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   Strategies & Market TrendsRide the Tiger with CD

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To: ralfph who wrote (295867)8/8/2022 12:35:16 PM
From: ralfph
   of 297261
SIG - :) riding a few - same old issue here - do I get off or wait for results?

Just the Chart Image for Printing

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From: russet8/8/2022 10:12:44 PM
1 Recommendation   of 297261
C:*ASC C:VCT ASC finds Ogilvie misled investors in Panasonic deal

08/08/2022 20:42

ASC finds Ogilvie misled investors in Panasonic deal

Alberta Securities Commission (C:*ASC)
Monday August 8 2022 - Street Wire

Also Volt Carbon Technologies Inc (C:VCT) Street Wire

by Mike Caswell

The Alberta Securities Commission has found against Paul Anthony Ogilvie, the former chief executive officer of Saint Jean Carbon Inc., over a supposed agreement the company had with Japanese manufacturing giant Panasonic Corp. in 2017. Two news releases that the company issued about the deal were untrue, the ASC has determined. The stock more than tripled on the news, reaching 29.5 cents.

The finding, which is contained in a decision that the ASC released on Friday, Aug. 5, follows a hearing that lasted for 3-1/2 days before a three-member panel. The matter was a well-attended one, with Mr. Ogilvie sending two lawyers and ASC enforcement staff sending two as well. The decision does not contain any penalties for Mr. Ogilvie, as the ASC will convene a separate hearing for that purpose.

The case arose from a supposed deal with Panasonic that Saint Jean publicized in a Feb. 28, 2017, news release. The company claimed to have received an order from Panasonic, with that order being part of an "offtake agreement to supply multiple tonnes of anode material monthly for a number of years." Mr. Ogilvie cheered the deal at length, calling it the company's "greatest accomplishment; to be recognized and awarded with an order to supply one of the world's best technology companies." Saint Jean said that it would make the first shipment within 90 days.

With Friday's decision, the ASC has determined that the news release was "patently untrue." While Panasonic had requested some material from Saint Jean for evaluation, the news release left the impression of a supply deal that would be continuing for a number of years. This was entirely misleading, according to Friday's decision. "A reasonable person ... would naturally conclude that the order represented the beginning of regular shipments of significant quantities of graphite to Panasonic, not that it was tantamount to a free sample for Panasonic to evaluate whether the material met its manufacturing requirements," the decision reads.

For his part, Mr. Ogilvie explained that he thought Panasonic had accepted an offtake agreement he had sent. He said that he had not received an executed copy of the agreement, but claimed that he understood Panasonic to have accepted it. Mr. Ogilvie also argued that he should not be held personally responsible for the news release. He said that it was a product of discussion amongst company's management.

Unfortunately for Mr. Ogilvie, the ASC did not accept his explanation. The panel hearing the case noted that he was the company's senior officer, and much of the problematic material was contained in quotes attributed to him. The panel also heard evidence from other directors or officers who testified that Mr. Ogilvie was primarily responsible for the news releases.

The ASC further took issue with Mr. Ogilvie referring to the sample as having gone to a "manufacturing facility" belonging to Panasonic. The use of those words implied that Saint Jean's graphite had already been deemed acceptable by Panasonic and that the company would be using it to produce batteries. In reality, it was destined to a testing facility, and e-mails between Mr. Ogilvie and Panasonic identified the purpose of the material as being for testing.

Moreover, the ASC found that Mr. Ogilvie misled investors when he referred to Panasonic as a "customer." Panasonic had done nothing more than order a free sample of material to test. Mr. Ogilvie argued that he had written communications with Panasonic over several years in which a Panasonic representative had used the word "customer." The ASC disagreed, determining that Mr. Ogilvie's use of the term would "strain the meaning of the word beyond reason." Despite the language in his communications with Panasonic, it was abundantly clear that there would be no form of supply agreement or contract until a testing process had been completed.

Eventually, Saint Jean acknowledged that the supposed offtake agreement with Panasonic would not occur. On March 20, 2017, the company issued a news release stating that Panasonic did not intend to enter into any such deal. If Panasonic were to make any mass purchase of material from Saint Jean, it would do so under its own form of standard purchasing agreement, Saint Jean said. After that release, Saint Jean fell to 9.5 cents, well off the 29.5-cent high it reached after the initial news release.

As for the graphite sample, Panasonic did eventually perform its evaluation. It informed Mr. Ogilvie that the material had some satisfactory qualities, but there was a "deficiency in discharge." Mr. Ogilvie attempted to get an explanation, but received no response. There was no further communication with Panasonic.

For Saint Jean shareholders, the finding against Mr. Ogilvie comes with Saint Jean once again trading for pennies. The company, now known as Volt Carbon Technologies Inc., closed at eight cents Monday, unchanged. The company was also a respondent in the ASC case, which it settled by paying $50,000. William Pfaffenberger took over as the company's CEO on Nov. 23, 2020.

2022 Canjex Publishing Ltd.

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From: ralfph8/9/2022 1:08:59 PM
   of 297261
BHC - blew out my position on negative news. They lost about 10 times more than I anticipated. Made money on the trade - which is what counts in this game.

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From: ralfph8/9/2022 2:15:38 PM
   of 297261
MDNA - doing a PP before results - risky buying in - stock is trading below the PP which can be a great entry point, but I have been burned buying below a PP price when after the PP was filled the company puts out negative news.

SGD was a good flag when the share price did not linger around the PP for long.

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From: LoneClone8/9/2022 2:56:26 PM
6 Recommendations   of 297261
As I read through quarterly reports, I am becoming increasingly annoyed at companies reporting something they call 'net debt'/ I don't care what your 'net debt' is, I care what you actual debt is, as well as your actual cash balance and actual working capital.

Some companies confine themselves to telling us their net debt without including actual debt in their PRs, making me have to go dig into their M&A to get that most basic of data. I am starting to think that this should be treated as a red flag, an avoid.


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To: LoneClone who wrote (295872)8/9/2022 7:32:34 PM
From: ralfph
   of 297261
LC - please post it here or bring it to our attention when you run across that sort of thing. Many of us miss such things for a lot of reasons. I agree 100% and in some respects it is much like stating assays and not saying if the numbers are cut or uncut.


ral F phie

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To: ralfph who wrote (295873)8/9/2022 7:38:58 PM
From: ralfph
   of 297261
Hootsuite layoffs in the works

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From: ralfph8/10/2022 11:21:48 AM
   of 297261
HBM - having a nice run from that 4 buck range. This one takes patience but pays good returns when you sit on your hands and buy at a third of the year high.

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To: ralfph who wrote (295875)8/10/2022 11:27:19 AM
From: ralfph
   of 297261
Crypto climbing back?

and other Crypto news

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To: LoneClone who wrote (295872)8/10/2022 11:37:54 AM
From: ralfph
   of 297261
CG - there are those net losses again. How low can CG go.

Significant financial and operating results of the second quarter ended June 30, 2022 included:

  • Net loss for the quarter of $2.6 million or $0.01 per common share (basic), including a $40.9 million reclamation provision revaluation recovery at the Endako Mine and the Thompson Creek Mine.
  • Adjusted loss NG for the quarter of $36.2 million or $0.12 per common share (basic).
  • Cash used in operating activities for the quarter of $3.5 million, was primarily due to a suspension of gold room operations at the ADR plant at the Oksut Mine. No gold ounces were sold at the mine in the period but cash used in operating activities was $51.2 million to build up gold-in-carbon inventory.
  • Free cash flow deficit NG for the quarter of $31.2 million.
  • Gold production for the quarter of 42,728 ounces, solely from the Mount Milligan Mine. At the Oksut Mine, mining and leaching activities during the quarter resulted in 58,469 recoverable ounces stored as gold-in-carbon inventory at the end of June.
  • Copper production for the quarter of 17.4 million pounds.
  • Gold production costs for the quarter of $961 per ounce.
  • Copper production costs for the quarter of $1.58 per pound.
  • All-in sustaining costs on a by-product basis NG for the quarter of $1,659 per ounce due no gold ounces sold at the Oksut Mine and lower copper by-product credits at the Mount Milligan Mine from declining copper prices at the end of the quarter, resulting in a mark-to-market adjustment on provisionally priced copper contracts of $560 per ounce. At June 30, 2022, there were 33.8 million pounds of copper outstanding under contracts awaiting final settlement in future months. All of these copper pounds were adjusted to a market price of $3.71 per pound at the end of the quarter, resulting in an adjustment to copper revenue of $23.3 million from previously recorded prices.
  • All-in costs on a by-product basis NG for the quarter of $2,082 per ounce.
  • Strong balance sheet with net cash position at the quarter-end of $723.3 million.
  • Gold room operations at the ADR plant at the Oksut Mine remain suspended since early March due to mercury detected in the gold room. The Company expects to complete a mercury abatement retrofit in the gold room by late 2022 and has assumed that Oksut's gold room operations will re-commence as soon as regulatory approvals are obtained. The Company expects that ounces inventoried in gold-in-carbon form during 2022 will be processed into gold dore in 2023, assuming the ADR plant resumes full operations as planned. For further details, see "Suspension of production at the Oksut Mine".
  • The Company is initiating the suspension of the Oksut Mine's stacking and leaching operations on August 10, 2022 due to the Company's inability to obtain approval from regulators to use more activated carbon that is currently allowed in the Oksut Mine's environmental impact assessment ("EIA"). For further details, see "Suspension of production at the Oksut Mine".
  • 2022 Guidance was updated to reflect the suspension of stacking and leaching activities and the continued suspension of gold room operations at the ADR plant at the Oksut Mine until after year-end as well as to give effect to the recent decline in copper prices. The Mount Milligan Mine remains on track to achieve production guidance for both gold ounces and copper pounds. All of the Company's previously issued 2023 guidance has been withdrawn and should not be relied upon.
  • Centerra closed the previously announced global arrangement agreement with Kyrgyzaltyn JSC ("Kyrgyzaltyn") and Kyrgyz Republic to effect a separation of Centerra from Kyrgyzaltyn and the Kyrgyz Republic. This was achieved through the disposition of Centerra's ownership in the Kumtor Mine and its investment in the Kyrgyz Republic, the purchase for cancellation by Centerra of all of Kyrgyzaltyn's 77.4 million Centerra common shares, the termination of Kyrgyzaltyn's involvement in the Company, the resolution of their disputes and aggregate cash payments of approximately $86 million (a portion of which was withheld on account of Canadian withholding taxes payable by Kyrgyzaltyn), among other provisions. As at August 9, 2022 the Company had 220,083,541 common shares issued and outstanding.
  • The Company continues to progress its life of mine planning work for the Mount Milligan Mine with a focus on assessing the impact of an extended mine life on capital equipment costs and tailings storage facility expansion requirements.
  • Quarterly Dividend declared of CAD$0.07 per common share.

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