Monday, November 15, 2010
Friday, November 12, 2010
$5.0 Million PP
BLAINE, WASHINGTON--(Marketwire - Nov. 12, 2010) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) is pleased to announce that the Company has entered into an agreement with a syndicate of agents co-led by Haywood Securities Inc. and Byron Capital Markets, and including Union Securities Ltd. (collectively, the "Agents") pursuant to which the Agents have agreed to offer for sale, on a best efforts private placement basis, up to 12,820,513 units of the Company (the "Units") at a price per Unit of C$0.39 (the "Unit Price") for gross proceeds to the Company of up to C$5,000,000 (the "Offering"). Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share for a period of 18 months following the closing of the Offering at an exercise price of C$0.60 per Common Share.
The Company has granted the Agents an option, exercisable in whole or in part at any time up to the closing of the Offering, to offer for sale up to an additional 5,128,206 Units at the Unit Price for additional gross proceeds to the Company of up to C$2,000,000.
The Company intends to use the net proceeds of the Offering to advance the Lamaque gold mine in Val d'Or, Quebec through the final commissioning stages of the operation. The proceeds will assist in funding the underground development of the Lamaque Flats, the Bedard Dyke and the North Wall ore production zones. Currently the mine is producing at approximately 1,000 tonnes per day (TPD), and with the commencement of mining in the North Wall zone in Q1/2011, daily production is expected to increase to approximately 1,500 TPD and reach a final steady state production rate of 2,100 TPD by Q4/2011. The 2011 production guidance remains intact at 80,000 to 90,000 ounces gold, is forecasted to become cash flow positive in Q1/2011, and to reach commercial production in the first half of 2011.
The Company has agreed to pay the Agents a cash commission equal to 6.5% of the gross proceeds raised in connection with the Offering and to issue compensation options entitling the Agents to purchase such number of Units that is equal to 6.5% of the aggregate number of Units sold pursuant to the Offering, at an exercise price equal to the Unit Price, for a period of 18 months following the closing of the Offering.
The Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation.
The securities being offered hereby have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state or province in which such offer, solicitation or sale would be unlawful.
About Century Mining Corporation
Century Mining Corporation is a Canadian junior gold producer which holds strategic land positions in Canada, United States and Peru. The Company's strategy is to grow to an intermediate gold producer through existing mine expansions and acquisitions of other strategic and synergistic gold opportunities.
On behalf of Century Mining Corporation,
Keith Hulley, Interim CEO
NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) is pleased to announce that the Company has entered into an agreement with a syndicate of agents co-led by Haywood Securities Inc. and Byron Capital Markets, and including Union Securities Ltd. (collectively, the "Agents") pursuant to which the Agents have agreed to offer for sale, on a best efforts private placement basis, up to 12,820,513 units of the Company (the "Units") at a price per Unit of C$0.39 (the "Unit Price") for gross proceeds to the Company of up to C$5,000,000 (the "Offering"). Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share for a period of 18 months following the closing of the Offering at an exercise price of C$0.60 per Common Share.
The Company has granted the Agents an option, exercisable in whole or in part at any time up to the closing of the Offering, to offer for sale up to an additional 5,128,206 Units at the Unit Price for additional gross proceeds to the Company of up to C$2,000,000.
The Company intends to use the net proceeds of the Offering to advance the Lamaque gold mine in Val d'Or, Quebec through the final commissioning stages of the operation. The proceeds will assist in funding the underground development of the Lamaque Flats, the Bedard Dyke and the North Wall ore production zones. Currently the mine is producing at approximately 1,000 tonnes per day (TPD), and with the commencement of mining in the North Wall zone in Q1/2011, daily production is expected to increase to approximately 1,500 TPD and reach a final steady state production rate of 2,100 TPD by Q4/2011. The 2011 production guidance remains intact at 80,000 to 90,000 ounces gold, is forecasted to become cash flow positive in Q1/2011, and to reach commercial production in the first half of 2011.
The Company has agreed to pay the Agents a cash commission equal to 6.5% of the gross proceeds raised in connection with the Offering and to issue compensation options entitling the Agents to purchase such number of Units that is equal to 6.5% of the aggregate number of Units sold pursuant to the Offering, at an exercise price equal to the Unit Price, for a period of 18 months following the closing of the Offering.
The Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation.
The securities being offered hereby have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state or province in which such offer, solicitation or sale would be unlawful.
About Century Mining Corporation
Century Mining Corporation is a Canadian junior gold producer which holds strategic land positions in Canada, United States and Peru. The Company's strategy is to grow to an intermediate gold producer through existing mine expansions and acquisitions of other strategic and synergistic gold opportunities.
On behalf of Century Mining Corporation,
Keith Hulley, Interim CEO
Wednesday, November 10, 2010
Here is Century`s official NR to close off the first part
Nov 10, 2010 18:32 ET
Century Mining Closes $1,500,000 Private Placement
BLAINE, WASHINGTON--(Marketwire - Nov. 10, 2010) -
"NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES"
Century Mining Corporation ("Century" or "the Company") (TSX VENTURE:CMM) is pleased to announce that it has closed the private placement announced November 9, 2010. The private placement consisted of 3,846,154 units (the "Units") of the Company, at a price of $0.39 per Unit, for gross proceeds of $1,500,000. Each Unit consisted of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable for one common share at $0.60 for 18 months from closing.
The Company has paid a finder's fee of $90,000, representing 6% of the gross proceeds of the private placement. All securities issued under this private placement will be subject to a four-month hold period.
The proceeds from this offering will be used for the continuing commissioning of the Lamaque Gold Mine operation in Val d'Or, Quebec, Canada.
Century Mining Closes $1,500,000 Private Placement
BLAINE, WASHINGTON--(Marketwire - Nov. 10, 2010) -
"NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES"
Century Mining Corporation ("Century" or "the Company") (TSX VENTURE:CMM) is pleased to announce that it has closed the private placement announced November 9, 2010. The private placement consisted of 3,846,154 units (the "Units") of the Company, at a price of $0.39 per Unit, for gross proceeds of $1,500,000. Each Unit consisted of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable for one common share at $0.60 for 18 months from closing.
The Company has paid a finder's fee of $90,000, representing 6% of the gross proceeds of the private placement. All securities issued under this private placement will be subject to a four-month hold period.
The proceeds from this offering will be used for the continuing commissioning of the Lamaque Gold Mine operation in Val d'Or, Quebec, Canada.
TSX-V accepts 1st part of financing
CENTURY MINING CORPORATION ("CMM")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: November 10, 2010
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect toa Non-Brokered Private Placement announced November 8, 2010:
Number of Shares: 3,846,154 shares
Purchase Price: $0.39 per share
Warrants: 1,923,077 share purchase warrants to purchase 1,923,077 shares
Warrant Exercise Price: $0.60 for an eighteen-month period
Number of Placees: 1 placee
Finder's Fee: $90,000 cash payable to Carlton
Lead Incorporated (Irina Artemova)
Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company mustissue a news release announcing the closing of the private placement andsetting out the expiry dates of the hold period(s). The Company must alsoissue a news release if the private placement does not close promptly. Notethat in certain circumstances the Exchange may later extend the expiry dateof the warrants, if they are less than the maximum permitted term.
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: November 10, 2010
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect toa Non-Brokered Private Placement announced November 8, 2010:
Number of Shares: 3,846,154 shares
Purchase Price: $0.39 per share
Warrants: 1,923,077 share purchase warrants to purchase 1,923,077 shares
Warrant Exercise Price: $0.60 for an eighteen-month period
Number of Placees: 1 placee
Finder's Fee: $90,000 cash payable to Carlton
Lead Incorporated (Irina Artemova)
Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company mustissue a news release announcing the closing of the private placement andsetting out the expiry dates of the hold period(s). The Company must alsoissue a news release if the private placement does not close promptly. Notethat in certain circumstances the Exchange may later extend the expiry dateof the warrants, if they are less than the maximum permitted term.
Tuesday, November 9, 2010
Canadian Exploration Expenditures (CEE)
``........flow-through..... $2,500,000.``
``......., while the proceeds of the private placement of Flow-Through Units will be used for eligible Canadian Exploration Expenditures ("CEE") including the diamond drill program at Lamaque.``
I don`t know what the CEE rules are exactly, but I have seen other companies treat CEE PP funding as restrictive cash, set aside for exploration work only. I believe for the PP investor to claim a CEE tax benefit, it requires the company to actually spend the money on exploration work. Again, I haven`t looked it up to see what the exact rules are, thus I am not 100% sure. Also, I do not know the documentation process that is followed, after the PP dollars are spent (i.e. if the company has to submit a document to show proof of exploration work performed before the PP investor is able to claim the CEE tax benefit).
It sounds like 63% of the $4M funding (at least initially) is targeted for CEE exploration work (a more aggressive exploration program as Lamaque).
``......., while the proceeds of the private placement of Flow-Through Units will be used for eligible Canadian Exploration Expenditures ("CEE") including the diamond drill program at Lamaque.``
I don`t know what the CEE rules are exactly, but I have seen other companies treat CEE PP funding as restrictive cash, set aside for exploration work only. I believe for the PP investor to claim a CEE tax benefit, it requires the company to actually spend the money on exploration work. Again, I haven`t looked it up to see what the exact rules are, thus I am not 100% sure. Also, I do not know the documentation process that is followed, after the PP dollars are spent (i.e. if the company has to submit a document to show proof of exploration work performed before the PP investor is able to claim the CEE tax benefit).
It sounds like 63% of the $4M funding (at least initially) is targeted for CEE exploration work (a more aggressive exploration program as Lamaque).
Your questions submitted to Peter Ball
To be anwered during the conference call.
Thanks to those that contributed questions. I was not able to include all of the questions. Remember, the other questions (not on the list) can still be asked by individual callers during the conference call.
Here is the list of your questions submitted to Peter Ball via e-mail:
1) ``What are the current obstacles preventing CMM from getting long-hole mined production out of BD .. and North Slope. .. and when are these issues expected to be resolved.... and what tonnage is planned out of both BD and North Slope, both near-term and mid-term... at what ore grade (near-term, mid-term and long-term)?``
2) ``At $1,300 gold how many ounces per month does Century need to produce per month at Lamaque to be cash-flow positive? I would like to see monthly production info reported on a monthly basis.``
3) ``When does the bleeding stop with these PP's?"...at what point is someone gonna take blame for another one priced at .39?``
4) ``Why is gold breaking new highs every day while CMM can't break 50 cents? When will CMM follow price of gold and rise in the markets. The day before Peggy resigned, CMM closed at $.47 share price and the gold price closed at US$1,168 per ounce. Since then, the gold price has increased to US$1,420 (US$252 increase), yet we see a 2 cent decrease in CMM`s share price, to $.45. The majority of junior companies in the gold space have realized significant increases in share price during this same period, even companies at mine development stages. Could the company please explain reasons for CMM`s under performance in the market relative to other juniors during this period? What are the near-term and long-term expectations for CMM`s share price?``
5) ``Why has the company eliminated the monthly updates to the market? Why is it so terrible to brief shareholders on monthly production updates if there's nothing to hide? Why does management seem so disinterested in the performance of the share price?``
6) ``Has the company found the long awaited CEO? If not, what is the latest situation? When is the new CEO expected to be hired?``
Thanks to those that contributed questions. I was not able to include all of the questions. Remember, the other questions (not on the list) can still be asked by individual callers during the conference call.
Here is the list of your questions submitted to Peter Ball via e-mail:
1) ``What are the current obstacles preventing CMM from getting long-hole mined production out of BD .. and North Slope. .. and when are these issues expected to be resolved.... and what tonnage is planned out of both BD and North Slope, both near-term and mid-term... at what ore grade (near-term, mid-term and long-term)?``
2) ``At $1,300 gold how many ounces per month does Century need to produce per month at Lamaque to be cash-flow positive? I would like to see monthly production info reported on a monthly basis.``
3) ``When does the bleeding stop with these PP's?"...at what point is someone gonna take blame for another one priced at .39?``
4) ``Why is gold breaking new highs every day while CMM can't break 50 cents? When will CMM follow price of gold and rise in the markets. The day before Peggy resigned, CMM closed at $.47 share price and the gold price closed at US$1,168 per ounce. Since then, the gold price has increased to US$1,420 (US$252 increase), yet we see a 2 cent decrease in CMM`s share price, to $.45. The majority of junior companies in the gold space have realized significant increases in share price during this same period, even companies at mine development stages. Could the company please explain reasons for CMM`s under performance in the market relative to other juniors during this period? What are the near-term and long-term expectations for CMM`s share price?``
5) ``Why has the company eliminated the monthly updates to the market? Why is it so terrible to brief shareholders on monthly production updates if there's nothing to hide? Why does management seem so disinterested in the performance of the share price?``
6) ``Has the company found the long awaited CEO? If not, what is the latest situation? When is the new CEO expected to be hired?``
Monday, November 8, 2010
Another pp...
Tuesday, November 09, 2010Press Release
Century Mining Announces $1,500,000 Private Placement and $2,500,000 Flow-Through Private Placement
Century Mining Corporation ("Century" or "the Company") (CMM: TSX-V) is pleased to announce that it intends to complete a private placement financing of 3,846,154 units (the "Units") of the Company, at a price of $0.39 per Unit, for gross proceeds of $1,500,000. Each Unit will consist of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable for one common share at $0.60 for 18 months from closing. The Company will pay a finder's fee of 6% of the gross proceeds of the private placement.
The Company also intends to complete a private placement financing of 5,555,556 flow-through units (the "Flow-Through Units") of the Company, at a price of $0.45 per Unit, for gross proceeds of $2,500,000. Each Flow-Through Unit will consist of one common share issued on a flow-through basis and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable for one common share at $0.60 for 18 months from closing. The Company will pay finder's fees of 7% of the gross proceeds of the Flow-Through Units in cash and warrants equal to 5% of the number of Flow-Through Units (the "Compensation Warrants"). Each Compensation Warrant will be exercisable for one common share at $0.45 for 18 months from closing.
The proceeds from the private placement offering will be used for the continuing commissioning of its Lamaque Gold Mine operation in Val d'Or, Québec, Canada, while the proceeds of the private placement of Flow-Through Units will be used for eligible Canadian Exploration Expenditures ("CEE") including the diamond drill program at Lamaque.
The completion of both the private placement and the private placement of Flow-Through Units is subject to regulatory approval by the TSX Venture Exchange and completion of documentation. All securities issued under both the private placement and the private placement of Flow-Through Units will be subject to a four-month hold period.
About Century Mining Corporation
Century Mining Corporation is a Canadian junior gold producer and holds strategic land positions in Canada, United States and Peru. The Company's strategy is to grow to an intermediate gold producer through existing mine expansions and acquisitions of other strategic and synergistic gold opportunities.
On behalf of Century Mining Corporation,
"Keith Hulley"
Interim CEO
Century Mining Announces $1,500,000 Private Placement and $2,500,000 Flow-Through Private Placement
Century Mining Corporation ("Century" or "the Company") (CMM: TSX-V) is pleased to announce that it intends to complete a private placement financing of 3,846,154 units (the "Units") of the Company, at a price of $0.39 per Unit, for gross proceeds of $1,500,000. Each Unit will consist of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable for one common share at $0.60 for 18 months from closing. The Company will pay a finder's fee of 6% of the gross proceeds of the private placement.
The Company also intends to complete a private placement financing of 5,555,556 flow-through units (the "Flow-Through Units") of the Company, at a price of $0.45 per Unit, for gross proceeds of $2,500,000. Each Flow-Through Unit will consist of one common share issued on a flow-through basis and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable for one common share at $0.60 for 18 months from closing. The Company will pay finder's fees of 7% of the gross proceeds of the Flow-Through Units in cash and warrants equal to 5% of the number of Flow-Through Units (the "Compensation Warrants"). Each Compensation Warrant will be exercisable for one common share at $0.45 for 18 months from closing.
The proceeds from the private placement offering will be used for the continuing commissioning of its Lamaque Gold Mine operation in Val d'Or, Québec, Canada, while the proceeds of the private placement of Flow-Through Units will be used for eligible Canadian Exploration Expenditures ("CEE") including the diamond drill program at Lamaque.
The completion of both the private placement and the private placement of Flow-Through Units is subject to regulatory approval by the TSX Venture Exchange and completion of documentation. All securities issued under both the private placement and the private placement of Flow-Through Units will be subject to a four-month hold period.
About Century Mining Corporation
Century Mining Corporation is a Canadian junior gold producer and holds strategic land positions in Canada, United States and Peru. The Company's strategy is to grow to an intermediate gold producer through existing mine expansions and acquisitions of other strategic and synergistic gold opportunities.
On behalf of Century Mining Corporation,
"Keith Hulley"
Interim CEO
Thursday, November 4, 2010
Questions for the conference call
As mentioned in my last post, Peter Ball is interested in answering about 4 questions during the conference call, prior to the regular (open) question period part of the call. There will still be a regular Q&A part of the call, for individual callers to ask questions. This opportunity here provides an avenue to ensure key questions as asked, just in case any of the key questions are missed by individual callers during the regular Q&A session. Post your specific questions on here. I will forward the most popular questions to Peter via email next Monday or Tuesday. Of note, it is better is the questions are specific. It will help me when it comes time to consolidate the questions and it will increase the chances of the company providing an answers (the better they are able to understand the question).
This initiative was not my idea. It is something that Peter Ball requested. It is a proactive effort by the company to improve the information flow during the conference call. Although they encourage as much participation as possible on the conference call, they recognize that not everyone will be able to participate on the conference call. Let`s take advantage of this opportunity and come up with 4 good questions.
This initiative was not my idea. It is something that Peter Ball requested. It is a proactive effort by the company to improve the information flow during the conference call. Although they encourage as much participation as possible on the conference call, they recognize that not everyone will be able to participate on the conference call. Let`s take advantage of this opportunity and come up with 4 good questions.
Subscribe to:
Posts (Atom)