"1848 and
Beyond"
posted
August 4, 2005
"An
African Queen"
posted August 11, 2005
"Near Hit"
posted August 16, 2005
"Orko
Gold"
posted August 18, 2005
"Mr.
Smith Goes To Hungary"
posted September 1, 2005
"A
Letter To
President Bush"
posted September 8, 2005
"Mr
Clarke -
Call In The Boys"
posted September 12, 2005
"Orezone"
posted September 23, 2005
"U.S.
Gold Corp."
posted September 29, 2005
"Mr.
Prime Minister"
posted October 13, 2005
"The
Business of Hungary is Business!"
posted October 31, 2005
"Then
And Now"
posted November 9, 2005
"50
Relatives Worse Than Yours"
posted November 14, 2005
"Bunker
Hunt-Silver-China"
posted November 28, 2005
"The
Currency of Mass Destruction"
posted December 5, 2005
"Sonesta
International Hotels Corporation"
posted December 29, 2005
"Northern
Star Mining"
posted January 16, 2006
"Other
People"s Money -Enron & Martin Siegel, Esq."
posted January 28, 2006
"Your
Money Is Not Yours"
-Enron & Martin Siegel, Esq.
posted February 9, 2006
"A
Tribute to
Rudy Giuliani"
posted February 15, 2006
"Interview
with
Robert McEwen-
U.S. Gold Corporation"
posted February 22, 2006
"Sparton
Resources"
posted March 1, 2006
"Harvest
Gold"
posted March 2, 2006
"Midway
Gold
Corporation"
posted March 23, 2006
"Pocketful
Of
Miracles"
posted April 8, 2006
"J.P.
Morgan Offers Advice To Ken Lay"
posted April 11, 2006
"The
Principal Guest Was Missing"
posted April 25, 2006
"Ken
Lay"s Legacy"
posted May 8, 2006
"Gateway
Gold:
It"s A Gold Story"
posted May 15, 2006
"Northern
Star
Mining Corp."
posted May 19, 2006
"I
Am An Immigrant!"
posted June 7, 2006
"Oil
& Gas
Energy Crisis Solution"
posted July 3, 2006
"Let
There Be Sunshine"
Kirk Kerkorian
posted July 12, 2006
"The
Age of Mediocrity"
posted July 19, 2006
"Silver
In The
Twenty-First Century"
posted August 16, 2006
"Silver
Wheaton - SLW"
posted August 28, 2006
"A
Matter of Reasonable Doubt"
Ken Lay - Enron
posted August 30, 2006
"Brilliant
Mining Corp."
posted September 17, 2006
"The
Kennedy-Nixon debate revisited"
posted October 4, 2006
"The
Arrival of the
Nickel Billionaires"
posted October 18, 2006
"Global
Options
Group, Inc."
posted November 1, 2006
"This
Year I"m Voting For Dick Nixon"
posted November 7, 2006
"Aero
Mechanical Services, Ltd"
posted November 17, 2006
"Entrée
Gold Inc."
posted December 13, 2006
"WisdomTree
Investments, Inc."
posted December 26, 2006
"My
Father Died In Auschwitz"
posted January 19, 2007
"Lexam
Exploration, Inc."
posted February 11, 2007
"Robert
Friedland -
The Man of The Year"
posted February 21, 2007
"Rubicon
Minerals Corp."
posted March 1, 2007
"Warren
Buffett - Franklin Roosevelt"
posted March 15, 2007
"Golden
Valley Mines, Ltd"
posted April 21, 2007
"Brilliant
Mining Corp."
posted May 22, 2007
"Bayswater
Uranium Corp."
posted May 30, 2007
"Ghengis
Kahn Was Hungarian"
posted May 31, 2007
"Portal
Resources"
posted June 12, 2007
"Aldershot
Resources Ltd."
posted July 16, 2007
"Entrée
Gold Inc."
Follow Up Report #1
posted July 24, 2007
"The
Age of Special "Corporate" Relationships"
posted August 23, 2007
"Interview
with
David Hjerpe - Newmac Resources, Inc."
posted August 27, 2007
"Interview
with
Jim Davis - President of Leeward Capital Corporation"
posted September 4, 2007
"Interview
with Professor William Pfaffenberger - Torch River
Resources"
posted September 22, 2007
"Ghengis
Kahn Returns"
posted September 27, 2007
"Jasper
Mining Corporation"
posted September 27, 2007
"Gold
Indexed Bonds"
posted October 11, 2007
"Tagish
Lake Gold Corp."
posted November 1, 2007
"Stalin
& Chavez"
posted November 9, 2007
"Sanj
Bayar -
The Prime Minister of Mongolia"
posted November 15, 2007
"The
Mongolian Wakeup Call"
posted November 16, 2007
"Watergate
Saved Nixon's Life"
posted November 28, 2007
"No
More Munich -
The Mongolian Version of 1938"
posted December 11, 2007
"Sir,
Do Not Abdicate"
posted December 27, 2007
"Mongolian
Gold"
posted January 8, 2008
"The
Unexpected
Mongolian Dilemma"
posted February 2, 2008
"Entrée
Gold, Inc"
posted February 11, 2008
"Gold
At 2000!!"
posted February 14, 2008
"Warren
Buffett Receives A Call From Franklin Roosevelt"
posted February 19, 2008
"Tanzania
Gold - Douglas Lake Minerals - Harp Sangha"
posted February 21, 2008
"Olympus
Pacific Minerals, Inc."
posted February 28, 2008
"Prime
Minister Sanj Bayar of Mongolia Receives The Nobel
Peace Prize"
posted March 17, 2008
"The
Mongolian Manifesto"
posted April 4, 2008
"Letter
to Prime Minister of Mongolia"
posted April 24, 2008
"Altek
Power Corp."
posted April 27, 2008
"Judy
Garland &
The Subprime Crisis"
posted April 29, 2008
"Western
Potash Corp.
(WPX-VSE) "
posted May 12, 2008
"Tanzania
- An Up & Coming Mineral & Agricultural Producer
In Africa"
posted June 2, 2008
"The
Emergence of Tanzania"
posted June 4, 2008
"North
American Gem, Inc."
posted June 5, 2008
"Mongolia:
The 10th Richest Country in the World"
posted June 10, 2008
"The
Douglas Lake Story In The Age Of Fear"
posted June 25, 2008
"Goldsource
Mines, Inc."
posted July 1, 2008
"Mongolian
Newsletter, First Edition"
posted July 2, 2008
"The
Mongolian Revolution"
posted July 10, 2008
"Cal-Maine
Foods Inc."
posted August 4, 2008
"Stalin
In The
White House"
posted September 2, 2008
"Evercore
Partners, Inc."
posted September 3, 2008
"The
Alaskan Queen"
posted September 9, 2008
"Governor
Walter J. Hickel Interview"
posted September 11, 2008
"Three
Immigrants In Front Of The Court"
posted September 24, 2008
"JNR
Resources, Inc."
posted September 30, 2008
"Gold
and the Chinese Millennium"
posted October 20, 2008
"Gold
Coins & The Money Game"
posted October 29, 2008
"Rubicon
Minerals"
posted November 5, 2008
"US
Gold Corporation"
posted December 1, 2008
"Prime
Minister of Mongolia"
posted December 11, 2008
"Silvermex
Resources, LTD"
posted December 13, 2008
"The
Ultimate Colorful Fate of Edmond Safra, Bernie Madoff,
and Governor Bill Richardson"
posted January 12, 2009
"Entree
Gold: An Unusual Asset Accumulation"
posted February 20, 2009
"In
Gold We Trust"
posted February 26, 2009
"Silver
Dragon Resources"
posted February 27, 2009
"Silvercrest
Mines, Inc."
posted April 1, 2009
"Golden
Hope Mines, Inc. - Retraction"
posted May 4, 2009
"Bullion
Management Group"
posted May 11, 2009
"Claude
Resources, Inc."
posted May 28, 2009
"The
Brave New World! - Gold at $1000"
posted June 5, 2009
"Ireland,
Inc."
posted June 16, 2009 |
|
BERAL,
INC.
Andrew G. Racz
Director of Research
300 East 54 Street, Suite 26C
New York, New York 10022
Telephone: (212) 319-6949
Fax: (212) 753-1944
E-mail:
mlikar@aol.com
RSS Feed
June 22, 2009
SANDSTORM
RESOURCES, LTD.
(SSL.V)
| |
Current
price: |
40¢ |
| |
2009
price range: |
65¢
- 30¢ |
| |
Shares
outstanding: |
17.9M |
The
company acquires and lends against gold
reserves.
|
As the world changes in the monetary mass of
the year 2008,
the question to be asked is:
|
Sandstorm Resources Ltd. is a growth
focused resource based company that seeks to complete
transactions with companies that have advanced stage
development projects or operating mines. By making
up-front payments to its partners, Sandstorm receives
volumetric production payments (i.e. metal stream
deals) and royalties on precious metals. Sandstorm
helps other companies in the resource industry grow
their businesses, while acquiring attractive assets
in the process.
Sandstorm is focused on low cost, profitable operations
with excellent exploration potential and management
teams focused on assertive growth in politically stable
jurisdictions.
SHARE
STRUCTURE |
|
Total
Issued & Outstanding 143,800,000
Fully
Diluted 215,700,000
|
72,048,000
Warrants Outstanding
198,000
Exercise @ $0.10, Expire August 13,
2009
13,350,000
Exercise @ $0.195, Expire April 22,
2010
58,500,000
Exercise @ US$0.60, Expire April 23,
2014
|
100,000
Options Outstanding
60,000
Exercise @ $0.10, Expire April 22. 2009
40,000
Exercise @ $0.10, Expire July 31, 2012
|
Interview
with:
Nolan Watson
President & CEO
Sandstorm Resources, Ltd.
|
|
ANDREW RACZ: Mr. Watson,
the available statistics indicate that in the year
2008, the total amount of gold purchased by consumers
and investors was $87-90 billion, exactly 3,500 tons.
Do you find it believable?
NOLAN WATSON: Yes.
I thin there are a lot of statistics with respect
to that and it depends on who you ask and where the
date is being drawn from. But certainly it is believable.
Q: Now,
do you know the significance of the number, $100 billion?
A: Yes.
Q: I'll
give you some statistics. General Motors' current
monetary need is $50 billion. The total debt of Hungarian
IMF is $30 billion. The market cap of Goldman Sachs
is well over $20 billion, maybe over $30 billion.
In other words, a commodity, which is the only commodity
being used as a monetary substitute, has a total turnover
or demand of $100 billion. That is very very small.
In other words, if General Motors defaults on $50
billion, Hungary on $30 billion, what happens?
A: The
banks are out $80 billion and the price of Goldman
Sachs is cut by half.
Q: May
I ask you, what is the market capital of your two
companies?
A: Well,
the company that I am the CEO of, Sandstorm Resources,
it's market cap is approximately $60 million.
Q: And
Gold Wheaton?
A: Gold
Wheaton, the company that I am a director of, its
market cap ranges daily but today it's approximately
$420 million.
Q: You
were Treasurer or Chief Executive of Silver Wheaton?
A: Yes.
Q: You were a Financial
Vice President of Silver Wheaton?
A: I
was Chief Financial Officer of Silver Wheaton, yes.
Q: So when you left,
what was the market cap of Silver Wheaton?
A: Silver
Wheaton was approximately $3.5 billion.
Q: In
other words, you personally dealt in the last ten
years about $4 billion of the total $100 billion of
precious metal investment funds. That means to me
that while, as you are receiving great market acceptance
for you various companies and now the current one,
you are really dealing in very small numbers which
are currently in circulation.
A: Oh,
absolutely.
Q: Now,
furthermore, if you want to analyze Sandstorm Resources,
you basically are creating gold-backed bonds which
in turn enables you to use the capital to invest in
gold-producing companies and use a formula by which
the financial capital is leveraged and some of the
production handed over to you, which in turn increases
the market value of your company.
A: Yes, absolutely.
I would say one slight difference to that is that
although it is similar to a gold-backed bond, what
we are actually producing is something that is tied
to the actual production at the mine. So its value
increases as exploration potential is improved up
at the mine.
Q: Well,
you do not have to be modest about the expression
"gold-backed bonds", because when you issue
your paper to the public, you are, in fact, creating
gold-backed bonds. Correct?
Sandstorm
Resources Completes CDN$46.8 Million
Financing |
| VANCOUVER,
BRITISH COLUMBIA--(Marketwire - April
23, 2009) - Sandstorm Resources Ltd.
("Sandstorm" or the "Corporation")
(TSX VENTURE:SSL) is pleased to announce
that it has completed its previously
announced equity offering of 116,909,580
subscription receipts (the "Subscription
Receipts") at a price of $0.40
per Subscription Receipt for aggregate
gross proceeds of approximately CDN$46.8
million. The size of the offering was
increased from CDN$44 million pursuant
to the partial exercise of the over-allotment
option to purchase an additional 6,909,580
Subscription Receipts. The offering
was completed through a syndicate of
agents co-led by Paradigm Capital Inc.
and GMP Securities L.P., and including
BMO Capital Markets and National Bank
Financial Inc.
Upon
the execution and delivery of definitive
binding documentation in respect of
the previously announced gold purchase
transactions with Luna Gold Corp. ("Luna")(TSX
VENTURE:LGC) and SilverCrest Mines Inc.
("SilverCrest")(TSX VENTURE:SVL),
respectively, each Subscription Receipt
will be automatically exercised into
one common share and one-half of one
common share purchase warrant. Each
whole warrant will entitle the holder
to purchase one common share of the
Corporation at a price of US$0.60 until
April 23, 2014. |
|
A: Okay,
sure. With some uniqueness between what people naturally
consider a gold-backed bond, which is usually a fixed
national amount of ounces, but it is similar to that
in the sense that it is backed by gold that actually
exists. It is just the number of ounces that we get
to purchase and sell fluctuate with production in
a mine and over time increase with the expiration
potential of a mine. But it is very analogous to a
gold-backed bond, yes.
Q: Now,
if I may digress to capital markets, the Chinese at
the moment have $2 trillion in U.S. government bonds.
Correct?
A: I
haven't followed the recent statistics on that, but
that sounds reasonable to me. I know it is changing
frequently.
Q: Now,
there has been a serious announcement from the Chinese
which referred to your business. They wanted to barter
trade with Brazil and barter trade with Malaysia,
and today they announced that they are creating $60
billion in Chinese paper which they want to use for
ordinary trade. The $60 billion, which is a nice number,
is basically Chinese-backed bonds and very similar
to what you, or rather, Sandstorm was doing when you
issued your bonds. It is all paper which some have
tried to use as currency, although the Chinese used
this currency in order to force trade. In your case,
it is a very specified trade. But what I want to try
to bring out, and if my theory is correct, is that
you are one of the top experts in the Northern Hemisphere
in the precious metals market to operate with very,
very small sums of money. I mean, $60 million is a
very small sum of money.
A: Yes.
NUMBERS
IN PERSPECTIVE |
Chinese
U.S. $ reserves |
$2,000,000,000,000 |
U.S.
gold holdings |
8,400
tons |
Chinese
gold holdings |
1,100
tons |
Yearly
gold in circulation |
$100
billion |
Capitalization
of Sandstorm |
$60M |
Size
of Silver-Wheaton |
$3.5B |
Can
Sandstorm ever become a meaningful
factor in he world of international
finance? |
|
Q: So
may I ask you this? Is there a way that you
would welcome and you can float so the $60 million
becomes $200 million, then $500 million, and so on?
A: Well,
absolutely. That is the objective of this company,
to grow and grow while adding value for shareholders
and continue to acquire gold and other precious metal-based
assets.
Q: So
many years from now, there is a possibility that someone
would have issued $500 million versus paper, or even
$1 billion versus the paper. It is a theoretical possibility.
A: It's a theoretical
possibility, yes.
Q: And
if so, you would be a chief representative of how
to create values which are tied to gold and enables
you to fund the mining industry.
A: Yes.
OBJECTIVES |
•
|
Building a Volumetric Production
Payment (i.e. metal streaming
or "VPP")
|
•
|
Quickly
create a large and liquid stock
for investors. Aggressive growth
through VPP acquisitions (capitalize
on current acquisition pipeline).
|
•
|
Maintain upside to exploration
and metal prices but reduce risk
on cost of production and capital
expenditures.
|
|
|
Q: If
this is the case, once you operate a gold mine and
you have sister companies, by the way, operate on
the multi-billion dollar level, the world will accept
that paper issued against gold is real paper, real
currency.
A: Well,
I think right now most people when they buy their
gold, they buy it on an unallocated basis, so they
are buying it electronically and not actually holding
the physical gold in their house. Although there are
certainly cases of people who do that. So I think
it's becoming more accepted and will continue to be
so as people purchase paper-backed assets that are
represented by gold.
Q: Now,
at the moment we are talking $1,000 gold. The United
States has 8,400 tons, the IMF 3,500 tons and the
Chinese have 1,100 tons. But at the same time, in
the real world there is a negative trend that after
the huge loans countries were given, like Latvia and
Iceland, which are going to be in serious default
and which can alter the monetary stability of the
dollar.
A: Right.
I certainly don't disagree with that.
Q: If
that happens, we may have a very dramatic increase
in the price of gold.
A: Yes,
I think there are lots of things that have the potential
to increase the price of gold, but instability in
the U.S. dollar is certainly one of them, and anything
that would cause people to have concern about the
strength in the U.S. economy or the U.S. dollar or
international financial currency markets would, I
think, act to strengthen the price of gold.
Q: Well,
I must admit that I have my own ideas in this field
because the world has never seen 2008 and 2009.
President
Obama accepted historical deficits.
2009 $1.8
trillion
2010 $1.3
trillion
2011 $0.9
trillion
In 1947, Art Buchwald wrote a book,
And How Much is that in Dollars?". Today, he
would say
How
much is it in gold?
A: True.
Q: We
have a whole conglomerate of countries borrowing from
the IMF. The other day I looked at the statistics
and there are four countries in Eastern Europe each
with $25 billion in loans. That's $100 billion, and
there's no way these countries can pay it back, which
means that we will have crisis after crisis, and it's
not the U.S. economy which will decide how to solve
this crisis. This crisis, to some extent, cannot be
solved with the current monetary system.
A: I
think that right now, certainly the mess that the
United States has gotten itself into with respect
to massive deficits and a huge debt to GDP ratio,
even compared to other countries like Canada, I think
the U.S. has a long way to go to dig themselves out
of his, and it's going to be very challenging to do
it with a strong U.S. dollar. I think a devalued U.S.
dollar is going to be one of the only ways that they
can continue to support the path that they are on.
Q: Sandstorm
has two major competitors. You have Royal Gold, Franco-Nevada
and Royal Gold. Each of them has a market capital
of around $1 billion, but they started earlier than
you and they have built up their asset base, and they
do business with larger companies, and certainly they
can select the best companies. Are you competing for
the same business?
A: Well,
I think the earlier companies--Franco and Royal Gold--many
years ago the size of the transactions they were doing
initially, we would have been competing. But now that
they are in the multi-billion dollar market caps,
and Franco-Nevada is actually even significantly larger
than that, the size of the deals they are looking
at compared to the size of the deals that we're looking
at are different. So we are not competing head-to-head.
I know that Gold Wheaton, the types of transactions
they would look at, they may compete with those companies.
But I think Gold Wheaton has a lot of great opportunities
to grow. Sandstorm is looking at smaller deals, and
I think Sandstorm has a good opportunity to grow as
well.
MANAGEMENT
& ADVISORS |
| MANAGEMENT |
•
|
Nolan Watson
(CA, CFA), President and CEO,
was the CFO of Silver Wheaton.
|
•
|
David Awram (B.Sc.,
Geologist) was Silver Wheaton's
Director of Investor Relations
|
| BOARD |
•
|
David
DeWitt: Director
of Bear Creek, Nautilus Minerals,
former director of Arequipa and
Peru Copper.
|
| • |
Andy Swarthout:
President & CEO of Bear Creek
|
| ADVISOR |
•
|
David Lowell:
Elected to the National Academy
of Engineering and the American
Mining Hall of Fame |
| |
|
|
|
VOLUMETRIC
PRODUCTION PAYMENTS REDUCE THE RISK
OF MINING INVESTMENT |
1.
Capital cost overruns |
One-time
payments: no obligation to fund capital
cost overruns |
2.
Inflation (or other
cost increases). |
Fixed
payment (sometimes with a fixed 1% adjustment) |
3.
Negative one-time
events (e.g. mill fire,
geotechnical issues, accidents). |
Fixed
costs based on units delivered.
If deliveries decrease, costs decrease. |
4.
Slow growth |
Ability
to focus on future acquisitions. |
VPP's
reduce the risk but maintain exploration
|
ACQUISITION
CRITERIA |
•
|
Only pursuing assets with low
cash costs that are in production
or are very close to production.
|
•
|
Sandstorm
is not required to fund unless
projects are fully permitted and
funded to commercial production.
|
•
|
Low mining risk in safe jurisdictions.
|
•
|
Strong exploration potential.
|
|
FRANCO-NEVADA
2008 FULL YEAR RESULTS
|
U.S.
$ Millions |
Year
ended December 31, 2008 |
Total
revenue |
$151.0 |
Net
income |
$40.3 |
Basic
earnings per share |
$0.44 |
| Free
cash flow |
$131.7 |
| Free
cash flow margin |
87% |
A
high margin, cash flowing business with upside.
|
Q: Tell me, isn't it
true that Sandstorm is attractive from two angles?
One is the deals you have done, and the other one
is the deals you can do under good market conditions
-- you can raise money. In other words, your future
business is to some extent going to pull along Sandstorm's
size.
A: Absolutely.
It will increase sales from size as we go forward
and, yes, I think the two assets that we have right
now, being a gold mine in Brazil and Mexico, well,
we get to purchase 17% of the gold from that mine
and we get to purchase 17% of the gold from a Silvercrest
gold mine that is being built in Mexico. So I think
those are good assets, but absolutely, as it looks
to grow, Sandstorm is going to be able to add shareholder
value, in my opinion, in each of the acquisitions
that it goes in the future. And I think that benefits
our company and benefits our shareholders.
Q: I
always say I'm supposed to find good companies and
not bad ones. Now there are a limited number of people
doing what you are doing. There are two giants --
you and maybe one or two, but you are certainly literally
put among the giants. But, you know, management capability
and knowledge is also a major factor, particularly
in the currency market. May I show you? At the moment,
for the year 2009, can you think of six potential
deals that you would like to do?
A: Yes.
Q: You
can?
A: Absolutely.
Q: Now, if
you don't mind me saying so, you are in the field
of mining, and I only had one profession in my life,
and that is being a securities analyst. Suppose you
take a lesson from a famous English conglomerate realtor,
Charlie Clove. Have you heard about him?
A: No.
Q: Well, Charlie
Clove became one of the richest men in England. He
started with an ice skating rink and then he was buying
companies. But what he did was sell one...well, not
one, but he would sell six companies, go out and get
an option for the deal, see his stock appreciate on
the options, raise the money, and go from two deals
to eight deals. Have you thought about this?
A: I think
we've not only thought about it, but we've kind of
done things similar in the past with past companies.
I know Silver Wheaton, for example, has financed transactions
with equity after the announcement of such transactions
that got the benefit of the positive news.
Q: Is that
in the cards?
A: It may or
may not be. In our business, one of the challenging
things is that we always have to find companies that
need the financing that we can provide them. And if
they need the financing, they will need some certainly
on the financing. So getting an "option",
so to speak, to the truest definition of the term,
can be very challenging. And if you do, you will probably
have to pay for that option. So it's something we
would do if we could, and we will certainly look at.
I think our approach right now is being focused on
just purchasing these contracts outright probably
from the start.
Q: But
you have limited capital at the moment.
A: Right.
So we would purchase them. This is the way we did
both of the first two deals that we did. We purchased
them subject to financing. So you purchase them, and
then you go finance them.
Q: Well,
that's a different version of what I said.
A: Yes.
Q: And
further into the options.
A: Yes.
Q: Then
after many, many deals besides the six that you can
do and under the right financial circumstances, you
would?
A: Well,
the timing has to be right. I think over the longer
term, there certainly is. We have to find a company
with the need for the capital right now, so we are
going to grow similar to what I had mentioned in terms
of our time line, probably two or three transactions
this year in addition to the two that we have already
done. So in a year, hopefully we would have done four
or five acquisitions.
Q: Well,
that is the convention in your business. Now let's
be a little bit imaginative.
A: All
right.
Q: That
in 2009-2010, the monetary structure of the world
is going to change, and that could lead to a sharp
increase for gold and other metals, but particularly
gold, and a very sharp increase. And as a result,
a higher stock price for you, which enables you to
get more capital. And so you decide that instead of
two or three deals, the money is so cheap that you
do four or five deals. Is that a possibility?
A: Sure.
Q: Now
then, let's say you eventually have six deals altogether
in the company. Your company will be represented by
a decent volume of gold, which you acquired from the
transactions.
A: Yes.
Q: And
it's like a pool or...how do you call it? A gold kitty
growing in value. So in other words, you will have
a kind of gold-backed paper.
A: Absolutely.
Q: In
summary, for an investor, your stock price in U.S.
dollars, if I'm correct, is around 40 cents.
A: It's
around 40 to 45 cents. Yes.
Q: We
are looking at the company, which is only listed in
Canada. You are only traded in Canada, is that correct?
A: Currently, yes.
(Article 118 - posted June 22, 2009)
DISCLAIMER
Information
contained herein is based on data obtained from
recognized statistical services, issuers reports
or communications or other sources believed
to be reliable. However, such information has
not been verified by us and we do not make any
representation to its accuracy or completeness.
Any statement non-factual in nature constitutes
only current opinions which are subject to change.
BERAL INC. or their officers, directors, analysts
or employees may have positions in the securities
or commodities referred to herein, and may as
principal or agent buy and sell such securities
or commodities. An employee, analyst, officer
or a director of BERAL INC. may serve as a director
for companies mentioned in this report. Neither
the information nor any comment expressed shall
constitute an offer to sell or a solicitation
of an offer to buy any securities or commodities
mentioned herein. There may be instances when
fundamental, technical and competitive opinions
may not be in concert. This firm may from time
to time perform investment banking or other
services for or which investment banking or
other businesses from any company mentioned
in this report. |
|
e-mail: mlikar@aol.com
Home |
Biography | Links | Contact
All Content & Articles
of This Web Site
© 2005-2009 Andrew G.
Racz |