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Claude Resources, Inc. Message Board

  • ultraific2 ultraific2 Apr 5, 2013 1:52 PM Flag

    Going concern opinion...not great folks.

    Yikes. Without new financing, this one is dead.

    They have not pinned down the new financing, merely have two fish who've expressed......interest with a letter of intent.

    That is a not binding committment to finance. Not yet.

    Another junior miner that has been waylaid by big dreamers....


    Sentiment: Strong Sell

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    • doncassel Apr 5, 2013 5:47 PM Flag

      The only thing we have to beware of is Jackasses like you!


    • Where are you getting your information?
      The following is taken directly from the earnings call transcript.

      There’s been lots of concern among our shareholders and analysts about our balance sheet, and I’ll talk in some more detail about it. We have expanded our debt facilities. We had no interest in funding future growth with equity, so we expanded our debt facilities with our bank, Canadian Western Bank, up to $25 million. The average rate on that will be 4.5 to 5%, so a good debt facility. And then we entered into an agreement with Crown Capital Partners early in the new year for an additional debt facility of $25 million. We’ve said on the slide it’s expected to close early in the second quarter. Virtually everything is completed there, and we are led to believe as of yesterday that the transfer of funds is likely going to take place before the end of next week, so we think that’s going to close imminently.

      That would give us a total debt facility of $50 million. We are not currently utilizing the 25 million from Canadian Western Bank, even though we’re in the middle of a major expenditure on our winter resupply, and of the 25 million from Crown Capital that we expect to close, 9.5 million of that is earmarked to repay the debenture that matures in May. Out of the total $50 million in banking facilities, we’ll be utilizing about a total of $35 million of that at this point in time and we don’t expect that to change very materially going forward, except for the possibility of a dramatic change in the gold price.

      • 1 Reply to lookin_2_score
      • Just picked that up from the new release on the going concern FS.

        As of the opinion date, March 27, they have NOT secured the financing in binding form:

        Whenever an auditor (KPMG)writes:
        "This condition, along with matters as set forth in Note 2 in the consolidated financial statements, indicate the existence of a material uncertainty that casts substantial doubt about Claude Resources Inc.’s ability to continue as agoing concern."'s never a good thing.

        Am not saying they won't get it done, but it's something to certainly keep an eye on.

        Hence, beware. This stock is in the toilet for a reason. You of all people should know that, and you of all people should discount what the promoter (Neil) has to say, since he's led this company to near ruin with his pump&dump of Madsen and Amisk fantasy projects, having previously lost sight of what what butter's CGR's bread (Seebee).

        As for 2013 production, three years ago, they said 2013 production would be approaching 70,000 oz. annually. Several weeks ago you were PO'd about their 2013 guidance. Now your a big fan of mgmt? Come on.

        Where the he!! is the expanded mill capacity that will get them to 70k oz. Oh, I forgot, it got squirted away on the drilling of holes at Madsen and Amisk. Two worthless non-producing properties I doubt they could even give away.

        If they even hinted about a milling expansion, the stock would probably go up 50%, but Claude mgmt is too stupid to realize even that.

        This one is pitiful, and am glad I sold at $0.58/sh. having lost nothing.
        But I should have sold out when it ran up to $0.85/sh. But at that time, I though these guys knew what they were doing.

        Maybe I'll come back to CGR when it hits a quarter a share.

1.72+0.08(+4.88%)Apr 29 3:55 PMEDT