On March 7, the US released the International Narcotics Control Strategy Report. Drug policy advocates have long criticized the yardsticks used by the US government to measure efficacy in drug control. But even by US standards, Bolivia surpasses Peru in most categories, though the US certified Peru and determined that Bolivia “failed demonstrably to make sufficient efforts to meet its obligation under counter-narcotics (CN) conventions.” When seen alongside these figures, the US verdict gives the impression that there are unspoken conditions for certification, and that countries that follow US policy dictates are more likely to receive US approval and funding regardless of the numbers.
March 8, 2012, Vancouver, BC – Great Basin Gold Ltd. (“Great Basin Gold” or the “Company”), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets pursuant to which the underwriters have agreed to, on a bought deal basis, buy 61,000,000 common shares of the Company at a price of C$0.82 per common share for aggregate gross proceeds of approximately C$50 million (the “Offering”), by way of a short form prospectus. The Company has granted the underwriters an over-allotment option to purchase up to an additional 15% of the Offering, for a period of 30 days following the closing.Net proceeds from the Offering will be used towards working capital for the development and ramp up of the Burnstone Mine.
Hugo says: Can I come?
Juanma says: Yes! Bring cake!
Hillary says: Can I come?
Juanma says: Yes! Bring Coca-Cola!
Rafael says: I'll come but only if my friend Raul can come. It's all the 'hood or nobody, ok?
Juanma says: Ok Rafa! I don't know your friend Raul but he can come anyway! All are welcome at my house!
Raul says: Hi Juanma! My friend Rafael says you're having a party and I can come. Is that right?
Juanma says: Yes Raul, no problem. Bring cigars!
Hillary says: Ewwwww! I don't like Raul, he's horrid! I'm not coming to your party if he's coming.
Juanma says: Oh don't be like that Hillary! Let's all get along, after all it's a party!
Hillary says: No Juanma, sorry. That Raul has been nasty to our family for years and it's impossible to have him in the same room as me. It's either him or me.
Rafael says: Pick Raul! Pick Raul!
Juanma says: Hmmmm.....
Hillary says: I'm warning you Juanma, don't ruin the party over somebody you don't know.
Juanma says: Ok ok. As you're bringing the Coca-Cola you can come and I'll go over to Raul's house and tell him personally that it's a bit difficult this time....but next time, yeah?
Rafael says: Not fair! We should all play together!
Juanma says: Raul, there's something we have to talk about .....(cont)
Raul says: Huh! Typical.
Hillary says: That'll learn you, brown people.
Well I laughed at least.
One of the main problems in the Canadian markets isn't that of the outright, blatant illegal scam, it's the fact that NRs like this one are considered legal.
UPDATE: Even funnier, somebody bid it up at the bell today.
"We're not going to achieve this million barrels (of production per day) in August of 2014, I believe we're going to get there this month or next month at the latest."
UPDATE: Reader 'PW' writes in to ask if a YoY growth percentage chart is possible from those numbers (the same way as seen in the Peru electricity post on Tuesday). Yup PW, can do, here you go and I've even thrown in a best fit line to see where the four year trend lies:
Next month's number will be an interesting one by the looks of this chart, methinks.
"In the end, it was the Sunday afternoons he couldn't cope with, and that terrible listlessness that starts to set in about 2:55, when you know you've taken all the baths that you can usefully take that day, that however hard you stare at any given paragraph in the newspaper you will never actually read it, or use the revolutionary new pruning technique it describes, and that as you stare at the clock the hands will move relentlessly on to four o'clock, and you will enter the long dark teatime of the soul."
Kind subscriber LK sends in the following:
Yesterday I saw three presentations from (Peru companies).
Alex Black (RIO.to) was great, especially after the quite boring Peruvian government officials. He conveyed a feeling of strong leadership going forward. Jorge Ganoza (FVI.to) was also great, in a quiet, nice way he also showed confidence.
Andrew Swarthout from Bear Creek (BCM.v) though was not convincing, especially when answering a question of how they would obtain financing of USD 600 million. He said that they have commitments from banks for 60%, but was elusive for the remaining 40%.
UPDATE: Reader and smart industry player, 'LR' adds by four word mail:
...Gold-Ore Resources (GOZ.to), year to date:
A bought deal occurs when an underwriter, such as an investment bank or a syndicate, purchases securities from an issuer before a preliminary prospectus is filed. The investment bank (or underwriter) acts as principal rather than agent and thus actually "goes long" in the security. The bank negotiates a price with the issuer (usually at a discount to the current market price, if applicable).
The advantage of the bought deal from the issuer's perspective is that they do not have to worry about financing risk (the risk that the financing can only be done at a discount too steep to market price.) This is in contrast to a fully marketed offering, where the underwriters have to "market" the offering to prospective buyers, only after which the price is set.
The advantages of the bought deal from the underwriter's perspective include:
The disadvantage of the bought deal from the underwriter's perspective is that if it cannot sell the securities, it must hold them. This is usually the result of the market price falling below the issue price, which means the underwriter loses money. The underwriter also uses up its capital, which would probably otherwise be put to better use (given sell-side investment banks are not usually in the business of buying new issues of securities).
- Bought deals are usually priced at a larger discount to market than fully marketed deals, and thus may be easier to sell; and
- The issuer/client may only be willing to do a deal if it is bought (as it eliminates execution or market risk.)
March 6, 2012 - 10:57:12 PM
TORONTO, ONTARIO--(Marketwire - March 6, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Rio Novo Gold Inc. (TSX:RN)(TSX:RN.WT) ("Rio Novo" or the "Company") wishes to announce that it has agreed to terminate the underwriting agreement with a syndicate of underwriters led by Canaccord Genuity Corp. and including Clarus Securities Inc., Dundee Securities Corporation, GMP Securities L.P., and UBS Securities Canada Inc. in respect of its previously announced $20,025,000 bought deal financing, and that the Company will not be proceeding with the offering at the present time.
In the October post, we finished of with the line "The time is ripe for alternative sources of financing for mining activities other than the rip-off Canadian houses. ". That timer gets riper still.
Two requirements for this video:
1) Know your footy
2) Know Spanish.
If you fit the bill, this is unmissable.
VANCOUVER, March 6, 2012 /PRNewswire/ -- Original Grass Resources, Inc. (TSXV: WTF, US: WTFTT.pk) is pleased to announces that it has entered into a letter of intent (LOI) to option into a maximum of 24% of a very flat piece of land with no outcropping but nice IP returns in a place that has a lot of snow in the winter.
In exploration news, we have recently completed an extensive grab sample program at our flagship project as we move aggressively towards deciding where we can drill one of the four holes we can afford this year unless the share price moves up and we can sneak in a $500k placement.
We are also proud to announce a change of address of our corporate offices, as the company has secured rented accommodation that's a little bit closer to Bay St. than the shoebox it has been working from since Lehman blew up.
About Original Pasture Resources
PS: not forgetting this year's PDAC theme tune:
Putin got 611,578. His nearest rival the former Communist leader Gennady Zyuganov got 182. The three others got even less than that.What that gave Putin is a thumping majority- a 99.82% share of the vote.
A fine win.It’s remarkable, because Putin attacked Chechnya twice in appallingly brutal wars with its separatists, wars marked by massacre and murder. All that is clearly blood under the carpet.The turnout was interesting too.For example, look at Precinct 451 in the capital Grozny,where Putin got 1,482 votes and Zyuganov got one. Terrific vote. Except that only 1,389 people were registered to vote in the precinct. That means the turnout was 107%.
h/t to newstwit supremo, michael van poppel
...one that shows the annual numbers of deaths in the mining industry in Peru and in Chile, 2000 to 2011:
sources here and here
First Majestic (FR.to) (AG): Is a 20c quarterly EPS enough to support a $20 share price for a silver miner?
2) Turn up en masse, eat all the food and drink all the booze.
3) The end.
UPDATE: It's 12:02pm Monday and the result is....115. So the under wins it.