I was at the Vancouver Resource Investment Conference for a few hours on January 21st. It was an interesting mood as the international and Cdn markets were tanking big time while the US markets were closed for the holiday. I found most of the geologists that were representing their companies quite a bit more talkative compared to previous years when things were mostly rolling well. I'll try to post a few things as I rummage back through my notes from visiting several companies at the show.
Just a note, I only spent time at the booths when there was a geologist or senior partner present as I don't like speaking with stock or company promoters. I'd say about 5-10% of the presenters had senior partners or geologists present.
One interesting one was a company called Stans Energy with lots of good Russian connections on the mgmt team. Apparently, through these Russian connections they obtained the rights to some promising Uranium properties in the Kyrgyzstan Republic (property details are on their website). They had completed a private financing at around $1.25 per share back in the summer when they were trying some type of reverse takeover with Newstrike Capital. It isn't clear why this fell through.
Now they are doing a same type of merger with Greenwich Global Capital Inc (GGB.P). Post merger, this was scheduled to listed on the TSX-V under the new symbol RUU by the end of January. They apparently still have approx $4M cash on hand. The senior guy (I can't remember his name) at the booth indicated that they wouldn't list at the end of January if he thought market conditions would be bad enough to take the stock below $1.25 pretty quick. He stated "that would piss everybody off" [those who took part in the financing at that price]. He stated that he had prepared his staff to wait it out up to a year for better market and financing conditions, if he had to.
I see there is no listing on the TSX-V as of Feb 1st, so perhaps they are holding on for a while as he stated or maybe it will list this week? I don't own any of this but I was willing to jump in if the new listing languished over the first 4 weeks.
Some current stats for interest:
Common Shares $26.6M
Options/Warrants 3.1M
Current Financing 3.2M at $1.25cdn (this is the one that could be threatened by the weak market)
Fully diluted 33.0M
Working capital $4.6M
Debt $0
Website
www.stansenergy.comIf anybody has any more info on this one, please share.
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