vegas, a word of advice my man.....If you're going to speak negatively of a company or CEO it helps to do some DD otherwise ya just come across as a disgruntled former shareholder or employee with an ax to grind.
Do you know specifically what SDRG is applying for and the status? There's your homework. Impress me.
EGI should be bought with both hands under 30. It's going to pop big any day. Look at the Bollinger bands.
SDRG looked good at 4 and even better under 2. Supposedly, OTCQB approval still pending. The FINRA approval only got them to the pinks and looks like the company decided to wait for OTCQB approval to make an announcement since the step up to the pinks isn't much. They do meet all of the QB requirements so no reason to doubt the rumors. Could be any day then it'll pop and run. Keep watchin '.
QTRRF is dead money. Watch how fast SDRG surpasses their share price when back on the OTCQB.
Btw, how much did you lose on this? I can relate to your frustration. I was smoked bad on ITRO...before I realized how much fraud the CEO John Whitney is committing. Yes, it is more common than most folks believe. I do think the FINRA approval of SDRG back to the pinks is for real though and that's a very big deal.
Let's see where it goes when the news comes out.
vegas, your favorite CEO needs to put the PR out asap but I'm willing to wait 2 more weeks before saying the run to 5 cents was a P&D. I don't see millions of shares being dumped and even on some of these down days most trades are going thru at the ask not the bid. That's a good sign for the longs. I still say 1.5 holds and it goes to 6-7 shortly after he confirms FINRA approval with a PR. Are you doubting that happened?
JS, look for the XAU and HUI to lead. When they break out above their March highs and when they rally hard on days when gold is flat or down that will signal the beginning of the long awaited rally for both the gold and the miners. The GDX and GDXJ have been showing some strength recently but for the most part they're linked to whatever gold does on any given day and lately there seems to be an inverse correlation to the Dow....which is a good thing. But one of these days soon I think we're gonna see a huge rally in the miners far surpassing a move in the metals. It's counter-intuitive but the miners lead, instead of follow the metals.
Until that day short any rally. j/k lol Accumulate on dips. What other pennies are ya followin besides the Dragon? I've got a boatload. Not too much in any single one but I'm pretty much all in in the junior miners.
JS, what do ya think about that $15 trade this afternoon? 1000 share sell at 0.015 went thru just before 2:30 pm then minutes later a 50k share buy at the 2 cent ask. Looks like someone tried to paint the tape lower for whatever reason. 207,000 out of 208,000 shares traded today were buys at the ask.
Next week would be a great time for the FINRA news. Listening, Mr. Hazout?? The 61.8% Fib retracement has been reached. If it closes below 0.015, T/A traders with SDRG on their radar will lose interest. If it bounces off that level they will be buying with 0.065 to 0.07 as the first upside target. That's where I expect to see some selling pressure...but then again, if it blows thru .05 on heavy volume then who knows? could see a dime in no time. WE NEED THE NEWS FIRST, LIKE ASAP!
I do agree that it probably was best not to put it out on the vertical run up to .05 because the inevitable sell off would have been ugly and it would have looked like a pump & dump but I do not agree to wait any longer now that the most important Fib level has been reached. There is no requirement to wait. It's strictly Hazout's decision. If anyone has info to the contrary please share it here because I can't find anything stating that he must wait. The legal formalities are for the MMs, not the company.
JS, gold expiration and the HUI and XAU shouldn't be that big of a factor on SDRG, imo. Gotta remember this stock was left for dead with close to zero chance of recovering. I don't know how he did it but Hazout managed to get it off the greys and back on the pinks. That's HUGE. Now it needs to find some kind of equilibrium. Unless the metals and miners go to hell in a handbasket I don't see that influencing SDRG getting it's footing. The price of the stock is 100% dependent on the value of Dadi and we both know that's much higher than a few pennies per share. A lot depends on Sino's role as well and unfortunately there's very little info on them. This means it's up to Hazout to spell it out. Step one is release the news of the FINRA approval and step two is to spell out the short and long term plans of Sino's role. So far he's done neither. For all we know he's the one selling. Until he puts out a PR on the FINRA approval we have nothing concrete.
Nothing personal against him but I trust him about as far as I can throw him...and I have a bad shoulder.
The only CEO in the mining industry who you can take his word to the bank is Rob McEwen. He doesn't need to blow smoke up anyone's #$%$. ALL of these other guys you're taking a chance. We're dealing with lots of unscrupulous sociopaths. The jury is still out on this latest episode with Hazout. Time will tell but I'll be damned if I go all in.
JS, right around .015 is a 61.8% important Fib retracement level.
Odds are very good that this level will hold. If by chance it closes below 1.5 cents and Hazout still sits on the FINRA news then the run up to 5 cents was orchestrated. I'm going to give the guy the benefit of the doubt for now (despite his checkered past) and I'll even pick up some more shares tomorrow. All eyes should be on 1.5 and when Hazout cuts the #$%$ and puts out a PR. I'm not a happy camper right now but let's see what happens over the next 2-3 weeks. Thankfully, I don't have a ton of money in this thing. Learned my lesson one too many times not to trust ANY CEO...except Rob McEwen, of course.
We desperately need a nice strong bounce higher tomorrow on heavy volume then a PR NEXT WEEK.
There's no reason to sit on it any longer. That's strictly Hazout's choice. It is not required to delay the release.
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? ;-)