It's good if it significantly impacts the share price.
However, as shareholders, we haven't seen a nickel so far.
SASKATOON , March 4, 2014 /CNW/ - Claude Resources Inc. ("Claude" and or the "Company") (TSX: CRJ; OTCQB: CLGRF) today announced the closing of its previously announced agreement (the "Agreement") whereby Laurentian Goldfields Ltd. ("Laurentian") (LGF.V) acquired Claude's 100 percent interest in the Madsen Gold Project in Red Lake, Ontario Canada .
Claude received CDN $6.25 million cash upon closing of the transaction and will receive CDN $2.5 million cash or equity (at Laurentian's option) payable six months following the close of the transaction. Cash proceeds will be utilized to reduce bank debt and for working capital purposes. In addition, Claude received approximately 9.8 million shares of Laurentian, representing approximately 10.1 percent ownership in Laurentian. Claude will have the option to participate in any future equity offerings to maintain ownership position in Laurentian so long as Claude retains a minimum 9.9 percent ownership interest in Laurentian.
Neil McMillan , President and CEO stated, "We are pleased to see the support Laurentian has received in raising the capital to advance the Madsen Gold Project. The closing of the transaction will provide Claude short term benefits through cash considerations, and through our equity ownership, provide our shareholders with exposure to the Madsen project."
Laurentian intends to focus exploration efforts on increasing the existing high grade gold resource at the Madsen Gold Project, through development of prospective targets along the 12 kilometre long Madsen Mine Trend and the 10 kilometre long '8 Zone' corridor, while simultaneously assessing a low-capital production opportunity.
Clarus Securities Inc. acted as financial advisor to Claude and Macquarie Capital Markets Canada Ltd. acted as financial advisor to Laurentian.
In addition, the Company has engaged Deloitte Corporate Finance Inc. as strategic and financial advisor to undertake a strategic review of Claude's business plan and capital structure and to explore alternatives with the objective to maximize value for all shareholders.
The Company has not established a definitive timeline to complete its review and there can be no assurance that this process will result in any specific strategic or financial or other value-creating transaction. The Company does not currently intend to disclose further developments with respect to this process, unless and until the Company approves a specific transaction, concludes its review of the strategic alternatives or otherwise determines there is material information to communicate.
About Claude Resources Inc.
Claude Resources Inc. is a publicly traded gold exploration and mining company based in Saskatoon, Saskatchewan , whose shares trade on the Toronto Stock Exchange (CRJ.TO) and the OTCQB (CLGRF). Its asset base is located entirely in Canada and since 1991, Claude has produced over 1,000,000 ounces of gold from its Seabee Gold Operation in northeastern Saskatchewan . The Company also owns 100 percent of the Amisk Gold Project in northeastern Saskatchewan .
About Laurentian Goldfields Ltd.
Laurentian Goldfields Ltd. is a team of highly skilled exploration professionals led by Darin Labrenz , President & CEO, focused on the generation of high quality exploration projects. Laurentian's use of leading edge exploration concepts and techniques has attracted major mining companies as strategic mining investors and partners. Laurentian's experienced management team and board of directors is committed to utilizing its extensive industry experience to identify and acquire exceptional exploration and development opportunities, unlocking value and shareholder growth.
Ladies and gentlemen, the Oscar for worst performance of the year goes to Claude Resources.
And here to accept the award on behalf of Claude Resources is outgoing CEO Neil McMillan.
IMO, Neil drained the company and it's shareholders for all it was worth.
Now, he will retire and leave the company in debt.
But not to worry, the good old boys will still throw him a retirement party.
Heck, they may even give him a golden fishing rod to take with him.
I hear the fish are biting at Cameco.
This stock is known for dropping a lot faster than rising.
IMO, share price stability will come with higher production and the right man at the helm to lead this company.
Shareholders are tired of the turtle.
It's time time to bring in the rabbit.
I don't believe it.
But, it's nice to see.
You make a good point.
No lack of opinions when it involves Neil McMillan.
IMO, this guy is capable of nothing when it involves shareholders and yet capable of everything when it involves himself.
I'll believe it when I see it.
CIBC World Markets evidently doesn't believe it.
They've been selling off for weeks and aren't done yet.
I'm beginning to think McMillan sold Madsen because he knew retirement was very near.
A little walking away money couldn't hurt.
Good luck on your new thing in having no alcohol.
I once gave up sex; smoking and drinking.
It was the worst 15 minutes of my life.
My head was buzzing the day after Super Bowl.
I hope the Claude "good ole' boys" venture out of there comfort zone to entertain an outside prospective candidate. This company needs a knowledgeable; energetic and charismatic leader who can deliver on market expectations make shareholders money. This company should be producing 75k ozs per year by now and not 44k-48k ozs.
The sound of your wallet being crushed is brought to you courtesy of CIBC World Markets.
The selling has been going on for quite awhile now.
Another institutional investor bites the dust.
when it's going under.
Wonder if the salesmen they hired late in Q3 are still on the payroll?
Good luck on your retirement Neil.
Hopefully, your replacement will be a shaker and mover who can make shareholders money and attract major investors.
Wonder if Rob McEwen. would be interested in your job.