CC Summary*******Great CC******** Summary:
My favourite quote: ".... we ride up together. nobody makes money if this goes in the toilet". Awesome !
The big material events.
1. 2 CPC deals - broker is Concord Capital.
2. 150 million OS. So a 41 million further reduction is coming.
3. Big Project to be announced between 2 Kinross mines.
Per Dan Ryan - Price Target
$0.10 after the news coming re the claim between 2 Kinross mines. Short term target.
$0.50 by January 1st
$1.00 by January 1st 2009
OTCBB Listing
Expect this to be in place by May 1st to June 1st 2008
Dealing with the MM's
- McMillian Bench law firm is advising
- One idea is to divident out stock from TSX venture companies and then force the short MM's to cover. They have to cover and there is no way to leave a naked short open
Further Details
- Huge announcement after September 2nd which relates to a producing project between 2 Kinross mines. ABVG have been working on this for the last 2 months. Dan thinks this may go over 10 cents after the news.
- Stalt Inc new TA. Last piece of documentation going to Stalt tomorrow then TA will be ungagged 1 week from tomorrow at the earliest, but soon after. 323 million prior to buyback and 191 million post buyback
- 132 million buyback sour grapes. The company shares from other parties and the last piece of off-market buying was finalised 2 weeks ago.
- There are $2.5 to 3 million in commitments for the New Mexico deal (2 million ouncer at a production cost of $385 an ounce).
- Hedge Fund Groups. Aim is to reduce the OS to 150 million, which will be funded at the working capital level by November 1st using hedge funds and preferred share financing. NON DILUTIVE due to the reason below.
- Equity financing was not possible, so there will be a preferred share financing instead. I asked whether this would affect shareholders and Dan commented that this "would not be converted to equity". The cost will be borne from the production of the mines, backed by the New Mexico deal. Dan says that there will be no dilution while he is in charge and this prompted the comment above: "we all ride up together and nobody makes money if this goes in the toilet".
- I also asked why NITE had been all over the ask and Dan basically said that the MM's play their game and that he is not selling shares into the OS.
- New website being relaunched October 1st
- Internal company IR coming on board shortly.
- New Blog on September 1st.
Dunglen
Issue of who owns the land right now and this will be dealt with in December.
Toiyabe
Discussion with other properties in a seperate public company (owned / part owned by ABVG effectively). This isn't finalised, but the UMNG deal for the project sounds like it is off due to issues ABVG didn't know about when they first went into it. GOOD !!!
Future RS
Dan said there would be no RS while he is in charge.
