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ATW GOLD CORP. ("ATW")
BULLETIN TYPE: Shares for Debt
BULLETIN DATE: May 28, 2010
TSX Venture Tier 1 Company
TSX Venture Exchange has accepted for filing the Company's proposal to
issue 2,000,000 shares at a deemed price of AUD$0.25 (or CAD$0.22065) to
settle outstanding debt for AUD$500,000 (CAD$441,271.41).
Number of Creditors: 1 Creditor
The Company shall issue a news release when the shares are issued and the
My thanks to reader 'AT' for the headsup.
Here's the link to the article in Harper's, here's an extract of the text....
".....with former Argentine president Néstor Kirchner, Oliver Stone learned that Bush claimed that waging war was a formula for economic growth. Here’s the key exchange:
......and here's the video:
kirchner: I said that a solution for the problems right now, I told Bush, is a Marshall Plan. And he got angry. He said the Marshall Plan is a crazy idea of the Democrats. He said the best way to revitalize the economy is war. And that the United States has grown stronger with war.
stone: War, he said that?
kirchner: He said that. Those were his exact words.
stone: Is he suggesting that South America go to war?
kirchner: Well, he was talking about the United States: “The Democrats had been wrong. All of the economic growth of the United States has been encouraged by wars.” He said it very clearly."
But we're going with 'Big Bottom', because of lyrics worthy of Pulitzer. Take for example the first verse:
The looser the waistband, the deeper the quicksand or so I have read
My baby fits me like a flesh tuxedo,
I'd like to sink her with my pink torpedo
And the unforgettable hook, How could I leave this behind? Enjoy.
Meanwhile, President Colom of Guatemala has declared a 'State of Calamity' due to the eruption. Guatemala's main 'La Aurora' airport is closed due to ash falls on the runway and plenty more disruption to normal life is coming through.
It was 49c on September 7th, day of the post. It's now 22c. Nuff said.
Moral of the story: There are no shortcuts for retail shareholder when making money in the markets. Read Mark Twain on gold mining for more details and DYODD, dude.
This number went up this week, as Eike's 63X Master Fund vehicle added 1.1m shares to its pile on Wednesday (and filed them as quickly as yesterday).
|As of May 27th, 2010|
|Filing Date||Transaction Date||Insider Name||Ownership Type||Securities||Nature of transaction||# or value acquired or disposed of||Unit Price|
|May 27/10||May 26/10||63X Master Fund||Direct Ownership||Common Shares||10 - Acquisition in the public market||1,100,000||$10.620|
Now that the land deal is done with Los Gelvez, the question now is "when" Eike makes his move and buys out VEN.to, not "if". My best guess would be after the Presidential elections, but WTFDIK? Anyway, to round off here's the current state of full dilution at the company (the warrants and options are all in the money). I wonder if mgmt will have time to squeeze in a final round of bonus options?
shares out: 97,409,131
.....oil again, but this time the hourly candles.
Irish Petroleum - Betting
PaddyPower.com has placed odds on what species would be first to become extinct as a result of crude belching from BP’s (BP) ruptured well in the Gulf of Mexico. Odds are the Kemp’s Ridley turtle, and other critically endangered species that migrate to the Gulf this time of year, would go first. A $5 bet on the turtle would win $9 if it’s listed as extinct at any time because of the spill. Less likely species – the gulf sturgeon, smalltooth sawfish and elkhorn coral – have payout rates of 20-to-1.
The Irish bookmaker hopes the betting will “highlight the environmental catastrophe” and the “sure bet” that it would lead to the loss of some marine species. “We kind of have a very simple philosophy at Paddy Power – within reason, if there is a very newsworthy event that people are talking about, people should be allowed to back up their opinion with some cash,” a company spokesman said. PaddyPower.com is also taking bets on who will be the next CEO of BP.
Y'know, there are handouts to management and there are handouts to management, but ONE POINT NINE MILLION OPTIONS worth $1.6m when you're on a stock with a market cap of $58.5m? They've just awarded themselves 2.75% of the company, FerLaffinOutLoud!
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 27, 2010) - Dorato Resources Inc. ("Dorato" or the "Company") (TSX VENTURE:DRI - News; OTCQX:DRIFF)(PINK SHEETS:DRIFF - News; FRANKFURT:DO5 - News) announces that, Pursuant to its 2009 Incentive Stock Option Plan, Dorato has granted incentive stock options to certain directors, officers, employees and consultants allowing them to purchase up to an aggregate of 1,900,000 common shares in the capital stock of the Company. The options are exercisable at a price of CAD 0.85 for a period of two years ending May 27, 2012.It wouldn't be so bad if options were the only way Dorato (DRI.v) brass handed themselves the love, but the company racked up $1.1m in consultancy fees in the first nine months of the year and you can bet large sums versus rosquillas that names first in the queue when those contracts got handed out also coincide with directors and Cardero Group pals (and we wait on tenterhooks for the YE and its contents). But on the other hand, the company can always point to this year's sparkling share price performance.....
........as a way of justifying this wildly excessive options handout, can't it Owly?
Somebody has to stand up to those knownothings, charlatans and bullies at GATA. You go Jeff.
"GATA represents itself to its followers as experts when they clearly are not. They prey on the lack of knowledge and fear of investors who have not studied the markets as well as they should have. The solution to that problem is investor education, not lies. All that the reckless pursuit of conspiracy theories do is distract investors from the much more important agenda of understanding the gold bullion marketplace and the fundamentals that drive the price of gold."
The full and most excellent GATA smackdown is right here. I'm sure Jeffrey M. Christian will agree when I say, "DYODD, dude".
UPDATE: A reader writes in with this:
Did you catch the Christian vs. Murphy "debate" on FSN last week?
I say "debate" because Christian ate Murphy alive.
Here's the original:
Here's a translation.
However, the Chinese have not been informed of the all this. Today's hot story from Chinamining is that China wants in on the massive (really....it's very big wow massive) Mutún iron ore project in East Bolivia. Here we go with a straight paste:
The Chinese government has proposed to extend up to US$15 billion in loan to a large scale iron ore mining project in Bolivia, sources reported.
China also intends to set up a joint venture to jointly develop the mine, according to the report.
However, a spokesman at Bolivian government said that the talks with China are still in the preliminary stage. Bolivia is also considering the related proposals raised by enterprises from Korea, Russia and Venezuela, the spokesman added.
According to the spokesman, Sergio Alandia, president of Bolivia's state-owned steel firm ESM, will hold talks with a Korean delegation including Hyundai Steel Co this week.
Bolivia's local newspaper, La Razon, reported yesterday citing Alandia as saying that China is facilitating an iron ore supply agreement with Bolivia and suggests China Development Bank Corp to offer loans to the above iron ore.
"Arturo Valenzuela called me a few days ago and said that Hillary wants to visit Ecuador, and I said that she's welcome", said Correa. "(The visit will discuss).. regional issues, Unasur issues. There's a wide agenda with the USA pending, including commercial talks."
Fund managers know what it's like to use Emerging Market leverage. It's fun in the good times, but has a nasty bite when things go bearish. Now we have the same thing here, just on a much bigger scale. Germany/France etc are fully industrialized nations and have been benefitting from the sharp growth in the southern European EMs for the first decade of the Euro's existence. But now the EMs are weak and those 1st worlders are getting pulled down with them. Except for The UK, shown by the GBP that's moving away from the mess. Just thinking out loud this Thursday morning and noting that a complex subject can have some fairly straightforward results.
.....oil, and that weekly candle chart of the stuff we follow here from time to time.
By the way, on an oily note here's a link to where Setty picks up on an IPS note telling the world how a US oil exec needs to pay $482m in back taxes on the recent of Peruvian-based Petrotech to Colombia's Ecopetrol. Bribery and corruption allegations woven into the story, too. Good stuff.
Antares Minerals (ANM.v) up 5.8% at $2.36. Was this really trading as low as $2.02 just three sessions ago? Seems like another epoch. Casey subbers will be happy with this move, as it now only has another 17.8% to move up before they're back to neutral on the stock.
Rio Alto Mining (RIO.v) up 4.1% at $0.77. This stock has weathered the last couple of weeks far better than most junior goldies, perhaps because it's already secured the necessary moolah to bring its near-term project to production. If gold hangs around at $1.2k it'll be a serious cash cow, as the number work just fine at $1,000/oz. DYODD.
Dorato Resources (DRI.v) down 4.7% at $0.82 on tiny volume and the Cardero Crew deciding not to join in the party. One would have thought that a decent gold exploration company might have little problem in attracting a rebound on renewed sector interest today. Whatever could be holding this company back?
AuEx Ventures (XAU.to) up 4.4% at $3.33 and back to the price printed at last Friday's close. note to subbers; I'm trying to do what I want to do here, but the piddly volume is making things sticky so patience is being applied.
It was brought to my attention late last week by a third party, unconnected to PTQ.to, that the Richard G. Fifer convicted was not the same person. After reviewing the evidence and also contacting the original source that offered up the information previously used by this blog, it would seem that I have been mistaken all this time, that the Fifer of PTQ is not the same person as the convicted smuggler and that, though acting in good faith at the time, my original contact also withdraws their connection between the two. IKN apologizes unreservedly for any misinformation previously published in this matter.
Brazil, elections, miners and royalties
Thank you for the feedback last week concerning the possible rise of extra royalty payments on mining operations in LatAm, the theme following on from the recent Australian 40% windfall tax proposals. Further to this I was kindly sent an article (5) that neatly sums up the state of affairs in Brazil as that country moves towards its Presidential elections at the end of this year. The article states that all three of the current Presidential frontrunners, Dilma Rousseff (PT), José Serra (PSDB) and Marina Silva (Green Party) are in favour of changing extra royalties to mining companies.
The issue is likely to start making louder headlines amongst the mining community in the next two or three weeks, as the ruling PT candidate Rousseff is due to define her policy towards mining royalties (and thus remove herself from the current backroom lobbying being conducted by mining companies) via a PT party committee that will sit in Brasilia, come to a agreement and then send the agreed text to Rousseff as the official party line (to which she is very likely to stick). The text is not likely to vary much from a proposal sent to congress by the PT party last year that failed in passage. That text envisaged changes in the current system and would charge a royalty perhaps as high as 5%. As for the other candidates, it seems that main opponent Serra is waiting for the PT policy so that he can take a different position, which is likely to be a differing rate of new royalty rather than none at all.
The bottom line is that the junior mining investor is advised to take into account a higher rate of royalties in future calculations on Brazil-exposed miners. They also might want to take into account a possible rude awakening to the issue if and when it begins to make English language headlines.
UPDATE: Reports are still patchy, with unofficial word coming through that at least 80 people who were asleep on the boat when it went down are now safe, but there are still more than 100 unaccounted for and there's also talk of around 40 people trapped inside the sunken craft. Also (surprise surprise), the boat that is licensed to carry up to 170 people was probably carrying more than 250. That snippet will not come as a shock to anyone that has travelled The Amazon.
|Patrick Sheridan: Insider Trades of Guyana Gold in 2010|
|date||type of transaction||amount||price||shares left|
|23/02/2010||51 - Exercise of options||250,000||2.02||4,847,334|
|22/04/2010||51 - Exercise of options||250,000||2||5,097,334|
|23/04/2010||10 - Acquisition or disposition in the public market||30,000||6.8|| |
|23/04/2010||10 - Acquisition or disposition in the public market||30,000||6.8|| |
|23/04/2010||10 - Acquisition or disposition in the public market||-30,000||6.8||5,067,334|
|26/04/2010||10 - Acquisition or disposition in the public market||-5,000||6.75||5,062,334|
|26/04/2010||10 - Acquisition or disposition in the public market||-5,000||6.75||5,057,334|
|26/04/2010||10 - Acquisition or disposition in the public market||-2,100||6.65||5,055,234|
|27/04/2010||10 - Acquisition or disposition in the public market||-5,000||6.7||5,050,234|
|28/04/2010||10 - Acquisition or disposition in the public market||-13,900||6.65||5,036,334|
|30/04/2010||10 - Acquisition or disposition in the public market||-10,000||6.7||5,026,334|
|30/04/2010||10 - Acquisition or disposition in the public market||-5,000||6.75||5,021,334|
|30/04/2010||10 - Acquisition or disposition in the public market||-5,000||6.78||5,016,334|
|30/04/2010||10 - Acquisition or disposition in the public market||-5,000||6.8||5,011,334|
|30/04/2010||10 - Acquisition or disposition in the public market||-5,000||6.85||5,006,334|
|03/05/2010||10 - Acquisition or disposition in the public market||-10,000||7||4,996,334|
|03/05/2010||10 - Acquisition or disposition in the public market||-3,500||7.01||4,992,834|
|06/05/2010||10 - Acquisition or disposition in the public market||-20,000||6.9||4,972,834|
|06/05/2010||10 - Acquisition or disposition in the public market||-5,000||6.92||4,967,834|
|10/05/2010||10 - Acquisition or disposition in the public market||-20,000||7||4,947,834|
|11/05/2010||10 - Acquisition or disposition in the public market||-10,000||7.29||4,937,834|
|11/05/2010||10 - Acquisition or disposition in the public market||-10,000||7.33||4,927,834|
|12/05/2010||10 - Acquisition or disposition in the public market||-11,600||7.48||4,916,234|
|12/05/2010||10 - Acquisition or disposition in the public market||-8,200||7.45||4,908,034|
|12/05/2010||10 - Acquisition or disposition in the public market||-20,000||7.39||4,888,034|
|12/05/2010||10 - Acquisition or disposition in the public market||-300||7.41||4,887,734|
|12/05/2010||10 - Acquisition or disposition in the public market||-600||7.4||4,887,134|
|17/05/2010||10 - Acquisition or disposition in the public market||-5,700||6.9||4,881,434|
What we have here is basically the following:
- Sheridan is a dude with about 4.6 million shares of GUY.to at end 2009.
- He then exercises two 250k chunks of options at $2 a shot to take his holdings up to 5.1m or so.
- He's since then sold 185,900 of the recently exercised shares, at prices fluctuating between $6.50 and $7.50 approx, for gross proceeds of $1.3m
- He now has a touch under 4.9m shares owned.
I'm not saying that the pattern above from Sheridan is the best possible. I am saying that it's not really a bad thing going on here and the selling is understandable, it's not a red flag signal for the stock and, in the long run, shows that the CEO is keen on raising his stake in GUY.to. Not all insider sellers are crooks, not all insider sales are immediate selling signals and the thoughts floated here about CEO Sheridan fit 100% with anecdotals from trusted sources that say the GUY CEO is one of the good guys. DYODD.
One section of today's Morning Coffee, from said establishment, covered Greystar Resources (GSL.to) and I found myself nodding in agreement with Nocholas CampbellSoup's call on the stock. In fact, the guy has been nailing good calls on LatAm bargain miners for a while now, gotta be said. Here's the excerpt from today Morning Coffee (and if you'd like to receive this on a daily basis I have absolutely no idea where you could get it from but you could always send me a mail):
Greystar Resources* (GSL : TSX : $3.36), Net Change: 0.08, % Change: 2.44%, Volume: 307,396
Falling star? Greystar, a Colombia gold explorer, reported on Friday that it has not received a decision in regard to its appeal with the Ministry of the Environment, Housing and Territorial Development (MAVDT) to reinstate its December 22, 2009 Environmental Impact Assessment (EIA) and to accept that the company has complied with all legal requirements to proceed with the development of an open-pit gold-silver mine at the company's Angostura project in Colombia. Greystar will continue to work with the Colombian Government and MAVDT to resolve issues of concern and ensure that the impact of the Angostura project on Paramo is minimized whilst ensuring the financial viability of the Angostura project. At the end of April, MAVDT requested that a new EIA be filed for the Angostura project, with adjustments made to limit the occupied area to an elevation below 3,200 metres. Roughly half of the Angostura deposit and the vast majority of planned infrastructure and project facilities are currently designed to be developed above the 3,200-metre elevation. The request by the MAVDT would require Greystar to completely redesign the Angostura project. According to Canaccord Genuity Mining Analyst Nicholas Campbell, given the topographical challenges of the Angostura land package, particularly at elevations below 3,200 metres, the potential to engineer an economically viable alternative development of the Angostura project that would adhere to the guidelines set out by the MAVDT would be incredibly challenging and likely unworkable. Greystar is completing a Definitive Feasibility Study (DFS) on the Angostura project that is expected to be published in H2/10. In addition, the company has begun the process of securing US$650 million in project finance from international sources. The company continues to carry out exploration at the project with a total of four drill rigs focused on three targets; Angostura high grade, Mongora and La Plata.
So the country celebrates 200 years of existence today. ¡Feliz Cumple, Ches!
UPDATE: This links to a good, wide-ranging note note on Argentina's political and social present day, from Ballvé at South Meridian.
So let's assume the following to try and make sense of this mess:
Up to late 2008 China (the word "China" used as shorthand for the major world dynamic growth for copper consumption) bought every tonne of copper it could, blissfully unaware in the same way as most of the world of the approaching storm.
Stocks went up rapidly in late 2008 because China simply stopped buying.
The price dropped off a cliff because of oversupply. Econ101.
Then China thought "Hmmm, copper be cheap!" and bought up all it could at new low prices. Stocks dropped from LME but rose in strategic stockpiles inside China. This takes us to mid-2009.
Then LME stocks started rising, as companies jacked up supply and happily found the metal going ever higher. Speculators had moved in, enough of the business world looked at ZIRP, QE and other stimuli policies as being monetary inflation-stoking. Therefore commodities were now in fashion as a store of wealth. This is quite true for gold, but a dangerous assumption for industrial commods like copper.
Cut to present day. Inflation fashionistas are out, deflation callers have an upper hand and although warehouse stocks are dropping, something that indicates higher end-user demand, the price has cut away by 10% to 15% from recent highs, too. That's the bearish case. The bullish case from staring too long at these charts is that even in the face of $3+/lb copper (a price that's supremely profitable for all copper producers worth their salt), the market is an interested buyer and keen on locking up the goods (see recent comments out of Grupo Mexico, Codelco etc for ample evidence of strong end-user purchasing demand).
Now for sure there's a lot of nuance left out of this little list, but it does try, at least, to provide a simple little roadmap and give an idea of the push-pull fight going on right now. So who's the Daddy here? Will monetary influences pull harder than demand influences and get us lower spot copper prices? Or will end-user demand win out. FWIW, history has shown us ample evidence that industrial metals eventually ignore any currency and forex shenanigans and will follow the demand for their products....eventually. DYODD, dude.
Fronteer Gold (FRG) up 5.3% at U$5.59 and coming back quite nicely. Volumes are low on this Victoria Day (24 May, a.k.a 24-pack day I'm led to believe) which is only to be expected.
Constitution Mining (CMIN.ob) down a penny at $0.63. It's worth even less.
Spot Copper up 6c at U$3.14, which is a pleasant little rally and should put the Canuck markets in a good mood for tomorrow.
Anyone else notice the slight shortfall here?
This from March 15th:
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 03/15/10) - Petaquilla Minerals Ltd. (the "Company") (TSX:PTQ - News)(OTC.BB:PTQMF - News)(Frankfurt:P7Z - News) is pleased to announce that, subject to all applicable regulatory approvals, it has negotiated a non-brokered private placement of 19,750,000 Units at a price of Canadian $0.60 per Unit for gross proceeds of Canadian $11,850,000. continues here
This from April 22nd:
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 04/22/10) - Petaquilla Minerals Ltd. (the "Company") (TSX:PTQ - News)(OTC.BB:PTQMF - News)(Frankfurt:P7Z - News) is pleased to announce that it has been granted an extension by the Toronto Stock Exchange ("TSX") to May 21, 2010, for the final closing of the private placement of units announced on March 15, 2010. The Company has received expressions of interest for the full amount of the offering, and intends to diligently proceed to closing. continues here
This after the bell last Friday, May 21st:
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/21/10) - Petaquilla Minerals Ltd. (the "Company") (TSX:PTQ - News)(OTC.BB:PTQMF - News)(Frankfurt:P7Z - News) announces that it has closed its previously announced non-brokered private placement. As an update to its news releases of March 15, 2010, and April 22, 2010, the Company has issued 4,000,080 Units at a price of Canadian $0.50 per Unit, raising gross proceeds of Canadian $2,000,040. continues here
We conclude by opining there is a certain suspicion here at IKN nerve centre that this round of financing didn't go quite as well as the company originally planned. DYODD, dude.
.....as there are things to do Chez Otto that don't include sitting in front of a screen all day.
Just thought I'd tell you.
Bolivian President Evo Morales said Saturday he would like Finland to provide his country with "clean technology," and in exchange Bolivia would send organic products to the Nordic country.
"We could protect our Mother Earth together," Morales told reporters in Helsinki during the first official visit by a Bolivian president to Finland."Finland could provide Bolivia with clean technology, while Bolivia could supply organic products to Finland," continues here
.....we hear that President of Bolivia, Dr. Evo Morales, has been spending his time in Finland watching TV and eating breakfast, dinner and snack lunch in the hall. ALL TOGETHER FINOPHILES!