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VANCOUVER, BC / ACCESSWIRE / May 3, 2016 / Canyon Copper Corp. (CNC.V) ("Canyon") announces that it has entered into a loan agreement with Metamin Enterprises Inc. ("Metamin") and has extended a previous loan from Ainsworth Jenkins Holdings Inc. ("AJH"). Both Metamin and AJH are companies controlled by Benjamin Ainsworth, the President and CEO of Canyon.
Loan Agreement
Canyon has entered into a loan agreement with Metamin dated effective May 3, 2016, whereby Metamin has agreed to loan Canyon CAD $50,000 for a period of two years at an interest rate of 10% per annum.
As additional consideration of the loan, Canyon has agreed to issue 200,000 common shares ("Bonus Shares") to the Metamin on the first anniversary of the loan agreement.
The loan agreement and the Bonus Shares are subject to the acceptance of the TSX Venture Exchange.
The loan will be used for working capital purposes.
Loan Extension
Canyon also announces that it has entered an amendment agreement (the "Amendment Agreement") amending the terms of the loan agreement between Canyon and AJH (see press release dated April 29, 2015). Under the terms of the Amendment Agreement, Canyon has extended the maturity date of the CAD $250,000 loan from April 28, 2016 to April 28, 2018.
On behalf of the Board of Directors,
"Benjamin Ainsworth"
CANYON COPPER CORP.
Benjamin Ainsworth, President
Contact:
Canyon Copper Corp.
Investor Relations
IAALF issued another Press Release today. It raised the number of shares in the new Private Placement because of the huge demand. Too bad US citizens can't get in on the great deal which includes warrants.
New PR Just Released a few minutes ago. Looks good:
IBC Advanced Alloys Corp. Arranges Non-Brokered $1.0 Million Private Placement
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, BC, May 26, 2015 - IBC Advanced Alloys Corp. (TSX-V: IB;) ("IBC" or the "Company") has arranged private placement subscription agreements for 10,000,000 common share units ("Units") of the Company at a price of $0.10 per Unit for gross proceeds of $1,000,000 (the "Offering"). The Offering is non-brokered, scheduled to close on or before June 5, 2015 (the "Closing Date") and is subject to necessary approvals including the approval of the TSX Venture Exchange.
Each Unit consists of one common share ("Common Share") of IBC and one-half common share purchase warrant.Each full warrant shall entitle the holder to purchase one additional Common Share of the Company at an exercise price of $0.18 at any time up to 24 months from Closing Date. The warrants will be subject to a forced conversion ("
Forced Conversion"), at the option of the Company, if the Common Shares trade at or above $0.45 per share for a period of 20 consecutive trading days. The warrants will expire on the 20th business day following the date that notice of the Forced Conversion is sent to the warrant holders.
The Company has agreed to pay a cash finder's fee equal to 7% of the gross proceeds of the Offering and to grant finder's warrants equal to 7% of the number of shares sold under the Offering. Each finder's warrant will entitle the holder to purchase one common share of the Company at a price of $0.10 for a period of 24 months from the Closing Date.
The Company intends to use the net proceeds from the private placement for working capital purposes. "The financing addresses IBC's project finance requirements, aerospace working capital needs, including new programs in the development phase and facilitates a pathway to increased revenues and production for 2015," said Simon Anderson, IBC's Chief Financial Officer.
THE COMMON SHARES, EQUITY UNITS AND UNITS HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM U.S. REGISTRATION REQUIREMENTS.
They were for several years, but not getting the ore they expected. They are setting up financing to reopen and continue mining. It's a hit or miss deal. Looks better now than it did 6 months ago.
Seeking Alpha is very honest, in my opinion. This is very interesting. How did VOIL get the top notch Management people to work for them?
http://seekingalpha.com/article/2673395-virtus-oil-and-gas-behind-the-scenes-of-filipino-boiler-rooms-and-paid-advertisements#comments_header
I just received this oreviuosly posted article, from Seeking Alpha.
That's what you do in Texas. In Utah when you file to drill an oil well you contact, Utah Department of Natural Resources, Division of Oil, Gas and Mining.
Looks like VOIL confirmed today what I posted yesterday. I just used what they have previously said and what has been going on with oil prices to figure it out.
Looks like oil prices are still going down. That makes VOIL look very good. They are going for oil that doesn't require "Fracking". That costs about $70 a barell to produce. Those wells will soon be shutting down. No profit to be made.
A company like VOIL that is drilling the old style with no fracking, costs about $20 to $30 a barrel to produce. A lot of profit still in there. They will probably be bought out before drilling starts.They have a number of very good sites for more wells on their property. JMHO
In The Wall Street Journal's 4 page Sunday Newspaper Insert, there was a major front page story on Oil Stocks.
"Oil closed this week at $80.54 a barrel. If oil drops to $70 or lower, oil and gas drilling will slow. High oil prices drove the energy expansion by making costly drilling techniques, such as hydraulic fracturing, or fracking, economically feasible."
If it costs $70 a barrel to produce the oil by fracking, no profit can be made by using that method.
I know that VOIL is using the old fashion drilling method, not fracking, to drill their wells in Utah. The old type drilling costs $20 to $30 a barrel to produce the oil. VOIL knew this, since their expert on drilling sites, was looking for places where oil was being found without fracking. Dr. Benson from the Colorado School of Mines was brought on board to find such sites. He has 4 decades of experience in oil and gas drilling. He found the proper spot after several years of working on the project.
The Wall Street Journal said yesterday that money to drill new wells, where fracking was involved, is drying up. I would think a company drilling the older way could find the funds to drill much easier. And it's much more profitable. VOIL doesn't just have one site. They continue to look through their large Utah holdings for many more sites!
Below is from ETrade's Extended Trading Site. It's on the same web page as their usual trading site:
E*TRADE
VIRTUS OIL AND GAS OTCBB:OTCQB
EXTENDED HOURS:
Last: 1.69 Change: -0.030 (-1.74%) Bid: 1.67 x100 Ask: 1.69 x200 Extended Hours:
VOIL is a new, start-up company. None of these companies ever pay dividends. They also are looking for oil in places where they can find it by without fracking. Oil produced the "Old fashioned way" can be produced for $20 to $30 a barrel. Fracking oil costs about $70 to $80 a barell to produce. No profit in that with the current price of oil around $80 the last time I looked.
It appears that some people don't understand what a start-up company is as opposed to an old line oil company like EXXON, which has been around for years and pays dividends. You're not going to make a lot of profit from dividends anywhere today, without risk!
I don't care where or how these after hour trades are made. Market Watch usually has trades listed for VOIL for the After Hour or After Market period. I can usually find them every trading day. I have no interest in trading after hours, I'm just posting what I see!
You can P & D almost any stock, but it doesn't always work to your advantage.
P & D activity does not actually mean that the company whose stock is being traded, is involved!
I have been finding After Hour Trading of VOIL almost every day on Market Watch.
AFTER HOURS TRADING
You can enter an order for the next day’s live market session at any time and it will become active when the market officially opens for business.
Orders left unfulfilled during regular trading hours do not carry over into after-hour trading unless you specify them to with your broker.
Most after-hour orders must be limit orders (check with your broker for particulars).
After-hours trading is risky because you may be limited to seeing only quotes from your broker, so you may not know if what is the best price.
Volatile Prices
In many cases, there are few buyers and sellers meaning prices can be volatile. The after-hours market does about one percent of the volume of the daily live markets.
Institutional investors dominate the after-hours market and can dramatically change prices by their actions.
The after-hours market is not recommended for investors who are looking for long-term investments. Prices can be very volatile and you’ll want to know exactly what you are paying to take a long-term position.
Stock traders, people interested in short-term price movements, are attracted to the after-hours market. However, traders operate in the dark because they can’t see the whole market.
The after-hours market is best left to professional traders or traders with years of experience.
You can enter an order for the next day’s live market session at any time and it will become active when the market officially opens for business.
Orders left unfulfilled during regular trading hours do not carry over into after-hour trading unless you specify them to with your broker.
Most after-hour orders must be limit orders (check with your broker for particulars).
After-hours trading is risky because you may be limited to seeing only quotes from your broker, so you may not know if what is the best price.
In the aftermarket, VOIL is up 19 cents right now! Marketwatch
The dumping is selling by daytraders taking their profits. No news out there to make the stock go up.
At Anadarko our COO, Brett Murray, was a company landman that worked on curative issues before drilling in the Wattenberg Basin. Murray started his land career as a field landman in Northeastern Colorado. He's been there and done that!
Not much going on recently!
I posted the previous message to show the current view of one of VOIL's original critics.
The information below is what you usually get from a start-up. They have nothing iron clad, just Oil experts opinions. A lot of this info is in the iBox!
Here is how Virtus Oil and Gas describes its main asset:
The prospect is comprised of a 55,477 acre tract in the Central Utah Overthrust (CUO) region of southwestern Utah, in Iron County.
The prospect is located approximately 80 miles south of Wolverine Gas and Oil’s Covenant Oil Field, also located in the CUO region, which has produced 3.1 million barrels of oil (MMBO) in Utah from structures and reservoir horizons. Potential for the discovery of a similar field within this southern portion of the overthrust belt is suggested by structural interpretation of a large seismically-mapped 4-way structural closure.
The Covenant Oil Field exhibits closure over approximately 11,000 acres with about 400 feet of pay in the Navajo, thus allowing a projection of nearly one billion barrels of oil within that field. A similar structure lies on the Parowan Prospect Iron County leases, with a potential for an oilfield of similar order of magnitude, particularly when multiple prospective horizons are considered.
Virtus Oil and Gas Corporation controls 55,477 acres in the Iron County section of the thrustbelt play. It has agreed to drill a 12,000 foot deep test well to evaluate the Navajo, Kaibab, and Permian Queantoweap Sandstone within 2 years.
Virtus plans to complete an analysis of the potential reservoir rocks, source rocks, structural traps, and reservoir sealant horizons, leads to a recommendation to refine structural parameters with a review of seismic work, and possibly some more geological detail and gravity surveying, followed by drilling of a test well.
Test well drilling is tentatively scheduled to commence by September 2015.
There aren’t any typos in the above description. The company is claiming to be chasing something that could have close to a billion barrels of oil. A person would likely want to make note of the word claim and the word could in the preceding sentence.
On a first look it is hard to know what to conclude about Virtus Oil and Gas. The people involved and the numbers that the company is throwing about are certainly interesting. Whether any of this ever amounts to anything of true value is however completely unknown.
I think that Dr. Benson, the person in charge of planning VOIL's future ventures is going to get the first well area ready to drill and then work on wells number 2 and 3. He wants to have a future lined up for the company to move on after they drill their first well. He knows the oil business and he will make VOIL worth more as a merger or buyout prospect. I know they aren't just going to sit around playing cards. The first well will require a good deal more work before they are ready to drill, but VOIL will be prepared to continue on after that.
Last month, Dr. Robert Benson was quoted in a Press Release that VOIL has enhanced the quality of the seismic data that they purchased. They applied "Prestack Time Migration" and got a much superior product with better resolution of the data. This shows that Dr. Benson has been working on the material they bought. See below:
HOUSTON, Sept. 2, 2014 /PRNewswire/ -- Virtus Oil and Gas Corporation (OTCBB: VOIL) ("Virtus" or the "Company") today announced that its recently purchased 47 miles of 2D seismic data in the Parowan Project has been received and is currently being reprocessed with advanced processing software.
Dr. Robert (Bob) Benson, Exploration Director at Virtus, comments: "The seismic data quality is excellent, and reprocessing has already yielded a much superior product than was previously available. In particular, by applying Prestack Time Migration, we have been able to increase the resolution of the data while also improving the imaging of the prospects.
Benson continues: "While the reprocessing of the seismic data is being finalized, interpretation utilizing the preliminary products has confirmed several potential prospect locations. This new data consists of three seismic lines that provide a much clearer image of the structurally complex geology of the area. Once the final processed seismic data is received, a revised interpretation will be completed. This will allow us to determine the need for additional seismic data in the area."
Dr. Benson has nearly forty years of exploration, development and management experience in the energyindustry. He obtained his BSc in Geophysical Engineering and his MSc and PhD in Geophysics from theColorado School of Mines in 1976, 1984 and 1997, respectively.
The last quote I saw was at 3:59 PM. VOIL was up 5 cents today. Looks like the naysayers didn't win today!
VOIL is down 1 cent today, at 3:35 PM. Not exactly a crash!
"Seeking Alpha" is one of the first analysts to call VOIL a SCAM. Now look what they are saying!
Looks like they are now backing off their stock Scam claim:
FROM "SEEKING ALPHA":
"Possibly the biggest discrepancy in the short thesis is that Virtus is a scam due to the shady past of the former CEO. The new executives all appear legitimate with the CFO being a former auditor with PWC and KPMG and the COO has experience at Anadarko amongst other well-known energy firms, including heavy involvement in several large scale land deals. Not to mention, it seems very unlikely that a published author with a doctorate would agree to work as Exploration Director at a stock promotion scam."
I tried to put up all the material I could find about the SCAM subject. If he can read, he should have found all this material.
Below is part of a recent statement from "Seeking Alpha", a stock research firm that published a very critical article earlier about VOIL. Looks like they are now backing off their stock Scam claim:
"Possibly the biggest discrepancy in the short thesis is that Virtus is a scam due to the shady past of the former CEO. The new executives all appear legitimate with the CFO being a former auditor with PWC and KPMG and the COO has experience at Anadarko amongst other well-known energy firms, including heavy involvement in several large scale land deals. Not to mention, it seems very unlikely that a published author with a doctorate would agree to work as Exploration Director at a stock promotion scam."
VOIL issued a Press Release in July, part of which is below:
The Company is aware that there have been third party reports and newsletters published on the Company. Virtus Oil and Gas is not associated with the authors of any third party reports or newsletters. The report contains a number of subjective conclusions and value assessments, about which the Company makes no comment. Shareholders, potential investors and other interested parties should refer to official company news releases and SEC filings for the most current and accurate information available for the Company. Additional information is also available at our website www.virtusoilandgas.com.
The writer of the June article wrote this when he found out that VOIL was being promoted. However, his analysis was about the same as the promotion.
After writing about Virtus Oil and Gas (OTCQB:VOIL) a couple of weeks ago some allegations appeared suggesting the stock was nothing more than a stock promotion. During this time period, the stock surged after a well-published promotion and then plunged following the publication of a bearish article on Seeking Alpha.
For those new to the story, Virtus Oil and Gas is a U.S. oil and gas exploration company that launched in October 2013. The company is planning to drill a 12,000-foot deep test well in central Utah by September 2015 at an estimated cost of $2.5 million. It hopes to discover oil in the Central Utah Thrust Belt Region. A research report by Gustavson Associates details the potential for sizable amounts of oil in the acreage leased by the company.
When originally studying the story, I wasn't aware of a pending stock promotion.
If VOIL was a scam, as some post here, how is it that Stone Fox Capital had an analyst write, on June 24, 2014, just about the same information about the company, that appeared recently in a paid advertisement sent to investors. Stone Fox rates different companies, based on merit. They appeared to like VOIL, but noted the risks you take with a small start-up. They did like the oil properties VOIL had aquired and the very experienced Management brought on board to run the company. No scam here, but there are risks involved.
I think most investors in small cap companies know about the risks and rewards involved.
My previous post shows that VOIL has been analized before the current frenzy. It's not an unknown company. This fellow tells it like it is. It's risky, but what isn't if it has a possible fab furure ahead. No stock is without risks, but this isn't a scam or these analysts would not consider the company in their projections!
This is from Stone Fox Capital in June:
Stone Fox Capital
Long/short equity, growth at reasonable price, research analyst,
deep value.
Virtus Oil And Gas Provides Intriguing Opportunity
Jun. 24, 2014 11:35 AM ET |
About: Virtus Oil and Gas Corp. (VOIL)
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities. Before buying or selling any stock you should do your own research and reach your own conclusion or consult a financial advisor. Investing includes risks, including loss of principal. (More...)
Summary
High price of oil makes oil exploration an attractive investment.
Virtus Oil and Gas has attractive leases with a large resource potential, but investors face significant risks.
Company has a concise business plan with a high return outcome fraught with risks.
Although investors have abandoned most natural resources, oil continues to hold above $100 per barrel making oil exploration one of the strongest businesses in the natural resource space. The public markets are characterized by most oil exploration stocks trading at multi-year highs and trading with valuations in the billions. One company in Utah provides an intriguing opportunity for natural resource investors looking for a high risk, high return scenario.
Virtus Oil and Gas (OTCQB:VOIL) is a U.S. oil and gas exploration company that launched in October 2013. The company is planning to drill a 12,000-foot test well in central Utah by September 2015 at an estimated cost of$2.5 million. It hopes to discover oil in the Central Utah Thrust Belt Region for Salt Lake City refineries and/or gas for Southern California.
If you don't advertise what you are doing, nobody will ever hear about the company. Nothing wrong with a little promotion of what you are doing. I found the same material that was in the paid for ad, dated in July of this year, in an analyst's report. The paid for advertising was about identical material. The analyst in July wasn't pumping the company since he said it was a gamble. He liked the idea of looking for cheaper ways to bring out the oil, other than fracking.
VOIL used information bought from Chevron, to analyze their property. It was done by a Professor of Physics at the Colorado School of Mines, who is now working for VOIL. The small company didn't do the work themselves, Chevron did. All of the information I used came from my search of "Google" for VOIL stock analysts. The information I used came from the "Small Cap Explorer's Benzinga Contributor". They didn't give it a rave review, they just thought that VOIL did a good job bringing in top notch Management. Experts in the Oil and Gas exploration industry and a Doctor of Physics from the staff of the Colorado School of Mines.
They liked the idea of VOIL going for old style drilling and using people who knew what they were doing. Not a sure thing, but a good idea! More profit in the oil found, since it costs less to drill down for the oil field than fracking. Fracking oil costs about 3 times as much as the old style drilling oil. Makes sense!
Note: Up about 10 cents early today.
The information below is fron the analyst's report I posted yesterday. If oil from shale deposits costs about $70 a barrel to produce, there is not a lot of profit if oil in selling at $80 a barrel. If VOIL gets the conventional oil, non-shale type, which costs $20 to $30 a barrel to find, they have a big profit at curent prices. Don't you think large oil companies see that VOIL is in a good spot to bring up cheaper to produce oil. That's why I think VOIL is going to be bought out. They brought in two very bright men. The COO has vast experience with NYSE companies in making multi-million dollar deals. Their professor from Colorado School of Mines, knows about both types of oil plays. Old style and fracking. He is in charge with going through the seismic material they bought from Chevron. He has picked out the best site for the first well and knows where else to look.
"The source of all of that new oil production is the development of shale oil using fracking. While fracking booms, the amount of oil being produced from conventional vertical wells inside of the United States continues to decline. The reason for that is not because oil companies prefer shale oil, it is because over the past century the industry has drilled up virtually every conventional oil opportunity. Given the opportunity oil companies would much rather be developing an old school oil property instead of shale oil.
That is because old school oil costs $20 to $30 to find and develop while the average shale play costs $70 plus.Virtus Oil and Gas is a small company that is looking for one of those old school, big barrel, non-shale oil plays."
An analyst's opinion of VOIL. (previous messages)
More, Some of this many have seen:
What the company has accomplished is assemble a decent team to lead its efforts: Brett A. Murray Chief Operating OfficerBrett A. Murray worked for Gunnison Energy Corporation an Oxbow Company owned by William Koch in 2012 as Land Manager. Prior to GEC, Mr. Murray spent time with Phil Anschutz’s private company, Anschutz Exploration Corporation where he was heavily involved in the $1.4B divestiture of the company’s Southern Bakken properties and as well as its $114MM Northern Bakken property sale. Murray went to work at Sundance Energy, Inc. in 2008, and was promoted to Land Manager at age 27. While at Sundance, he was involved with multiple divestitures and business development of nearly 150,000 acres and nearly $80MM in transactions. At Anadarko he was a company landman that worked on curative issues before drilling in the Wattenberg Basin. Murray started his land career as a field landman in Northeastern Colorado. He was the main lease buyer for Tecton Energy where he had leased near 100,000 acres in the Albuquerque Basin, New Mexico.
Dr. Robert Benson (Bob) Exploration DirectorDr. Robert Benson has had nearly forty years of exploration, development and management experience in the energy industry. He obtained his BSc in Geophysical Engineering and his MSc and PhD in Geophysics from the Colorado School of Mines in 1976, 1984 and 1997, respectively. A major focus of Benson’s work includes seismic data acquisition, processing and interpretation, in both the Rocky Mountains and worldwide. He has worked extensively in reservoir characterization with emphasis on multi-component, 3-D and 4-D seismic methods.In addition to having a decent looking team Virtus Oil and Gas has (on paper at least) an interesting looking prospect to drill.Here is how Virtus Oil and Gas describes its main asset:The prospect is comprised of a 55,477 acre tract in the Central Utah Overthrust (CUO) region of southwestern Utah, in Iron County.The prospect is located approximately 80 miles south of Wolverine Gas and Oil’s Covenant Oil Field, also located in the CUO region, which has produced 3.1 million barrels of oil (MMBO) in Utah from structures and reservoir horizons. Potential for the discovery of a similar field within this southern portion of the overthrust belt is suggested by structural interpretation of a large seismically-mapped 4-way structural closure.The Covenant Oil Field exhibits closure over approximately 11,000 acres with about 400 feet of pay in the Navajo, thus allowing a projection of nearly one billion barrels of oil within that field. A similar structure lies on the Parowan Prospect Iron County leases, with a potential for an oilfield of similar order of magnitude, particularly when multiple prospective horizons are considered.Virtus Oil and Gas Corporation controls 55,477 acres in the Iron County section of the thrustbelt play.
It has agreed to drill a 12,000 foot deep test well to evaluate the Navajo, Kaibab, and Permian Queantoweap Sandstone within 2 years.Virtus plans to complete an analysis of the potential reservoir rocks, source rocks, structural traps, and reservoir sealant horizons, leads to a recommendation to refine structural parameters with a review of seismic work, and possibly some more geological detail and gravity surveying, followed by drilling of a test well.Test well drilling is tentatively scheduled to commence by September 2015.There aren’t any typos in the above description. The company is claiming to be chasing something that could have close to a billion barrels of oil. A person would likely want to make note of the word claim and the word could in the preceding sentence.On a first look it is hard to know what to conclude about Virtus Oil and Gas. The people involved and the numbers that the company is throwing about are certainly interesting. Whether any of this ever amounts to anything of true value is however completely unknown.Either way Virtus is an emerging opportunity worth watching. …
Virtus Oil and Gas (VOIL) - Is This Little Company Really Chasing A Billion Barrels Of Oil? -
Small Cap Explorer, Benzinga Contributor
To be successful in the hunt for emerging opportunities you need to look where nobody else is looking. Virtus Oil and Gas (VOIL) isn’t doing just that, it is also looking for something nobody else is looking for these days.Virtus Oil and Gas is on the hunt for a big oil discovery (rather than a shale play) inside the United States.American oil production has been rocking and rolling for half a decade. The source of all of that new oil production is the development of shale oil using fracking.While fracking booms, the amount of oil being produced from conventional vertical wells inside of the United States continues to decline. The reason for that is not because oil companies prefer shale oil, it is because over the past century the industry has drilled up virtually every conventional oil opportunity.Given the opportunity oil companies would much rather be developing an old school oil property instead of shale oil.
That is because old school oil costs $20 to $30 to find and develop while the average shale play costs $70 plus.Virtus Oil and Gas is a small company that is looking for one of those old school, big barrel, non-shale oil plays.Headquartered in Houston, Texas, Virtus Oil and Gas was founded in 2013 with the mission of acquiring and developing onshore oil and gas working interests in proven basins in the United States, such as the Central Utah Thrust Belt Region.
The Virtus Oil and Gas corporate strategy is based on the following fundamental principles:· Acquire oil and gas properties that give them a majority working interest and operational control· Maximize the value of their properties by increasing production and reserves while controlling costs· Utilize a highly experienced team of geologists, engineers, and landmen·