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I'm afraid that none of us are very knowledgeable about the reality here.
Obviously the delay in dropping the RNS over here just adds to the stench but that's on the money guys, not necessarily the company itself.
I've no idea where this is going myself, under normal circumstances it would have stopped at 16p but to my eye now it looks like a test of the 10-12s area and then who knows what happens, could bag in a flash from there.
GL
Down sizing the company is a must, just enough to keep it paying the debts until they can get a handle on the costs and underground workings. But 50 million to keep it going is just staggering.... I sold a little before the big kick down but still have a fair amount in just hoping the management can make a turn around but Im not holding my breath !
Have to agree with that, TDT - I'm surprised that the regulator, both here and in Canada, don't take them to task over this; after all, their lax attitude creates a false mkt over here fostering arbitrage at London's expense and it's not the first time this has happened.
If Pure is to get back on its feet after this debacle, the new BoD need to be more cognisant of dual listing mkt requirements as well as improving their mining ops. Both are urgently needed - sasa.
The after thought RNS. Announce it across in Canada first, let them bail out before the share price drops even further before releasing the news here. This is a degree of crass incompetence that simply beggars belief. They can't even release bad news to all of their share holders at the same time. Makes you wonder if the BOD even know they are dual listed.
TDT
Do I sell now and rescue what is left or wait. I am not very knowledgable of what is happening with pure gold. Already lost 80%. Fortunately only invested 5 k. ProphetWarning or bonker99 please, what do u think.
Fri, 8th Apr 2022 14:08
RNS Number : 8415H
Pure Gold Mining Inc.
08 April 2022
PureGold Learns of Notice of Civil Claim and Denies Allegations
VANCOUVER, British Columbia, April 7, 2022 -- Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) ("PureGold" or the "Company") today announces that the Company has learned of notice of civil claim naming PureGold and certain other parties as defendants in the British Columbia Supreme Court alleging failures to disclose certain information relating to its operations at its mine in Red Lake, Ontario under Canadian securities laws (the "Action"). In the Action, the plaintiff seeks certification as a class proceeding and with any other class members claims unspecied damages for losses incurred in their investments in the Company. Although no assurance can be given with respect to the ultimate outcome of the Action, the Company believes that the complaint against it is unfounded and without merit, and it intends to vigourously defend the proceeding.
More like suicide row !
"Its like reading your horoscope on the way to hospital after being hit by a bus."
BAHAHAHAHA
Charts!
You dont need technical analysis to tell you this business is in big trouble, just look at the shareprice and read the last 3 or 4 RNS statements.
Its like reading your horoscope on the way to hospital after being hit by a bus.
Charts only really work for commodities / currencies etc - certainly not AIM stocks.
Thanks Blue
Latest directors: Smerchanski granted 250k shares, sold zero. They defo clutching to their shares!
And not a sniff of an RNS. Have they all gone off clutching bars of smeleted gold
I think Sprott would happily agree !
Perhaps drop him a hint !
Kinross would have to be blind not to see opportunity here. To develope GBR in these days inflation, they would have to spend 2-3 times PUR's current mcap and years in time.
Now on companies website
https://www.puregoldmining.ca/puregold-learns-of-notice-of-civil-claim-and-denies-allegations/
I am amazed that Canada price is holding. With only 6M cash at hand, I doubt they could even run the mine for another month, let alone fight a litigation. There was a post lower down, which was an advert asking for other investors to join in the litigation: (From Charlotte001)
multi-million-ounce gold endowment, and significant exploration upside, the company's value-maximizing strategy is to pursue operational excellence, while investing in systematic exploration and phased expansions to fuel discovery and growth for the future.
$0.245-0.005 | -2.00%Bid: 0.24 x 17500Ask: 0.25 x 36000Volume: 682,033
CADTSX VENTURE EXCHANGEDELAYED PRICEAPRIL 7, 2022 10:25 AMEDT
Pure Gold Mining Inc > Potetnial litigation information contained in news release
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April 06, 2022 - 09:46 PM
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Post# 34582771
Potetnial litigation information contained in news release
INVESTIGATION ALERT: The Schall Law Firm Encourages Investors in Pure Gold Mining Inc. with Losses of $100,000 to Contact the Firm
V.PGM | 35 minutes ago
The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Pure Gold Mining Inc. (“PureGold” or “the Company”) (OTC: LRTNF) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. PureGold issued a press release before market hours on March 28, 2022, announcing that its mining and production operations were negatively impacted by its failure to maintain access to high-grade slopes. The press release revealed that the Company suffered from mine planning and scheduling failures in 2021. Based on this news, shares of PureGold fell by 41% on March 28, 2022.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at bschall@schallfirm.com.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220406006138/en/
PureGold Learns of Notice of Civil Claim and Denies Allegations
VANCOUVER, British Columbia, April 07, 2022 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”) today announces that the Company has learned of notice of civil claim naming PureGold and certain other parties as defendants in the British Columbia Supreme Court alleging failures to disclose certain information relating to its operations at its mine in Red Lake, Ontario under Canadian securities laws (the “Action”). In the Action, the plaintiff seeks certification as a class proceeding and with any other class members claims unspecied damages for losses incurred in their investments in the Company. Although no assurance can be given with respect to the ultimate outcome of the Action, the Company believes that the complaint against it is unfounded and without merit, and it intends to vigourously defend the proceeding.
About Pure Gold Mining Inc.
PureGold is a Canadian gold mining company, located in the very heart of Red Lake, Ontario, Canada. Our vision is pure and simple. To build a highly profitable, multi-generational growth company in the world-class gold mining district of Red Lake. With our 100%-owned, fully constructed operating PureGold Mine, a multi-million-ounce gold endowment, and significant exploration upside, our value-maximizing strategy is to pursue operational excellence today, while investing in systematic exploration and phased expansions to fuel discovery and growth for the future.
Additional information about the Company and its activities may be found on the Company’s website at www.puregoldmining.ca and under the Company’s profile at www.sedar.com.
ON BEHALF OF THE BOARD
"Troy Fierro"
Troy Fierro, President & CEO
Investor inquiries:
Adrian O’Brien, Director, Marketing and Communications
Tel: 604-809-6890
aobrien@puregoldmining.ca
Todays Civil case announced sgsinst PUR by an alleged deceived investor might be AngloGold Ashanti. PUR cannot afford to defend any such action by a large investor who could gobble them up for breakfast. If so, the plaintiff will probably agree to offset the claim by taking the mine into private ownership at a knock down price and cease trading of PUR shares. This would be followed by compulsory purchase of the remaining shares at a price based on PUR's new net worth as assessed by an independant analyst. Possibly a fall of around 50% which may or may not already have neen discounted by the Market. So at best, our shares will be worth no more than at present. I suspect this will move pretty rapidly in which time the Canadian SX, who will already have received a complaint, may well take action against any perceived miscreant Directors
Yup - it's a mess for sure and large prints either way likely mean bugger all right now :)
bonker - mcap £70M, Debt £127M, Last quarters loss £13.6M, Current cash on hand £6M.
I would say that the company is not even a going concern:
In general, an auditor examines a company's financial statements to see if it can continue as a going concern for one year following the time of an audit. Conditions that lead to substantial doubt about a going concern include negative trends in operating results, continuous losses from one period to the next, loan defaults, lawsuits against a company, and denial of credit by suppliers.
PS, be wary of large buys, could be a short covering or just arbitrage as on 3 listings.
Looks like someone took £50k worth at 16.92p this afternoon but they've only just shown it ...
I think that's all very fair comment and at a £160m+ mcap at the last funding price @ 32p it was pretty hard to justify that mcap, or anything like it.
Halve the mcap at 16p, however, and maybe it's a different proposition given that Gold looks extraordinarily unlikely to go below $1,800 ever again.
It's really quite something to not be able to profit from $2k gold @ 4-5 g/t - like really conspicuous!
The, clear, contrarian view of course is that this dump is really very timely indeed ahead of a Gold boom and it could look a lot less like the 70p dump on HOC before it inevitably bagged shortly after, or, indeed, what's going on at POLY.
An RSI of 15 is kinda difficult to get lower so I've taken a few at 15s, no more than I can afford to lose outright of course and it can always go lower over a bit more time but I don't see this breaking 12s tbh.
Last year when I was invested, I often read the CA board, and it was often said the geology was not practical to mine.
Maybe the whole thing has just been one giant scam. Any one who thinks this is getting cheap, here is my post from Jan, when I sold out:
Just wondering if you have done any calculations? 500M shares after dilution, 14p debt per share.
Going to take some earnings to start increasing in equity, such poor AISC, looking at 1M ounces just to pay the debt off - assuming £100 profit per ounce, and some over heads because the debt is 70M not 100M - est 5 to 6 years in fair weather.
If gold drops below $1700, this is bankrupt IMO. More dilution out to 2026. Its all on the PUR website in the quarterly reports. We needed Troy this time last year, not sure what impact good management could have when they are mining at almost break even. I sold yesterday, so wont be back, but strikes me that no one has done any calculations, because I just cant see any upside here at all. This is still is very expensive because its loss making, and even though there is gold in there hills, they have not proven that it is possible to extract it.........
multi-million-ounce gold endowment, and significant exploration upside, the company's value-maximizing strategy is to pursue operational excellence, while investing in systematic exploration and phased expansions to fuel discovery and growth for the future.
$0.245-0.005 | -2.00%Bid: 0.24 x 17500Ask: 0.25 x 36000Volume: 682,033
CADTSX VENTURE EXCHANGEDELAYED PRICEAPRIL 7, 2022 10:25 AMEDT
Pure Gold Mining Inc > Potetnial litigation information contained in news release
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April 06, 2022 - 09:46 PM
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Post# 34582771
Potetnial litigation information contained in news release
INVESTIGATION ALERT: The Schall Law Firm Encourages Investors in Pure Gold Mining Inc. with Losses of $100,000 to Contact the Firm
V.PGM | 35 minutes ago
The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Pure Gold Mining Inc. (“PureGold” or “the Company”) (OTC: LRTNF) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. PureGold issued a press release before market hours on March 28, 2022, announcing that its mining and production operations were negatively impacted by its failure to maintain access to high-grade slopes. The press release revealed that the Company suffered from mine planning and scheduling failures in 2021. Based on this news, shares of PureGold fell by 41% on March 28, 2022.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at bschall@schallfirm.com.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220406006138/en/
Indeed - that seems extraordinarily unlikely ...
Can Sprott and AngloGold Ashanti be taken in that easily? Miners fekk over PIs all the time but I would expect Sprott and AGA to be an awful lot more savvy. Have they been fekked over by this lot as well?
TDT
Posted by Marcelo on Canadian website. PGM is PUR ticker there.
@marcello PGM's "Madsen" has difficult geology, which was one of the reasons the mine ceased production in late 1999.
When the management took over the mine in 2012(?) they SHOULD have been aware of this PROBLEM. Yet they sold it to us with a huge marketing machine as a high grade, multi-million ounce project.
If he is correct then buyers expecting financial help before 30 days are up are wasting their money.