JS, I've been called many things but never a FORCE. lol
Not worried at all with this pullback. I think it's very healthy. To go from .0025 to 5 cents in a couple of months is insane. It really needed to take a breather. Perhaps Hazout was aware or informed of the needed breather and that's why he's holding off on the news? Beats me but it's very healthy from a T/A standpoint. I get nervous when stuff goes vertical for too long because the bottom eventually falls out and there's a rush for the exits. Now we had the 50% retracement and I'd like to see it consolidate around 3 or 4 before the FINRA news is put out there. I'm still expecting sometime around mid-August but that's just a guess assuming Hazout wants to wait and assuming it takes 30 days to get more MMs onboard. Obviously, he can put out a PR at any time sooner. After the news release I think we'll see 7-8 cents within a few days and on heavy volume. In the meantime, it would be great to see the volume get up around 1M every day. That will be tip off for blast off later. Volume is the key now, imo. Support at 2.5 should hold and I plan on helpin out the cause with my buy orders on 2.5 or 3. Accumulate, accumulate, accumulate. As new MMs come onboard they will need to do the same before it's unleashed. At this stage, this has gotta be the least risky pink I've ever owned. Yeah, they had Dadi but they also flatlined. Miraculous recovery from death. Time to rock 'n roll now.
Anybody see the EGI news? Gettin busy again in Yerington, finally. Too bad it's too late for QTRRF.
Btw, SDRG PR about FINRA approval likely won't be out until mid-August. CEO wants to wait until more MMs onboard which takes 30 days. The 50% retracement is healthy and a great buying opportunity. Easy double after news released. Short term target 7-8 cents. What are the odds of QTRRF doubling in a couple of months? Zero.
Rule 15c2-11 does not require that broker-dealers submit to the Commission the information collected pursuant to the Rule. Rule 15c2-11(d)(1) does, however, require the broker-dealer submitting the quotation to furnish to the interdealer quotation system, at least three days before the quotation is published or submitted, the information regarding the security and the issuer which the broker-dealer is required to maintain. Furthermore, FINRA Rule 6740 prohibits a member from initiating or resuming the quotation of covered OTC securities in a quotation medium unless the member has demonstrated compliance with the requirements of Rule 15c2-11 pertaining to the review and maintenance of information about the security and the issuer. To demonstrate compliance with FINRA Rule 6740 and Rule 15c2-11, a member must file with FINRA a Form 211, together with the information required under Rule 15c2-11(a), at least three business days before the quotation is published or displayed. Once a broker-dealer has filed a Form 211 with respect to a security, and that Form 211 is cleared by FINRA, the security may become “piggyback eligible” provided the quoting activity meets the requirements of Rule 15c2-11(f)(3).
If I'm reading this correctly it means that FINRA gave the nod last week...last Thursday at the earliest because some new MMs posted the quote yesterday. Had to wait 3 days. Now we have to wait for them to file Form 211 and for that to be cleared. I think that process takes 30 days per info in the previous post.
Am I reading that correctly? This #$%$ is giving me a friggin headache!
Btw, please feel free to share this stuff on ihub. I can't post over there because I was permanently banned. Long story. Very long. The children that run that site are like little nazis.
Generally, Rule 15c2-11 applies to broker-dealers that initiate or resume publication of quotations of securities that are not listed and traded on a national securities exchange (“covered OTC securities”). Most covered OTC securities are quoted in the OTC Bulletin Board, which is operated by the Financial Industry Regulatory Authority, Inc. (“FINRA”) or in the Pink Sheets Electronic Interdealer Quotation and Trading System (“Pink Sheets”) operated by Pink Sheets, LLC. Certain exceptions, however, except broker-dealers from having to satisfy the Rule’s information review and retention requirements. For example, the “piggyback” exception in Rule 15c2-11(f)(3) allows broker-dealers to publish or submit a quotation in an interdealer quotation system for a covered OTC security that is already the subject of quotations with a specified frequency without having to fulfill the Rule’s information review and retention requirements.
continued in next post (too long).....
This is from OTCdotcom FAQs
What is the Piggy-Back rule? ↑Top
The Piggy-Back rule stipulates that a security is eligible for quoting under Rule 15c2-11 without the submission of a Form 211. Any authorized market maker may begin quoting piggy-back eligible securities at any point in time. The "piggy-back" exception is based on a market maker publishing quotations for a security in an applicable interdealer quotation system (OTC Link or the OTCBB) on at least 12 business days during the preceding 30 calendar days, with not more than four consecutive business days without quotations.
What is Rule 15c2-11? ↑Top
Rule 15c2-11 under the Securities and Exchange Act of 1934 (Exchange Act) governs the submission and publication of quotations by brokers and dealers for OTC equity securities. Specifically, the rule applies to a broker-dealer's initiation or resumption of quotations for such securities in any inter-dealer quotation system, including OTC Link. Pursuant to the Rule, brokers and dealers are required to review and maintain specified information about the issuer of the security before publishing a quotation for that security. See complete text of SEC Rule 15c2-11. Get a copy of the Form 211.
Is there a way quote a security without a Form 211? ↑Top
Yes, if a broker-dealer determines the security is eligible for one of the following exceptions under SEC Rule 15c2-11:
The security is currently listed on a U.S. exchange.
The broker-dealer wishes to submit an unsolicited quote. An unsolicited quote represents a customer order and not a broker-dealer’s own position and must be removed from the system once the customer order is executed. See the unsolicited quote FAQs.
The security is piggyback eligible. A security becomes piggyback eligible when it has been quoted on the OTC Link system by at least one market maker for a minimum of 30 days.
I guess this means we have to wait until mid-August for everything to be finalized?
JS, This is the response I received via email this morning from Mr. Hazout when I inquired about holding off on the PR:
"The broker dealer is making further supplemental filings for pricing. We also have the piggy back rule for all the other market makers to come on.
Kindly be patient, there are certain procedures we must follow.
We will eventually press release."
What's the piggyback rule and what procedures do ya think he's referring to?
I'm lost on this one.
JS, excellent job on the ihub board. You guys are on the ball.
Now we just need Hazout to issue a PR. He emailed me it will be announced in due coarse. Any idea what that means? It looks like the FINRA approval was this morning. A PR should have been issued. What's the point in sitting on great news even if there's no requirements to report material info on the OTCBB pink? I don't get it? Do you?
This stock is going to go apechlt on the news!
Got another present for ya. I feel bad for ya because of the TP brainwashing.
Pick up some SDRG like asap. These guys sunk down to 0.002 and were left for dead then just recently screamed back to life and went to 0.05 on no news. Now we know why. FINRA just approved their release from the greys and back to the OTCBB. No PR yet but the fact that Scottrade and Ameritrade MMs now have a bid/ask on the stock is confirmation. A PR is pending. I would put it out right away but the CEO said in an email to me it will be announced "in due course"...whatever that means, I don't know. This is an EASY 2-bagger in no time. Possibly 20+ cents by year end. Excellent silver property in China and partnered with a major Chinese mining company. Closed today at 4 cents. Easy money. Trust me ;-)
Zack, the $85B/month QE is not being tapered. The Fed has been buying up the difference of their reported taper thru a Belgian bank. The tapering they speak of is all a charade. If the Fed really was tapering and if they stopped altogether by the end of Sept. as Yellen says then interest rates would be going thru the roof and the stock market would be tanking. The media is feeding everyone bvIIchit. Read zerohedge and fact check everything. The U.S. sheeple are being played worse than TP played his shareholders.
When the 10 yr. yield reaches 5.2% it's game over. 2017-2018 is the projection. Check out "Crunch Time: Fiscal Crises and the Role of Monetary Policy"
Did he change the terms of his loan to the company a couple of months ago to secure that position?
In the Q1 financials it states that in March 2014 he made the balance ($600k) payable back to him at any time with a 40 day notice. In the meantime, he's still collecting his 10% interest of course.
Is he still employed there because he would be due $1.6M per the terms of his contract upon termination?
The company obviously can't afford to tick him off or terminate him. It's cheaper to keep him. Is that why he's still there and got re-elected? He made a fortune as CEO recklessly blowing thru all of your money then loans $800k back at 10% interest when the company went flat broke then just prior to re-election of chairman made it payable back in full at any time. It just doesn't get any better than that, folks. He has you all by the nads.
Btw, whatever happened to all of those "other U.S. properties"? They all vanished off the books. *poof* like they never existed.
Accumulate EGI at 30-35 cents, jor. They have over $40M in the bank and trading at cash value. QTRRF has nada. TP is like that Italian captain that ran his cruise ship aground sinking it and then bailed on his passengers and crew making sure his #$%$ didn't get wet.
Believe it or not I didn't even read the Q1 financial report until just now.
At the end of Dec 2013 they had $894,265 in cash.
At the end of March 2014 they had $487,313 in cash.
You have a PhD in math so I'm assuming you can figure out they burned thru over $400k in Q1, right?
At that same burn rate how long will the $487,313 at the start of Q2 last? I'll give ya a hint.....til about the end of Q2 (end of June).
This is why they had to do the private placement now. They probably have about $50k in the bank right now which is pretty friggin pathetic. I thought they cut their expenses and had the burn rate down around $300k per Q but that's not the case. A $400k burn rate is too high. Any funds from FCX may not come in for a year according to the PR, unless I'm not reading it correctly.
So how long will the $500k from the private placement last? Assuming they don't slash their burn rate, about another Q, right? But if they don't get funds from FCX before September then the BLM dues come out of the $500k. That means they'll be broke again after September. Then what? Another private placement? Beg FCX to step it up? Bottomline, TP screwed you guys over really, really bad. And why is he still there?
"As at March 31, 2014, the Company had an accumulated deficit $92,267,179 with a working capital deficiency of $608,627." Guess who $600k of that belongs to.
Good grief, jor, how on earth can ya still be optimistic with these jokers? They have nothing and are buried in debt. TP dug a hole for them bigger than the Anaconda pit!
jorie, no offense but you don't seem to comprehend anything I say.
Where did I say anything about overcharging the project? What the F does that mean anyway?
Read the PR again, Miss Sunshine.
"... Freeport provides funding to SPS for property maintenance, G&A, environmental compliance and, in later stages, exploration."
Property maintenance is the BLM renewal fees due by Sept 1st. I have no idea what environmental compliance fees they're talking about (good question for Steve) and the exploration expense is much later. This tells me a large chunk of the funds initially will be going towards G&A which I read as paying their bills and themselves. How much of that will go toward bills and how much goes in their pockets? That would be something to look for when they report the numbers but I doubt they'll break it down. That's all I'm saying. G&A is very open and an easy place to misappropriate funds if ya catch my drift. Understand yet? That's the skim pile. Get it? If shareholders want to keep the bozos honest then they should look at and question such stuff but nobody ever does so company brass skim. Most are sociopathic egomaniacs like TP and feel entitled. Maybe they deferred some of their salary and now they want it back with 20% interest or some crazy #$%$ like that. The BOD approves and it's a done deal. Who knows? Just watch the numbers, read the footnotes and ask questions when the time comes. Capishe?
Btw, who do ya think did this non-broked private placement of notes and warrants? and why now?
I bet it was TP and the company is close to being flat broke again. Why don't ya call Steve and ask? ;-)
No money for Q & A? LOL
Jorie, first of all it's G&A, not Q&A, and it stands for General & Administrative (expenses).
This is their overhead and it includes salaries. All I'm saying is I bet you'll see an increase in what they show for G&A once they get the funding and then they'll have some B.S. footnote as to why it's higher. That's just what I expect from these shady clowns. But then again, TP is no longer in charge so maybe Steve won't play games. Who knows? I learned the hard way when there's money involved, trust no one. Not even so-called friends. I had a multi-millionaire 80 yr. old mentor try to stiff me out of $15k. I trusted him so much I never asked for a contract or receipt or anything. Another very good friend stiffed me for a lousy $400. Then there's the numerous landlords and moving companies. Everyone has their stories yet they still trust whatever a company tells ya. Why? I probably lost over $50k before I realized John Whitney of ITRO was lying thru his teeth. Trust no one, jor. These clowns work for you. Question everything.
Now as for your math...is that PhD in fuzzy math or real math? First of all, where are you coming up with $200M to $400M? The PR says $138.6M. And how on earth are you coming up with a $50M market cap????? Market cap is simply the number of outstanding shares times the share price. That's it. #$%$, g/f?
What college did you get that PhD from?
Did you ever buy any Noront Resources? How bout San Gold? McEwen Mining? Rubicon Minerals? Entree Gold?
Everything's gonna start going haywire soon. Today was a big day. More to come...except for this sorry company, imo of course. Did ya call FCX IR by any chance? I'm tryin to help ya out, jorie.;-)
"if Freeport drops out Quaterra moves forward"
Jor, you're still killin' me. If Freeport drops out Quaterra is done. What part of they're broke don't ya understand? They only had a few hundred grand in cash and that was several months ago. By September I don't think they'd have the cash to renew their claims with BLM. Then what? Go to the loan shark (aka TP) again?
They sold 75% of everything they have in Yerington for a song and even agreed to let FCX back out at any time. FCX got a sweetheart deal. Btw, did ya notice that FCX never reported the news? It wasn't picked up by the newswires and FCX didn't mention a word about it. Nothing on their website. Isn't that odd? Is it all B.S.?
If I were a QTRRF shareholder I'd be calling FCX investor relations and confirming the news and ask them when they plan on reporting it, assuming it's legit. If they won't comment then ya know something's fishy AGAIN.
If QTRRF ever does get money from FCX it will be interesting to see how much more their G&A expenditure increases. That's something to keep an eye on. It should be about the same as prior to receiving any funds, no? Let's see how they work the numbers to reward themselves when the cash comes in...if it ever does.
And no, I'm not doom and gloom. I'm very bullish on gold and silver and still love the junior miner sector.
Looks like you're still drinkin the kool-aid. This is a great deal for Freeport only. They can acquire 75% for a song and back out at any time for any reason. It's a win-win for Freeport. They're taking on almost no risk.
As for QTRRF, they had to cut some kind of a deal before Sept. 1 because that's when the renewal fees are due to BLM to retain the claims and they probably wouldn't even have enough cash for that. So this is entirely out of desperation. If I were a shareholder I'd want to know exactly how much of Freeport's money is going toward G&A. You do know what that is, right? That's the money that will be going into QTRRF's pockets for making such a bad deal. Will the company give you that number? I bet they will not. Since you're such a big fan of Steve why not give him a call and ask him.
Btw, guess who will be helping FCX with their DD. ;-)