| To: philip trigiani who wrote (115) | 3/10/1998 11:56:00 PM | | From: Perry | | | |
Can you explaing how a company like SGV with possibly 200mm shares can ever be an attractive investment. THAT'S 200,000,000 shares, equivalent to some major producers. How can this stock possibly increase in value considering it's current holdings?
I have a few thousand shares so I hope my analysis is wrong. Maybe you have some positive scenerios you would like to share. |
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| To: Perry who wrote (116) | 3/11/1998 9:47:00 AM | | From: philip trigiani | | | |
They have some excellant properties in Russia and Cuba. The whole mess with shifting money around was so not to lose the contractual agreement with the Russian project. Beau obviously has done due diligence in the Genoil properties to go forward. SGV has practically control over its umbrella of companies. It will survive. It won't be a player until it can put these projects into production. In the short term, there will be short term trading profits in and out of SGV and KWG. Gauthier needs to see these prices higher in order to fullfill the rights and get more working capital. He's a promoter. The share capital will probably be diluted in a reverse split eg. 10 for 1 at some point.
This is required, if he intends to get institutional investors back into the game.IMHO
I'll be trading in and out for a while once SGV and KWG get relisted on the TSE. A perfect example is Repap RPP:tse/mse. |
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| To: philip trigiani who wrote (117) | 3/11/1998 1:51:00 PM | | From: Claude Robitaille | | | |
Proposed private placements
Spider Resources Inc SPQ
Shares issued 79,806,176 Mar 9 close $0.13
Wed 11 Mar 98 News Release
Ms Mary Peschka reports
The company has reached agreements in principle with three investors
pursuant to which it will issue on a private placement basis a total of
1,965,217 shares.
The first subscriber will subscribe for 1,565,217 shares at $0.115 for
total proceeds of $180,000 and will pay its subscription price by agreeing
to extinguish Spider's current indebtedness to such subscriber of $180,000.
The remaining two subscribers will subscribe for a total of 400,000 shares
at $0.20 for total proceeds of $80,000. Spider currently owes such
subscribers the total sum of $80,000 on account of the third instalment of
the purchase price for Spider's Wawa property. The $80,000 subscription
price will be paid by such subscribers agreeing to extinguish the
indebtedness owing by Spider in respect of such outstanding purchase price.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
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| To: philip trigiani who wrote (119) | 3/27/1998 1:37:00 PM | | From: Claude Robitaille | | | |
Year end results
St Genevieve Resources Ltd SGV
Shares issued 87,850,939 Nov 26 close $0.17
Fri 27 Mar 98 News Release
Ms Mary Peschka reports
During fiscal 1997, unfavourable market conditions, namely the price of
common and precious metals and the aftermaths of Bre-X had considerable
negative effect on mining companies.
Consequently, the investments of St Genevieve Resources suffered a loss in
value that is reflected in the $61 million writedown of the carrying value
of its investments to their estimated realizable value (net gain of $14.7
million in 1996), the $16 million loss on disposal of investments and
conversion of promissory notes (net gain of $10 million in 1996) and the
$7.2 million share in loss of companies subject to significant influence
($97,920 in 1996).These three amounts account for more than 90% of the
reported net loss of the year which amounted to $92.1 million (net loss per
share of $1.10) compared to a reported net income of $19.2 million in 1996
(net income per share of $0.32). Income decreased from $30 million in 1996
to $3.4 million in 1997.
On April 30 1998, the creditors of the company will consider and vote on
the restructuring plan filed by the company under the Companies' Creditors
Arrangement Act which provides for the payment of a significant portion of
the debts of the company by the issuance of common shares of the company on
the basis of one common share for each $0.20 of debt. The company has
contacted the majority of its creditors to inform them of the provisions of
the restructuring plan and to seek their approval and it is confident that
the restructuring plan will be accepted.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
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| To: Claude Robitaille who wrote (120) | 3/29/1998 2:06:00 AM | | From: Walter | | | |
I will vote for $0.20/share for sgv and $0.40/share for kwg ONLY IF Pierre Gauthier is never involved with these companies again!!
I hope I get to put my size 10 footprint on his behind and get rid of him once and for all. |
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| To: Walter who wrote (121) | 3/29/1998 11:13:00 AM | | From: philip trigiani | | | | |
Gauthier is not going anywhere. He's up for renewal on the SGV board. With this restructuring he will have a good control over SGV and KWG through this creditor dilution. However, he is not running for the board in KWG, the new CEO/PResident running is MR.Sleemenk of Macdonald Mines, he is also working in Cuba on their own properties. Is anyone going to exercise their free rights? SGV @ .05, KWG @ .15. They need to get these share prices up to .20 and .40 to make the rights workable. Gauthier controls most of the creditors, deals have been agreed to, just a matter of formality voting by us suckers. What choice do we have, either vote for, or they go bankrupt. Either way we loose. |
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| To: philip trigiani who wrote (122) | 3/30/1998 7:34:00 PM | | From: Walter | | | |
How about a class action suit against Pierre Gauhier for Gross Incompetence? Perhaps something similar to what the legal case against David Walsh. I really think P/ Gauthier has to go. The whole company, from top to bottom, is in denial.
Saturday, March 28, 1998
St. GeneviŠve, KWG blame Bre-X
Mining juniors struggle to survive market conditions and 'unauthorized
borrowings'
By PAUL BAGNELL
Mining Reporter The Financial Post
High noon for Bre-X
Barrick knew Busang claims false, lawsuit says
Junior mining affiliates St. GeneviŠve Resources Ltd. and KWG Resources
Ltd., which collapsed in financial chaos when millions of dollars of
unauthorized bank withdrawals came to light in November, are now blaming
their woes on the Bre-X scandal.
The companies, both vehicles of Montreal-based mining promoter Pierre Gauthier, reported 1997
losses of $196 million on Friday. Gauthier, meanwhile, got a raise of $105,743, taking home
$255,743.
The companies have been under creditor protection since late November, when they revealed $21
million in "unauthorized borrowings" from two affiliates, with the proceeds diverted to a Russian gold
mine.
Montreal-based Emerging Africa Gold Corp. had $15.3 million taken without the knowledge of its
directors. Genoil Inc., a Calgary oil and gas exploration junior,
had $5.2 million withdrawn.
On Friday, St. GeneviŠve said it had a loss of $92.1 million
($1.10 a share) on revenue of $3.4 million in 1997. KWG lost
$103.9 million ($2.97) on revenue of $400,000. Both companies
blamed $150 million in writedowns on their mining properties and
other investments.
St. GeneviŠve said the writedowns were forced by "market
conditions, namely the price of common and precious metals and
the aftermaths of Bre-X." Bre-X Minerals Ltd.'s Busang gold
project was proven to be a hoax on May 4.
Together, KWG and St. GeneviŠve raised $57 million in equity
financings in 1996. A further
$21 million was raised by Far East Gold Inc., which owned the
Russian gold mine now at the centre of Gauthier's group. KWG
acquired 100% of Far East in a reverse takeover in late 1996.
Today, the firms are scrambling to stay alive.
They are offering to give creditors shares of St. GeneviŠve in
exchange for cancelling $28.1 million in debts. They are also
seeking support for a proposed $30-million rights offering to
shareholders.
Genoil, meanwhile, has sold 50% and control of itself to Beau
Canada Exploration Ltd.
St. GeneviŠve has pledged to repay the $5.6 million it owes
Genoil by April 1, 1999, at an interest rate set at 1% above
prime. It also owes another $6.5 million to "various third parties."
On Dec. 8, when KWG and St. GeneviŠve announced a restructuring they said part of the plan
would be "a reduction of the salaries of remaining senior management." Gauthier, however, has
escaped that fate.
St. GeneviŠve's management circular shows that, while his salary was cut to $75,743 from
$150,000 in 1996, his wholly owned company Gencap Inc. was paid $180,000 for "management
services." No such fee was paid in 1996 or 1995.
The Toronto Stock Exchange halted trading of both companies on Nov. 27. They were suspended
on Dec. 5. Both now trade without daily quotations on the over-the-counter Canadian Dealing
Network.
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