1) It looks like PK used MRI Trading AG (a swiss company) for the Tamerlane financing. CMM had previous announced that its bridge loan is through a swiss company also. There is a high probability that MRI was used for CMM also. Given this TAM annoucement today, it probably bodes well that CMM's bridge loan is in good shape and should be closed off without difficulties.
This is from TAM's announcement today: "As previously announced, Tamerlane has signed an agreement with MRI Trading AG for a mezzanine debt financing facility of US$40 million, which will be used for construction and development of the Pine Point Project."
2) Wega hammered Century's share price down to $.135. However, for several days now they have kept the share price in the $.135 area, when they could have easily pushed it down to well below $.10. This type of situation has the feeling of a potential cross or crosses in the future. Hopefully negotiations are going on behind the scenes. With 21M shares remaining, it would be wise for Wega to find a buyer and move on with life. Of course, we shouldn't get our hopes up. In my view, there is one thing we know about Wega - they come across as suicidal (IMO).
3) Most likely the further delays in financials are about write-off amounts, and probably has to do with Peru (given the last minute developments with the Peru situation). Write-offs don't mean very much to me with respect to current/future going concern of the business. We are all fully aware of all the management failures, and they have already occured (are in the past). As investors, we have already paid a major price. We all want to replace management, but that's an entirely separate post (and I will not get into that on this post). All I care about right now is having sufficient cash, positive terms with liabilities, good condition of assets, econically viable gold in the ground (in safe political environment).... - all of the fundamentals needed to sustain (and build back up) the business. They do however need to hurry up and ensure the financials are filed soon, to ensure the whole BCSC situation gets fully closed off.
4) We really need to start seeing some progress effective this week:
* we need the financials to get published (and subsequent lifting of the MCTO)
* the current bridge loan to be closed off
* positive updates on progress of Lamaque
* new CEO announced
* the 21M Wega shares crossed over to another institution (s).
11 comments:
Production, when PK gets the boot our compatriots at TAM are going to see her a lot. RIP.
Is anyone attending the AGM next week? The Board has set the AGM schedule up to discourage shareholders from attending. At 3pm on Friday, in Vancouver, late June, it is party time!
There won't be positive news from Lamaque this week. They will blame it all on the financials which prevented them from securing long-term and bridge financing necessary to upgrade Lamaque. The 2008 forecasts are definitely shot to hell! IMHO
PK is at it again! Each year she comes up a new scam to snooker shareholders into holding their shares. Last year it was Shahuindo. Does anyone recall that expensive debacle? The year before she had everyone hanging on waiting for delivery of trucks and permits! The common element is that they fail despite the best efforts of her and IR to pump them. What will change this year?
PK must resign or be fired if she won't step aside peacefully. A chimp would be just as effective as the CEO if PK remains as the Chairman. Goodness, a chimp could lead this CMM Board of Directors. They're spineless, and complicit, in the near destruction of Century Mining..
Does it make sense for Wega to sell at any price? they aren't suicidal.
They have a plan.
Selling a few million shares out of 25 million is water off a ducks back to them.
If they can force management changes then to them it is only a cost of doing business.
Their opportunism(thanks BCSC!) has demonstrated that retail shareholders are expendable for their greater good. That greater good is Wega's balance sheet.
I'm not taking sides but it appears to me that they purposely created panic selling among the ma's and pa's. I doubt that they have plans to get on with life, unless life means a Century without Kent. Pick your poison - Wega or Kent?
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Soon under .10c? Anyone who has an idea about the financials, i have not yet understood what might be so wrong about them, that will motivate this low price. We are valued at $20 000 000 right now, it should attract some buyer? The worst thing PK can do right now is to dilute the company further, it's much better to sell in that case. The only thing i can come up with, that should motivate this low leveled price, is that we will loose money over some property(lawsuit)in the range of $50 000 000 and upwards, besides that i can't see why people woun't buy at this level.
The massacre of our shares (&CMM with them) continues unabated. Only 10 cents more to go to total oblivion. This madness being perpetrated by the Vikings of Wega is truly amazing. I can't believe this nightmare, but it's true.
Bigjohn37,
The Viking horde said that they 'will continue to sell until the see a reason to stop.'
It makes little sense for them to sell at these prices. If they had brains, they'd show up at the AGM and replace the entire board with their nominees. Then we'd be off to the races.
Hi Natik,
You are so right: "if they had ANY brains..." But, unfortunately they don't! Then, as someone suggested a few days ago on this board, why doesn't PK step up to the plate with some of her own & even CMM's cash, and buy these buffoons out at 10 cents a share?!
Does she not have any pride left?
Check this out. Do the Vikings care a RAT'S ARSE about existing shareholders of companies they invest in? You be the judge.
1) They bought into Merit Mining when the o/s share count of that company was less than 50,000,000 (I believe). The o/s share count right now is 206,540,028 (not even considering any cheap warrants that may exist). They paid $.21 per share for the original purchase. The share price is only $.025 higher now (at $.235), even though the o/s share count has grown (to be) over 400%.
2) They bought into Tagish Lake Gold for $.20 per share. The first tranche was closed off, but subsequent tranches were not closed off, as they elected not to proceed further with Tagish Lake Gold. Tagish Lake was trading around $.20 when Wega initially got involved. Tagish Lake is now trading at $.04 per share.
Why the hell is SUE at a buck and CCM at 10c?? SUE doesn't even own any gold...
Why doesn't "WEGA invest" in SUE
Bigjohn37,
The MCTO prevents PK and other insiders from trading CMM shares. Apparently Scion is an insider, but WEGA is not! Huh?
Would WEGA sell all their shares if there was an active market for them? Were PK to arrange a buyer for all of them would they sell? I doubt it. They are Kamikaze sellers while the CMM is under a MCTO. They're savouring the skewering that PK is getting from the ma and pa shareholders while their RBC and CC brokers stoke the hot coals.
Production, while we can pick on WEGA for much of the recent share price weakness we cannot forget that it was PK's numerous blunders who undermined the company. The Board gave her the key to the vault and tossed accountability under the bus wheels. Our willingness to believe her yarns did the rest.
Thanks for writing this.
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