming more clear and the pull away from FTCO is obvious. Now the question is who is buying GORO and who is shorting GORO. Answer those questions and you win the $64,000.
Have a good holiday!
JSC,
Happy for your gain and that you are happy with what you got. No complaints like I should have bought more. Pleasing to hear greed does have limits.
My thought is why the slow move upward. This stock (with $36 million in cash on hand) has not moved faster. Right now at a price of $8.90 they are paying over 4 percent per year in cash. The ten year US Treasury is below 1.6%. Most dividend paying stocks are a 2%.
A 36 cent per year dividend costs FTCO $9 million with about 25 million in shares outstanding. At that rate they can cover this dividend for over four years and still expand the mining operations. Only if they start to issue stock (as GORO did) will this train stop.
I believe Jason and the rest of the old GORO executives learned a very important lesson at GORO: Stock dilution is not ever a good idea unless it is a positive stock split. And that should not happen for a very long time.
BMSPF has posted on SEDAR their May 12th update. Most is the same stuff.
I believe these comments are worth considering:
Governments around the world are requiring their power producers to reduce their CO2 emissions and
move away from coal. BSP believes that the time is ripe for our Torrefied product to be accepted into this
rapidly expanding market. BSP also believes that its Torrefied Biomass Briquettes will be a compelling
choice for power producers looking to convert from coal to a sustainable alternative. Power companies are preparing for an end to government fuel subsidies and looking for ways to control
costs. Drax has announce they are buying Pinnacle Pellets. This should force power companies to
consider long term fuel supply agreements to protect supply. Torrefied Biomass Briquettes offer a
sustainable, stable priced alternative
Two Japanese power companies have indicated that each will want ten million tonnes of Biocoal. They
have also stated that they do not want to be first to use technology but would want to be second.
Discussions are ongoing to try and rectify this
The Company has reached an agreement with the Port of Natchitoches to
increase the land leased from 75 to 90 acres plus an additional two acres on the Red River that will be
used to load and unload materials.
A medium sized power plant that currently burns coal could incur CAPEX in excess of $200 million to
convert to white wood pellets. This cost can be eliminated by converting to biocoal as little if any changes
have to be made to current equipment in the plants.
1960
FTCO is a junior gold miner with only one producing mine. A PE of 5 is high for such a company. Now when the develop and actively mine the two properties close to Isabelle, then the PE should move towards 8. I would expect that in mid 2022.
JSC,
My apology for the late reply. I was playing golf last week in South Carolina.
I figure FTCO was the driving input to all GORO dividends. Mexico taxes are quite large (+40%) and GORO has to give up 10% of profits to an employee profit share plan. This eats up a lot of cash. FTCO lower tax structure combined with fewer shares outstanding will be a winner. They only have 23 million shares outstanding and good profit potential. I guess FTCO will start with a low dividend and move higher as the company brings on more producing mines. Their mine plan for using one ADR plant to support three open pit mines is absolutely great. Big cost savings.
GORO will keep its 1/3 cent monthly dividend until it gets other gold production mines operating. Right now they live off the good prices for silver, copper, lead and zinc. Those prices are dependent on the world economy. So cash flow for GORO could tank if the world economy does not come back.
My thoughts
Richard2
Please join Waves on dry land!
Waves,
Clean up the language or get out of the water!
It is becoming clear why GORO and FRTT split. Here are the people GORO's new CEO trashed or forced to retire now joining FRTT.
Fortitude Gold Appoints Mr. John Labate as Chief Financial Officer
Accesswire
8:45 am ET
Fortitude Gold Appoints Mr. Barry Devlin as Vice President of Exploration
Accesswire
8:31 am ET
Fortitude Gold Appoints Greg Patterson As Vice President of Corporate Development
Accesswire
And Seeking Alpha trashed GORO today calling it a tier 2 one mine operation with a limited future. Told it's readers there are dozens of better junior miners.
Looks like the split was a power grab by Allen Joseph Palmiere. He is a 67 year old Canadian and here is a list of the companies he is/was associated with:
Connections
GOLD RESOURCE CORPORATION
MOLSON COORS BEVERAGE COMPANY
DAKOTA TERRITORY RESOURCE CORP.
DUNDEE CORPORATION
GOLD STANDARD VENTURES CORP
PREMIER GOLD MINES LIMITED
WOLFDEN RESOURCES CORPORATION
Ronald Neville Little
SOURCE ENERGY SERVICES LTD.
CROWN CAPITAL PARTNERS INC.
BUCKHAVEN CAPITAL CORP.
BELO SUN MINING CORP
RAINY HOLLOW VENTURES INC.
ATICO MINING CORPORATION
DUNDEE PRECIOUS METALS INC.
TOACHI MINING INC.
THERATECHNOLOGIES INC.
MOLSON COORS CANADA INC.
ENERGY FUELS INC.
Sircooper,
The purpose of my email was not to gain a reply from Jim Carroll but to advance two issues: One, the shareholders are still watching and interested and Two, the wood pellet industry needs to get in front of the decision makers in the Power Generation Industry/Government. I found it odd the Oregon plant was focused on Asia and Europe as is BMSPF. It appears no USA company wants to be first. May be now with the Biden guys in charge, they may force the Power Industry to use the product in their "terrible" coal fired plants.
Anyone know a USA Congressperson who would champion this form of energy? All we would need is capitol hill sending letters to the Department of Energy asking about our investment (remember Solyndra?) in a climate friendly energy form (wood pellets) that allows for production surges when needed.
Just looked at the GORO 10K ending December 31, 2020.
It is a very confusing 10K with lots of words but short on numbers. As for FRTT, page 67 of the 10K addresses the 2020 Income where FRTT earned $10.69 million in net income. The balance sheet presented was supposed to compare 2019 to 2020 but no 2020 figures were presented. Page 68 reflects FRTT cash flows which were good.
Other information found in broker websites indicate the GORO level of institutional investors as a percentage of stock owned dropped from 46% to 40%. Mostly Capital Management firms along with some insurance companies pulled out. 34 sold their entire positions and 31 added GORO to their portfolios.
Bull,
Here is my email to Jim Carroll, CEO, BMSPF. For whatever it is worth:
Dear Mr. Carroll,
I am current stockholder in BMSPF and have been for many, many years. You have a good product that should be in demand given the world's emphasis on Climate Change. With a new President in the USA and the Congress of the USA now in Democrat hands, the time is now to reach out with the idea of Biomass fuel to help solved the down generation periods in wind and solar. Texas just proved the need for a steady electricity supply that can surge when other generation systems fail.
But the problem in the USA is lack of Power Industry understanding of Biomass fuel and how it can solve major power generation issues. Below is a extract of an article about how PGE in Oregon shut down a coal power plant with 10-20 years of useful life because they failed to fully explore how Biomass is produced, delivered, and processed for use in coal fired plants. PGE thought the only Oregon based Biomass plant could only get the fuel to the plant by truck. We all know BMSPF will be able to move their product by truck, barge and rail. However, PGE gave up and took a large capital loss.
Please consider the following and please reach out to potential USA customers. In Ohio we have shutdown 17 coal fired plans over the past 7 years and more are on the line in 2021-2022. FirstEnergy, NRG Energy, Gavin Power LLC, AEP Buckeye Power, Dynegy, and Ohio Valley Electric all have coal fired power plants in Ohio with two (FirstEnergy) scheduled to close in 2021.
Here is the article extract I presented to BMSPF stockholders on IHUB.
I wonder why BMSPF is looking at Asia and Europe for customers when one exists in Oregon. Take a look at this section of an article written in July 15, 2020.
Once PGE decided it would no longer use coal to power the Boardman plant, PGE had to decide what to do with the facility.
The company briefly considered using natural gas as a fuel, but that did not please regulators nor customers. And while cleaner than coal, natural gas would still produce significant carbon emissions.
Corson said the company then considered torrefaction as a final option before closing the plant for good. Similar to roasting coffee, torrefaction chars woody biomass to a level similar to charcoal. This torrefied wood can then be used as an energy-dense fuel with a much smaller carbon footprint than coal.
Torrefied wood “certainly could be a viable fuel” at a plant like Boardman, said Matt Krumenauer, vice president of the U.S. Endowment for Forestry and Communities.
According to Krumenauer, torrefaction has benefits beyond the bottom line. It finds use for low-value wood, which in turn supports local timber jobs and can help make rural Oregon safer. Krumenauer, who is also the CEO of Restoration Fuels, said torrefaction can lead to a “reduction in wildfire smoke, reduction of overall wildfires.”
Currently, Restoration Fuels is focused on exporting torrefied biomass to factories in Europe and Asia. But the long term goal is to create a local market for biomass and the power it can create. Krumenauer and Restoration Fuels are currently building the first North American commercial scale facility in John Day, set to open this summer. (it is now operational)
PGE said the transportation costs were too high (trucking) but how did they get coal to their plant in the past. Simple: Rail.... and the BMSPF plant can ship by rail or barge.
My apology for such a long email but I feel we need to move forward at much faster pace if we are to be successful.
Thank you for your valuable time.
Regards
Bull,
You may note that PGE gave up on Biomass and closed the plant in October 2020. But now that Joe in in charge, there may be other coal plants looking for ways out of major capital losses. The PGE plant had another 10-20 years of useful life when it closed.
But I will take your advice and email Carroll. He may just blow me off but atleast he will know some of the stockholders are watching. Stay safe and well.
I wonder why BMSPF is looking at Asia and Europe for customers when one exists in Oregon. Take a look at this section of an article written in July 15, 2020.
Once PGE decided it would no longer use coal to power the Boardman plant, PGE had to decide what to do with the facility.
The company briefly considered using natural gas as a fuel, but that did not please regulators nor customers. And while cleaner than coal, natural gas would still produce significant carbon emissions.
Corson said the company then considered torrefaction as a final option before closing the plant for good. Similar to roasting coffee, torrefaction chars woody biomass to a level similar to charcoal. This torrefied wood can then be used as an energy-dense fuel with a much smaller carbon footprint than coal.
Torrefied wood “certainly could be a viable fuel” at a plant like Boardman, said Matt Krumenauer, vice president of the U.S. Endowment for Forestry and Communities.
According to Krumenauer, torrefaction has benefits beyond the bottom line. It finds use for low-value wood, which in turn supports local timber jobs and can help make rural Oregon safer. Krumenauer, who is also the CEO of Restoration Fuels, said torrefaction can lead to a “reduction in wildfire smoke, reduction of overall wildfires.”
Currently, Restoration Fuels is focused on exporting torrefied biomass to factories in Europe and Asia. But the long term goal is to create a local market for biomass and the power it can create. Krumenauer and Restoration Fuels are currently building the first North American commercial scale facility in John Day, set to open this summer.
PGE said the transportation costs were too high (trucking) but how did they get coal to their plant in the past. Simple: Rail.... and the BMSPF plant can ship by rail or barge.
BMSPF better get moving and fast. Here is why:
One of the Endowment’s projects in the Pacific Northwest is finding long-term, market-based solutions to help mitigate the effects of wildfire and prevent megafires: The Restoration Fuels biomass torrefaction plant currently being built in John Day, Oregon.
Oregon Torrefaction, LLC, a benefit corporation created by the Endowment, along with partners Ochoco Lumber Company and Bonneville Environmental Foundation, is working to take torrefaction technology to the commercialization stage.
Through the funding of this plant, and its parent company Oregon Torrefaction LLC, the Endowment, along with its partners is helping to reduce the risk of megafires and provide jobs in rural forest-based communities. The plant will use tree thinnings and waste wood materials coming from stewardship projects in national forests to produce an environmentally-friendly alternative to coal. Read more info here: https://restorationfuels.com/.
December 19, 2020
As we wrap up a challenging year we are excited to have completed construction. We are confident about our operations and look forward to meeting customer orders in the first quarter of 2021!
2.4 million shares traded in two days. That equates to more than 10% of the company changed hands. Saw a few strange "asks" on Level II. Some were 481 shares and 1611 shares. Doubt these were institutional investors.
Well, we will see more on Wednesday once the market closes. GORO is to provide its 10K that should list the FRTT income and balance sheet numbers as separate from GORO numbers.
The market moved 1.4 million shares with a close at $3.29 on Friday.
I would think there is much more to come.
ALL
I figure the institutional guys hold about 9.2 million shares. About half will need to dump their shares before March 31st 13F reports. It will be slow and the traders will hope you do not notice. Stay strong and do not hit the ask. Time is on our side. The closer to March 31st, the better the deal.
Cork,
That was good humor!!!!! It even may be true.....SLV may be short of physical silver. We shall see what the future holds.
Thanks for the laugh....and the laugh...and the laugh
Byl,
It is called the "Biden Affect"! China needs to get back into the USA markets and an easy way is to reverse merger their PRC companies without any SEC interference. Welcome back CHINA...We missed you! JOBS, JOBS, Good Paying JOBS ....... For CHINA LOL
The BMSPF Annual (2-12-2021) unaudited statements have been posted on SEDAR. I am afraid nothing is really new since the November 2020 statement. Same old "we are raising funds and will submit audited reports once funding is found".
Here is what I consider important statements about customers:
. Nature of Operations and Overall Performance
Description of the Business and Summary of Activities
No significant changes since we filed yearend October 28, 2020.
BSP has submitted off-take agreements to two Asian power companies and currently
discussing offtake terms. There are no guarantees that we will be successful.
Corporate History
On February 9, 2009, we changed our name to Biomass Secure Power Inc. (the “Predecessor
Biomass”)
On June 30, 2009; we legally amalgamated with 0625920 BC Ltd. (“0625920”), with Predecessor
Biomass as the continuing company.
The consolidated financial statements of the Company as of June 30, 2019 comprise the Company
and its wholly owned subsidiary, Biomass Power Louisiana L.L.C., a company incorporated in
Louisiana, United States of America on February 1, 2013.
Corporate Developments
The Company is in process of raising funds and will complete audit once funds secured.
New Energy Risk (NER) will issue insurance policy to guarantee plant performs as engineered.
NER is currently assisting BSP obtain $30 million loan that they will guarantee with an insurance policy.
The Company has been actively pursuing financing arrangements to allow it to fully implement its
Business Plan.
A large European power company is in discussion with the Company to secure supply of Torrefied
product to use in their power plants. They have indicated that they have interest in an off-take
agreement after they conclude testing. They advised the Covid 19 has caused problems and they will
not be able to move ahead prior to spring 2021.
BSP has received proposal from an Asian power producer to provide 400,000 tonnes off-take for
twenty years for two plants. We have submitted our proposal; they have asked us to assist in securing
a trading company to act as a middleman on contracts. A trading company has interest in taking on
role. We expect these discussions to take some time due to lockdown caused by covid 19.
More short data for PFMS
Market Date Short Volume Total Volume Short Volume Ratio
2021-02-05 16,098,816 24,587,709 65.48
2021-02-04 13,967,617 22,765,815 61.35
2021-02-03 14,227,916 6,495,274 219.05
2021-02-02 3,512,826 6,495,274 54.08
2021-02-01 3,885,893 11,076,176 35.08
2021-01-29 8,306,874 14,707,439 56.48
2021-01-28 8,213,692 30,493,680 26.94
2021-01-27 21,539,647 34,217,382 62.95
2021-01-26 4,015,909 4,540,909 88.44
2021-01-25 774,153 1,198,083 64.62
This came off my FINTEL account on PFMS:
Security PFMS / PaperFree Medical Solutions, Inc. ()
Latest Market Date 2021-02-05
Short Volume 16,098,816
Market Volume 24,587,709
Short Volume Ratio 65%
Something is going on in a negative sense. Major shorting on last Friday?
Dear Dino,
Ok.....Let us look at GORO using same formula:
6,854 ounces of gold produced in 4th quarter 2020 plus 276,902 ounces of silver produced in 4th quarter. The silver equates to 4,000 ounces of gold at $1,800 per ounce: 276,902 times $26 per ounce silver divided by $1,800.
The total gold would be 10,854 ounces times $1,800 times 4 quarters divided by 72,000,000 shares. the answer is a stock price of $1.08 but the market price is $3.02.
I guess the market has high hopes for GORO. So I guess I underestimated Fortitude by a few dollars. But wait, Fortitude is not selling on the market and therefore has no market "markup".
By the way, what is you estimate of a opening PPS for Fortitude? A dollar?
Stay safe and well.
Dear Professor,
Instead of asking a question of the CEO that could be considered "marketing the company during a quiet period", let me suggest the following analysis using the framework provided by Seeking Alpha.
Fortitude mined about 13,000 ounces of gold in the fourth quarter. I would suspect the average sale price around $1,800 per ounce. There are about 22,000,000 million shares outstanding. So the math would be:
13,000 ounces of gold X $1,800 per ounce times 4 quarters divided by 22,000,000 shares.
The answer would be around: $4.25 market value per share.
Now you always have the option to email the CEO at Fortitude Gold Corporation if you feel my analysis is off base.
Be safe and well my friend.
Cork,
I emailed the CEO of Fortitude today and he responded very quickly. I do not cut and paste private email replies so forgive me if I only give a summary of what was discussed.
I asked: Are we waiting out a quiet period ordered by whom?
The reply was: The quiet period is imposed by the Securities and Exchange Commission (SEC). Quiet periods can vary from 45-90 days and the SEC regulations categorized us for the 90 days. During this time, we are prohibited from “preparing the market” i.e. promoting. It ends on March 24th.
I asked: Is the OTC waiting on a FY 2020 GORO annual report with GORO and Fortitude separated?
The Reply was: THE OTC and Fortitude both currently wait for FINRA to process the application. FINRA is short people and it is taking longer than expected.
I asked: Is Fortitude delaying listing until it can report 1st quarter results as a stand alone company?
The reply was: No. We had hoped we would be trading by now. We are optimistic we will be trading soon.
I asked: Are we waiting until we hire more executives?
The reply was: No. Our Nevada Mining unit is a fully staffed team lead by our General Manager and they don’t need corporate for day to day operations.
He was positive and is frustrated as we are Fortitude is not trading right now but hopes this will correct itself in the next week or two.
Hope it answers some of the question you and others may have about Fortitude Gold Corp.
Stay well and safe.
I agree with you on the Dims but the article makes a lot of sense given we still do not have a trading symbol for Fortitude and the last news on GORO has been about expanding its gold reserves. However drilling results do not equate to proven reserves. There is a lot more to claiming proven reserves in the mining business.
Still cannot figure out why they split the company. Given the production news for 4th quarter, the combined "company" produced around 20,000 ounces of gold. That would have meant a Tier-1 junior miner rating for sure and a 5X sales stock price. That would equate to a $10 stock price for the "old" GORO (80,000 annual gold production times $1,800 divided by 72,000,000 shares times 5).
I bet the price of GORO and Fortitude do not equal $10.00 when Fortitude begins to trade.
TDA will not allow you to sell your INTK stock? Something is really wrong here. I have another stock (NINK) at TDA they will not allow me to sell. I got it in one of the spin off deals long ago. Only have 100 shares but the trade price is $0.75. They say there is no justification for the price so they will not trade the stock. Is INTK is the same boat?
Here is an extract of a Seeking Alpha article written by Taylor Dart on January 25, 2021. It is the conclusion paragraph of the article and it is worth reading. The whole article's title is: Gold Resource Corporation: A Massive Downgrade To The Investment Case Following Spinout
"The recent spin-out of the Nevada Operations to Gold Resource Corporation has given existing shareholders a nice pay-out as they received an investment in the attractive side of the business, but it's stripped down what was otherwise a decent investment thesis. Going forward, investors have to rely on a single mine in a sub-par jurisdiction and a relatively small reserve of just 317,000~ gold-equivalent ounces. Unfortunately, given this downgrade from multi-asset to a single-asset producer, the investment thesis isn't that strong even after a 60% decline since the 2016 peak. While an unattractive valuation relative to peers does not preclude Gold Resource Corporation from going higher, it does suggest there are better places to park one's money. Therefore, I believe that any rallies to $3.75 will provide selling opportunities."
I must note in 2020 it was hoped GORO move to a Tier I company in the gold mining industry (50,000+ annual gold production). That looks dim going forward. Sub-Tier 1 mines rarely trade above 3X sales according to the author.
To All,
Did anyone notice the nice sweet heart deal the current leadership of Fortitude Gold Corporation gave to a "private investor" for 500,000 shares of its (still unlisted) stock. I guess this helps explain why the stock has not been assigned or listed on any exchange.
Given GORO used $3.42 to establish a "fee value" for the stock and the stock dividend rate was 3.5 GORO shares for one Fortitude Gold share, I guess one dollar is a "fair" price.
However, the company has over $0.50 a share in cash given the $10 million GORO gave to Fortitude. The Mine properties, mine equipment (leach pads, ADR plant, stock plies) and Mine permits are only worth $0.50?
And the WEB site is only a place holder!
Something Smells here!!!!!!
I would expect a symbol designation and beginning of trading will start in early (before January 15th) 2021. The OTC is fast in getting listings started and given this is a spin off company with good financial data for the last two years, this stock should be listed quickly.
The SEC filed proforma listed the value of the 21+ million shares at $3.42. This was for SEC fee purposes but I think it is a fair starting point for the market. Remember the Fortitude Gold Company will start with a producing mine, good future properties, no debt, and ten million in cash.
Who is going to setup an IHUB site for FGC?
Fivex or The Cork?
UPDATE:::
Today is December 17, 2020. Over seven months and what has happened. Covid19 out of control. Two new COVID19 vaccines hit the street in the past week. New York City is closed for business. And what is going on with EKIMAS Nothing...still holding...board of directors resign....looks like a take over is coming....With Biden in charge in 2021, look for more china companies needing to register in the USA. Looks like "shell companies" are vogue again. I am betting on Hunter!!!!!!!