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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM
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To: Zeev Hed who wrote (5588)9/6/1998 12:18:00 PM
From: Larry Brubaker  Read Replies (3) of 11603
 
Zeev: Supposedly around 46 million shares outstanding, but no SEC filings so it is impossible to know with certainty. They did do one SEC filing almost a year ago when they were still planning on issuing warrants to shareholders. At that time, MXAM had negative working capital.

MXAM has historically raised money via loans from Phoenix (a private company, Runyon is a principal). The Phoenix money came from IPM. I suspect the Phoenix well has run dry, because MXAM has recently issued new shares to pay consultants.

The current story is quite muddled. First it was 1,000 tpd production by April 98. Then it was 10 tpd production at a pilot plant. Then the 10tpd pilot plant production was abandoned because of something to do with the inability to secure an air quality permit. They appear to be abandoning the very same pilot plant which was only completed in June. At the same time, COC results came out poorly, explained as they chose a bad sample. Not sure what the next steps are, but they don't appear to involve a scale-up to production size tests. More drilling and testing lab-sized samples.

Also, they have problems securing an occupancy permit from the BLM. It seems the BLM doesn't believe MXAM has sufficient evidence that it has an orebody worth digging holes in the desert for.

They are holding a special shareholders meeting soon to authorize 60 million preferred shares (without saying what the rights and priveleges of the preferred shares will be) and a poison pill (without saying what the terms of the poison pill will be).

Does that help?

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