NunaMinerals (CPH: NUNA) announced late Sunday evening that it has decided to file for bankruptcy as soon as possible. It has been exactly three months since the loss of the company's equity was reported. Payments are becoming due and the company is insolvent.
The new coalition government of Greenland as both the largest shareholder and the creditor did not feel the proposal a proposal from a newly founded British company Greenland Mining Management Ltd to list NunaMinerals in Frankfurt stock exchange, and to repay all loans to government without asking it to invest more, was viable.
Greenland Mining Management claimed its brokers said there would sufficient demand to see that through. The Board of NunaMirals also said it was attempting to find a solution that would benefit all shareholders. The government will obviously be able to use the prospective exploration portfolio that the company has advanced in whichever way it sees fitting going forward.
Showing posts with label Nuna. Show all posts
Showing posts with label Nuna. Show all posts
Sunday, 19 April 2015
Saturday, 21 February 2015
Momentum day-traders get hosed second time within a week in Nordic small-cap
Troubled mining exploration company Nunaminerals (CPH: NUNA) said weeks ago its cash situation is critical. Since then it has already had a couple of run-ups on speculation of a lifeline being thrown. The topsy-turvy struggle involves government of Greenland as a major shareholder and creditor, so far failing in its bid to de-list and nationalize the firm as a majority shareholder. Also NunaMineral's President & CEO has already given notice but has a 12-month notice period.
In this Friday's trading Nunaminerals was up 45% on especially high volume before trading was halted pending an announcement. A couple hours later the company basically reiterated its critical situation where it is unable to meet its debt obligations towards the government on a loan that was already due and now trading is suspended. Those who bought in on the run and weren't in time to get out have to hope a solution is found, something which is by no means certain. Nunaminerals Boards is promising a new update early next week, with insolvency proceedings a real possibility.
Just a little more than a week ago we had a massive uptick in the shares of Vaahto plc (HEL: WAT1V) heading to a trading halt. Even the local Financial Supervisory Authority woke up and suspected something might have been leaked. Trading was halted for a few days until the company came up with a notice of a major directed share issue that was a necessary condition on debt forgiveness and conversion of portion of debts to subordinated capital loans, an arrangement without which the company would have went belly up. Some but not all of the gains of the day of the trading halt were instantly wiped out on account of the size of the share issue and the subscription price far below market price, leaving some of those buying on the run-up banking a big loss to get out.
One of participant in the targeted issue, Lombard International Assurance S.A., sold a big chunk of its holdings it had acquired prior to the issue the next day at still a nice plus to what it pays, both in the issue if the aim was to keep ownership portion the same, and versus a couple months earlier when it had bought into Vaahto with a deal with one of the other participants in the targeted issue. This shows diverse measures with which savvy institutions can book gains multiple ways. Since the debt forgiveness and conversion became binding, Vaahto's share has again been making some headway, allowing the more patient speculators to get out unscathed.
In this Friday's trading Nunaminerals was up 45% on especially high volume before trading was halted pending an announcement. A couple hours later the company basically reiterated its critical situation where it is unable to meet its debt obligations towards the government on a loan that was already due and now trading is suspended. Those who bought in on the run and weren't in time to get out have to hope a solution is found, something which is by no means certain. Nunaminerals Boards is promising a new update early next week, with insolvency proceedings a real possibility.
Just a little more than a week ago we had a massive uptick in the shares of Vaahto plc (HEL: WAT1V) heading to a trading halt. Even the local Financial Supervisory Authority woke up and suspected something might have been leaked. Trading was halted for a few days until the company came up with a notice of a major directed share issue that was a necessary condition on debt forgiveness and conversion of portion of debts to subordinated capital loans, an arrangement without which the company would have went belly up. Some but not all of the gains of the day of the trading halt were instantly wiped out on account of the size of the share issue and the subscription price far below market price, leaving some of those buying on the run-up banking a big loss to get out.
One of participant in the targeted issue, Lombard International Assurance S.A., sold a big chunk of its holdings it had acquired prior to the issue the next day at still a nice plus to what it pays, both in the issue if the aim was to keep ownership portion the same, and versus a couple months earlier when it had bought into Vaahto with a deal with one of the other participants in the targeted issue. This shows diverse measures with which savvy institutions can book gains multiple ways. Since the debt forgiveness and conversion became binding, Vaahto's share has again been making some headway, allowing the more patient speculators to get out unscathed.
Tuesday, 5 June 2012
NunaMinerals: Promising results from Ymer tungsten project initial metallurgical testing
NunaMinerals (CPH: NUNA) said today that SGS Minerals Services UK has conducted scoping level metallurgical testing on a scheelite sample from South Margeries Dal tungsten deposit, Ymer Island, Greenland on behalf of NunaMinerals. The testing of the surface bulk sample demonstrated that the mineralization can be upgraded to approximately 65% Tungsten trioxide with a staged grind recovery strategy by gravity means.
NunaMinerals has a 441 square kilometre exclusive exploration license in Ymer Island in Central East Greenland. The area is served by regular scheduled vessels of the Royal Arctic Line attending to the nearby Mestersvig airfield and research stations. The company is exploring tungsten, antimony and gold in the region. There has been some historical drilling by Nordisk Mineselskab some 30 years ago resulting in high-grade tungsten interception. NunaMinerals plans to continue flow sheet testing of additional bulk sample material that is already available.
NunaMinerals has a 441 square kilometre exclusive exploration license in Ymer Island in Central East Greenland. The area is served by regular scheduled vessels of the Royal Arctic Line attending to the nearby Mestersvig airfield and research stations. The company is exploring tungsten, antimony and gold in the region. There has been some historical drilling by Nordisk Mineselskab some 30 years ago resulting in high-grade tungsten interception. NunaMinerals plans to continue flow sheet testing of additional bulk sample material that is already available.
Wednesday, 29 February 2012
NunaMinerals finds diamonds
Mineral exploration company from Greenland NunaMinerals (CPH: NUNA) said its Qaamasoq prospect has been confirmed as a diamond-play. The company had previously identified considerable quantities of kimberlitic float, which have now been established to contain diamons. The stock has climbed 25% on the news.
The float occurs particularly at a 550 x 250 m Nest area. The rocks have been sourced in deep mantle. The actual dimension of the source is not yet known but NunaMinerals compared to mineralogy to the nearby Garnet Lake diamond deposit, which belongs toHudson Resources Inc. (TSX-V: HUD ). NunaMinerals says it is seeking a partner for the prospect.
Earlier this week Nunaminerals reported mixed results from one of its REE plays. The largest owner of the company is the government of Greenland. NunaMinerals has previously communicated it is considering a second listing on an exchange focused in mining companies to attract more capital. Previously the company has often seemed to only report non-favourable results come interim report time
The float occurs particularly at a 550 x 250 m Nest area. The rocks have been sourced in deep mantle. The actual dimension of the source is not yet known but NunaMinerals compared to mineralogy to the nearby Garnet Lake diamond deposit, which belongs toHudson Resources Inc. (TSX-V: HUD ). NunaMinerals says it is seeking a partner for the prospect.
Earlier this week Nunaminerals reported mixed results from one of its REE plays. The largest owner of the company is the government of Greenland. NunaMinerals has previously communicated it is considering a second listing on an exchange focused in mining companies to attract more capital. Previously the company has often seemed to only report non-favourable results come interim report time
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