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MAX MaxRets Ventures Plc

0.00 (0.00%)
06:56:51 - Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
MaxRets Ventures Plc AQSE:MAX Aquis Stock Exchange Ordinary Share GB00BJBYK814
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 4.50 0.00 06:56:51
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- 0 4.50 GBX

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Date Time Title Posts
16/2/202118:19Midas Gold (TSX)15
09/2/201511:28MAX Petroleum A black Mamba short to 65p6
28/11/201315:25Max Property - new IPO37
13/7/200712:05Maxinvester & Markinthepark Thread-

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Posted at 16/2/2021 18:19 by stu31
Midas Gold Announces Name Change to Perpetua Resources and Approved Nasdaq Listing
16/02/2021 1:15pm

New Name Reinforces Commitment to Idaho

Restoration of Legacy Mining District and Domestic Production of Critical Mineral Antimony

Shares to Begin Trading on Nasdaq on February 18

Management Team Strengthened with Hiring of Jessica Largent and Promotion of Tanya Nelson

BOISE, Idaho, Feb. 16, 2021 /PRNewswire/ - Perpetua Resources Corp. (formerly Midas Gold Corp.) (TSX: MAX) (OTCQX: MDRPF) ("Perpetua Resources" or the "Company") announced today that it has changed its name to "Perpetua Resources Corp." effective February 15, 2021 and the Company's common shares have been approved for listing on the Nasdaq Stock Market ("Nasdaq").

Perpetua Resources Corp. (formerly Midas Gold Corp.) Logo (CNW Group/Midas Gold Corp.)

The Company's common shares will begin trading on the Nasdaq on February 18, 2021 under the symbol "PPTA" and on the Toronto Stock Exchange ("TSX") under the new name at market open on or around February 18, 2021 under the stock symbol "PPTA". As the Stibnite Gold Project (the "Stibnite Project" or "Project") continues to advance through major milestones, the listing on a U.S. stock exchange is a strategic decision to focus the Company's business in the United States and open additional opportunities for American investment.

"Today's approval to list on the Nasdaq points to our growth and readiness to enter the next chapter of bringing the Stibnite Gold Project vision to life," said Laurel Sayer, President and CEO of Perpetua Resources. "The Nasdaq is a premier electronic exchange. Our listing here will allow us greater access to capital, which will help our team move the Stibnite Gold Project from permitting into production. We look forward to connecting with new investors, while delivering value to our long-term shareholders who have supported our vision for years."

The new name "Perpetua Resources" is inspired by Idaho's motto, Esto Perpetua, translated to mean "let it be perpetual", and a reflection of the Company's commitment to doing its part to protect the State of Idaho's vast resources for generations to come. Midas Gold Idaho, Inc., the Company's wholly owned subsidiary, has also updated its name to "Perpetua Resources Idaho, Inc."

"We have always been more than a gold mining company, but you wouldn't have known it by our name," said Sayer. "The name Perpetua Resources better reflects our plan to restore an abandoned mining site, to responsibly develop the critical resources our country needs for a more secure and sustainable future and to be guided by a commitment to Idaho's resources and people. We are proud to enter our next chapter with a name that helps communicate our values and the sustainable future we are working to create for all of us."

The name change not only follows the Company's recent announcement that it has relocated its corporate headquarters to Boise, Idaho, but the name also better aligns with the company's vision and reflects the natural evolution in this next phase of project development. Recent accomplishments include the completion of a successful comment period for the Draft Environmental Impact Statement for the Stibnite Gold Project, release of a positive Feasibility Study, and an agreement finalized with regulators to help address legacy water contamination at the abandoned mining district that will enable the company to begin to restore the site.

The Stibnite Gold Project was designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Antimony is a federally designated critical mineral for its use in the national energy, defense, aerospace and technology sectors. Recent developments point to antimony playing an important role in renewable energy, including in wind turbines and solar panels, as well as emerging liquid metal batteries needed for large-scale energy storage in the green energy future. The Project is also one of the highest-grade gold deposits in the United States and would provide the resources necessary to fund the much-needed cleanup and restoration of the abandoned Stibnite Mining District. While the name is changing, the people, the project and the commitments made over the last ten years remain the same.

The Company introduced its new name with a video. It can be found here.

The Company has also updated its investor presentation and can be viewed here.

Idaho Team Growing
As Perpetua Resources moves its corporate headquarters to Idaho, it is also growing its team. Jessica Largent has joined the team as Vice President of Investor Relations and Finance. Ms. Largent has held finance leadership roles at Newmont, Turquoise Hill Resources and Rio Tinto and brings more than 15 years of mining industry experience in investor relations, planning, financial reporting and accounting to Perpetua Resources.

"This is a really exciting time for Perpetua Resources as we advance through the final permitting stages following a decade's worth of study work and regulatory review. With a strong team, a critical minerals project and a commitment to mining responsibly, the company has all the right ingredients for long-term value creation," said Largent.

Largent comes to Perpetua Resources after serving as the Vice President of Investor Relations for Newmont, a gold mining company with operations in North America, South America, Australia and Africa. Largent will be responsible for the strategy and leadership of the Company's investor relations and finance efforts, drawing on her extensive relationships and years of finance experience.

The Company has also promoted long-time Idaho employee Tanya Nelson from Human Resources Manager and Corporate Secretary to the Midas Gold Idaho, Inc board to Vice President of Human Resources and Corporate Secretary of Perpetua Resources. Ms. Nelson has worked for the Company since 2012 and throughout that time has taken on more responsibility as the team has grown. Having more than 15 years of experience in accounting and human resources, Ms. Nelson is also an Idaho native and has lived in Valley County, where the Project is located, since 1998.

"I am passionate about working to provide job opportunities for rural Idaho and giving people the chance to come back home and start careers that will allow them to support their families," said Nelson. "The people at Perpetua Resources are the strength of this Company and bring our corporate values to life through their actions. Our team cares about the Project but more importantly they care about Idaho, our neighbors and each other. I look forward to continuing to develop the talent that already exists on our team and recruiting the next generation of our workforce to help us bring our project from permitting to operations."
Posted at 27/1/2021 23:28 by stu31
Midas Gold Completes Share Consolidation in Connection with Nasdaq Listing Application
27/01/2021 10:50pm

BOISE, Idaho, Jan. 27, 2021 /CNW/ - Midas Gold Corp. (TSX: MAX) (OTCQX: MDRPF) announces that the Company has consolidated its common shares on the basis of one (1) new post-consolidation common share for every ten (10) pre-consolidation common shares effective as of January 27, 2021 (the "Effective Date") in connection with the Company's previously announced application to list its common shares on the Nasdaq Stock Market. The share consolidation was necessary to meet the minimum share price requirements for trading on the Nasdaq.

"We are excited to announce the completion of our share consolidation today in connection with our application to list on the Nasdaq," said Laurel Sayer, CEO of Midas Gold Corp. "We believe the Nasdaq listing will enable us to attract a broader range of shareholders, gain increased liquidity and deliver long-term value to investors."

The Company's common shares will continue to be traded on the TSX under the stock symbol "MAX" after the Effective Date. The common shares are scheduled to begin trading on a post-consolidation basis on or about January 29, 2021 under the new CUSIP/ISIN numbers 59562B507/CA59562B5071. A letter of transmittal will be mailed to all registered shareholders with instructions on how to exchange their existing share certificates for new share certificates. A copy of the letter of transmittal is also available on the Company's profile on SEDAR and has also been posted on the Company's website. Shareholders who hold their common shares through a securities broker, dealer, bank or other financial institution are not required to take any action with respect to the consolidation and should contact that intermediary for their post-consolidation positions.

For a period of 20 days following the completion of the Effective Date, the Company's trading symbol on the OTCQX will temporarily be changed to MDRPD, following which it will automatically revert to MDRPF.

Following the consolidation, the Company has a total of 47,522,706 common shares issued and outstanding. The exercise price or conversion price, as applicable, of the Company's common shares issuable pursuant to outstanding stock options, warrants and convertible notes will be proportionately adjusted. No fractional common shares will be issued; all fraction shares equal to or greater than one-half resulting from the consolidation will be rounded to the next whole number. Otherwise, such fractional share will be cancelled.

Frequently Asked Questions (FAQ) regarding the consolidation may be found here hxxps://
Posted at 22/12/2020 17:18 by stu31
Midas Gold Completes Positive Feasibility Study for the Stibnite Gold Project, Idaho
22/12/2020 1:00pm

Over US$1 Billion Investment Set to Restore Brownfields Site, Implement State-of-the-Art Modern Mining Methods, Employ Hundreds of People and Recover nearly 120 Million Pounds of Antimony, a Critical Mineral

Expected Annual Average Gold Production of 466 thousand ounces at All-in Sustaining Costs of US$427/oz during the First 4 Years of Operation

At US$1,850/oz gold, Robust Project Economics Yield NPV (5%) of US$1.9 Billion and
Average Annual Free Cash Flow of US$594 million in the First 4 Years of Operation

VANCOUVER, BC, Dec. 22, 2020 /CNW/ - Midas Gold Corp. (TSX: MAX) (OTCQX: MDRPF) ("Midas Gold" or the "Company") announced today the results of an independent Feasibility Study (the "FS" or "Feasibility Study") and technical report (the "Report") completed on its Stibnite Gold Project ("Project") in Idaho. The Project, as envisioned in the FS, would become one of the largest and highest-grade open pit gold mines in the United States and the country's only primary producer of antimony, a critical and strategic mineral(1). The FS builds upon Midas Gold's Plan of Restoration and Operations ("PRO"), identifying a suite of operational improvements and environmental refinements to achieve the Company's key objective for the financially viable restoration and brownfields development of the Stibnite mining district.

"The Feasibility Study represents a major milestone for Midas Gold as we continue to advance the Stibnite Gold Project," said Laurel Sayer, President and CEO of Midas Gold Corp. "The positive results demonstrate that our vision to combine economic development with environmental restoration of a brownfield site is technically, financially and environmentally feasible. Each step of the way, our approach to responsible, restorative, modern mining in Idaho has been reconfirmed. We are now one step closer to seeing the river and water quality improved, 550 direct jobs for Idahoans and production of the critical mineral, antimony."

"The results of the Feasibility Study highlight the attractive economics of the Stibnite Gold Project," said Marcelo Kim, Chairman of Midas Gold Corp. "The Project's exceptional grade and low strip ratio place this project in the lowest quartile of the industry cost curve and coupled with its large mineral reserve and manageable capital expenditure profile, make the Stibnite Gold Project one of the gold industry's most attractive development projects. The Project's economics are resilient at lower metal prices and also exhibit significant leverage to rising prices. Despite the recent strength in its share price, Midas Gold represents one of the most undervalued gold investment opportunities in North America. At current market prices, Midas trades at a fully diluted market capitalization of $551 million, or 29% of the Project's NPV 5% of $1.9 billion at spot gold prices. We remain steadfast in our commitment to continue de-risking and advancing the Stibnite Project for the benefit of all stakeholders."

The Stibnite Gold Project economics, as contemplated in the FS, are summarized in Table 1.

Table 1: Stibnite Gold Project – Feasibility Study Highlights(3)(6)


Early Production Years 1-4 Life-of-Mine Years 1-15

Recovered Gold (3) Total

1,862 koz 4,284 koz

Recovered Antimony(1) Total

76 millon lbs 118 million lbs

Recovered Gold (3) Annual Average

466 koz/yr 301 koz/yr

Cash Costs(3) (Net of by-product credits)

$317/oz $528/oz

All-in Sustaining Costs(3) (Net of by-product credits)

$427/oz $625/oz

Initial Capital – including contingency

$1,292 million

Case B at US$1,600/oz gold (Base Case) (2)

After-Tax Net Present Value 5%

$1,347 million

Annual Average EBITDA

$576 million $298 million

Annual Average After Tax Free Cash Flow

$509 million $248 million

Internal Rate of Return (After-tax)


Payback Period in Years (After-tax)

2.9 years

Case C at US$1,850/oz gold (2)

After-Tax Net Present Value 5%

$1,900 million

Annual Average EBITDA

$689 million $368 million

Annual Average After Tax Free Cash Flow

$594 million $302 million

Internal Rate of Return (After-tax)


Payback Period in Years (After-tax)

2.5 years


Antimony is a chemical element included on the U.S. Interior Department's list of Critical Minerals.


Base case prices US$1,600/oz gold, $20/oz silver and $3.50/lb antimony, Case C price based on metal selling prices of US$1,850/oz gold, $24/oz silver and $3.50/lb antimony, Post-Tax NPV at 5% discount rate.


In this release, "M" = million, "k" = thousand, all amounts in US$, gold and silver reported in troy ounces ("oz").


See non-International Financial Reporting Standards ("IFRS") measures below.


All numbers have been rounded in above table and may not sum correctly.


The FS assumes 100% equity financing of the Project.

For readers to fully understand the information in this News Release, they should read the Report (to be available on, or at within 45 days of December 22, 2020) in its entirety, including all qualifications, assumptions and exclusions that relate to the information set out in this news release that qualifies the technical information contained in the Report. The Report is intended to be read as a whole, and sections should not be read or relied upon out of context. The technical information in this news release is subject to the assumptions and qualifications contained in the Report.

The FS affirms that the Project can address legacy impacts left behind by previous mining operators including the recovery, reprocessing and safe storage of historical tailings, restoration of fish passage, stream restoration, and reforestation. The FS verifies a positive local economic benefit to Idaho communities bringing more than $1 billion in initial capital investment, approximately 550 direct jobs during operations, and hundreds of indirect and induced jobs, while generating significant taxes and other benefits to the local, state and national economies. Key studies and operational refinements incorporated into the FS include:

Updated geological models and mineral resource estimates based on new drilling;
Optimization of pit geometries and mine sequencing to reduce project footprint, minimize water management requirements, eliminate the Fiddle development rock storage facility, and reduce the size of the Hangar Flats pit while allowing for its complete backfilling;
A strategy for stockpiling low-grade ore supporting an extended operating life and lower strip ratio;
Process flowsheet optimizations to enhance metallurgical recoveries and improve environmental outcomes;
Addition of an onsite lime plant to reduce ore processing operating costs and mine access road traffic impacts;
Development of comprehensive water management and water treatment plans including placement of covers on development rock storage facility; and,
Incorporation of an access road through site for public use.
Several of these refinements were incorporated in the Draft Environmental Impact Statement ("DEIS") released by the US Forest Service in August 2020.

Conference Call and Webcast

Midas Gold will be hosting a conference call and webcast to discuss the FS December 22, 2020 at 4:30 PM (EST).
Posted at 10/12/2020 20:17 by stu31
Evening P, was just thinking of you the other day, some coincidence, hope you are well. On gold shares I've done well on the ones I bought off the March low like this one, not so well on the ones I bought later on. Doing better on Bitcoin, gold shares have been a major disappointment overall. How have you been doing? If you prefer to discuss off board send me a pm on here or via email if you like, still on old address, can give you an interesting share tip for next month!
Posted at 20/11/2020 19:39 by stu31
Paulson & Co. Requisitions Special Meeting of Midas Gold Shareholders
20/11/2020 11:00am

Paulson & Co. Inc. ("Paulson"), as manager of funds holding 209.4 million, or 44.1%, of the outstanding common shares of Midas Gold Corp. (TSX: MAX) (“Midas Gold” or the “Company”;) today sent the Company a letter requisitioning a special meeting of shareholders in order to refresh the Company’s Board of Directors (the “Board”).
Marcelo Kim, Partner at Paulson, said, “If elected, the new Board will have more U.S.-based directors, specifically Idaho-based directors, and greater diversity of thought and experience, better equipping the Board to help the Company achieve its long-term goals. And, in stark contrast to current directors, the new Board expects to hold substantial amounts of stock in the Company, creating economic alignment with Midas Gold’s shareholders.”

Paulson, the single largest shareholder of Midas Gold, has decided to take this matter to its fellow shareholders for the following reasons:

With Midas Gold set to receive its major Federal permit in the next year – now that the public comment period has concluded – Paulson believes it is necessary and appropriate to proactively refresh the Board with members better aligned with the evolution of the Company into a U.S.-based producer of critical minerals.

Reconstituting the Board with more U.S. and Idaho-based directors will demonstrate the Company’s long-term commitment to Idaho, its people and the successful restoration and development of the Stibnite Gold Project.

More U.S.-based representation is necessary to reflect the growing strategic value that the Stibnite Gold Project has to the U.S. Government as the potential first new domestic source of the critical mineral antimony, an essential mineral in national security and energy products, including renewables.

Paulson has reaffirmed its long-term commitment to the Company by recently converting all of its debt into common shares, reducing any potential economic drag as Midas Gold moves forward.

Paulson tried to engage collaboratively with the Board to arrange a respectful transition that acknowledged their many years of service, but its efforts to date were rebuffed.
Accordingly, Paulson is calling for the removal of Keith Allred, Jaimie Donovan, Brad Doores, Jon Goode, and Peter Nixon, to be replaced with five new independent, highly qualified directors.

Further, Paulson intends to expand the Board and to elevate Laurel Sayer, the current and longstanding CEO of Midas Gold Idaho, to the refreshed Board.

Paulson has called for a meeting to be held no later than January 18, 2021.

Proposed Slate of New Directors

Bob Dean, who was raised in Idaho and now resides in Boise, has over two decades of experience in business, investment management, corporate finance, and capital markets, having spent over 20 years at Allen & Company. He is currently the Managing Member of Gemstone Capital and Co-Owner of Ada Sand & Gravel, one of the largest independent producers of construction aggregates in Southwestern Idaho. Mr. Dean is a Board Member of Natural Intelligence Systems, Inc., an Advisory Committee Member at Greybull Stewardship, and serves as a Board Member of several non-profits including Trailhead Boise, MoFi, and Ramapo for Children.
David Deisley, who resides in Salt Lake City, Utah, most recently led the successful permitting effort for the Donlin Gold Project in Alaska for NovaGold Resources and brings extensive recent permitting experience in the U.S. as well as a wealth of experience in corporate affairs, native/tribal stakeholder engagement, legal governance, litigation, and mergers and acquisitions. Prior to his tenure with NovaGold, Mr. Deisley was the Executive Vice President, Corporate Affairs and General Counsel for Goldcorp and previously worked at Barrick Gold.
Jeff Malmen, a native Idahoan who resides in Boise, is currently the Senior Vice President of Public Affairs for IDACORP and Idaho Power, where he has worked since 2007. In his role, he oversees government and regulatory affairs, corporate communications and corporate services, including supply chain, real estate and facilities. Prior to that, Jeff enjoyed a 21-year career in state and federal politics, most recently as Chief of Staff for Idaho Governor C.L. “Butch” Otter and Idaho Governor Phil Batt prior to that. He also served as Administrator of the Division of Financial Management for Idaho Governor Dirk Kempthorne. He is the Vice Chairman of the Idaho Association of Commerce and Industry and Board Member of the Idaho Mining Association.
Chris Robison, who resides in Denver, Colorado and was most recently Chief Operating Officer for Newmont Mining, the world’s largest gold miner, brings extensive expertise in mining, metallurgy, project development, mine safety, stakeholder engagement, environmental issues, corporate social responsibility, supply chain, mergers and acquisitions, capital investments, business improvement and regulatory issues. Prior to his role at Newmont, Mr. Robison had a distinguished career at Rio Tinto Minerals and Kennecott Utah Copper.
Alex Sternhell, based in Chevy Chase, Maryland, is one of the top Washington strategists and lobbyists helping to shape U.S. public policy as Principal of the Sternhell Group. Mr. Sternhell has more than two decades of experience working on Capitol Hill. He served as the Democratic Deputy Staff Director of and Senior Policy Advisor to the U.S. Senate Committee on Banking, Housing and Urban Affairs as well as the Staff Director for the Senate Banking Subcommittee on Securities and Investment. He played a key role in drafting and negotiating nearly every major piece of financial services legislation in recent history, including Sarbanes-Oxley, the Terrorism Risk Insurance Act, and Gramm-Leach Bliley.
Long-Term Commitment to Restoration and U.S. Critical Minerals

Paulson believes it is in Midas Gold’s long-term best interests to become a U.S.-listed, U.S.-domiciled, and U.S.-based company, committed to the restoration and development of the Stibnite Gold Project. The project will re-establish fish passageways, rehabilitate natural vegetation, and improve overall water quality at a brownfields site, and lead to a significant $1 billion investment that will create 1,000 direct and indirect jobs in Idaho. Additionally, once developed, the Stibnite Gold Project is set to become the only source of U.S.-mined antimony, which has been declared a critical mineral by the U.S. Government. By making these changes to the Company’s Board at this time, Midas Gold will be better positioned to deliver on its promises to its stakeholders. Redomiciling from Canada to the U.S. will streamline Midas Gold’s corporate structure by eliminating duplicate overheads, including the Vancouver office, thereby empowering employees in Idaho to continue advancing the Stibnite Gold Project.


Paulson has retained Mackenzie Partners, Inc. and Carson Proxy as its strategic shareholder services advisors. Goodmans LLP is acting as legal counsel.
Posted at 07/11/2020 00:31 by stu31
Paulson & Co. Provides Notice of Intention to Exercise Convertible Notes in Midas Gold
August 26, 2020

VANCOUVER, BRITISH COLUMBIA – Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX, “Midas Gold” or the “Company”;) today announced that Paulson & Co., Inc., on behalf of the several investment funds and accounts managed by it (“Paulson̶1;), will be exercising the conversion feature on the convertible notes held by Paulson in the aggregate principal amount of C$82,102,500 (the “Notes”) for a total of 199,692,804 common shares of Midas Gold (“Common Shares”), which will result in Paulson holding approximately 44.12% of the Company’s outstanding Common Shares. The Notes were purchased by Paulson in two separate financings completed on March 17, 2016 and March 17, 2020 with conversion prices of $0.3541 and $0.4655, respectively.

As reported on August 14, 2020, the U.S. Forest Service (“USFS”) released the Draft Environmental Impact Statement (“DEIS”) on the Stibnite Gold Project (“Project̶1;) for public comment. Individuals will have 60 days to comment on the proposed redevelopment and restoration of the former Stibnite gold, silver, antimony and tungsten mine, which is located in Valley County, Idaho.

“Given the release of the DEIS and the commencement of the public comment period, we believe that it is an appropriate time for the conversion of the Notes, and Paulson intends to remain a long-term shareholder of the Company,” said Marcelo Kim, Partner of Paulson and the Chairman of the Board of Midas Gold. “We believe this is in the best interests of the Company and its many stakeholders. This action will better position the Company to achieve its long-term objective of developing the Stibnite Gold Project.”

The conversion of the Notes will:

Simplify the Company’s capital structure;
Remove uncertainty related to the potential timing of the conversion of Paulson’s Notes;
Significantly reduce the long-term financial liability associated with the convertible notes; and
Increase the issued capitalization of the Company, providing potential opportunities for inclusion in various equity market indexes.
Midas Gold’s Stibnite Gold Project

Midas Gold designed the Stibnite Gold Project to integrate responsible, modern mining with the restoration of legacy and new disturbances at this brownfields site. As outlined in the Plan of Restoration and Operations filed with regulators (see news release dated September 22, 2016), the Stibnite Gold Project, based on its 2014 Preliminary Feasibility Study (see news release dated December 14, 2014), would:

Entail an approximately US$1 billion investment in Idaho to create an economically feasible, environmentally sound mining operation that provides funding for the reclamation and restoration of numerous legacy impacts from prior operations left by previous owners and operators;
Restore passage for various species of fish, and especially Chinook salmon, to the headwaters of the East Fork of the South Fork of the Salmon River for the first time in 80 years;
Become the only domestic producer of mined antimony, one of 35 minerals deemed critical by the U.S. Government, and essential to the economic and national security of the U.S.;
Become one of the largest, highest grade, lowest cost gold mines in the United States not owned by a major mining company;
Create approximately 500 well paid jobs in rural Idaho and a similar number of indirect jobs in the services, support and supplies sectors of the local economy; and
Provide local communities direct input into the Project through its Community Agreement signed with eight local cities, villages and counties, and provide a share of profits to local communities through the Stibnite Foundation.
Remaining Convertible Notes Outstanding

Following the conversion, there will remain outstanding convertible notes in the aggregate principal amount of C$15,409,901 which are convertible into 43,518,501 Common Shares of the Company.

Paulson Share Ownership and Shares Outstanding

Prior to the conversion, Paulson held 9,664,520 Common Shares, representing 3.52% of the 274,834,608 the Company’s outstanding Common Shares as at the date hereof. Following the conversion, Paulson will beneficially own 209,357,324 Common Shares, representing approximately 44.12% of the Company’s 474,527,412 outstanding Common Shares. Assuming conversion of the all of the other convertible notes, Paulson would beneficially own 40.41% of the Company’s then outstanding Common Shares (518,045,913 Common Shares assuming no other issuances prior to the date of conversion of the remaining Convertible Notes).

About Paulson & Co. Inc.

Paulson & Co. Inc. is an investment management firm headquartered in New York, USA. Paulson first invested in Midas Gold in 2016 and continues to support the Stibnite Gold Project and its plans to redevelop and restore a brownfields site, as well as provide America with its only source of domestically mined antimony, a critical mineral.
Posted at 07/11/2020 00:28 by stu31
Midas Gold Completes US$35.0 Million (C$47.6 Million) Financing
March 17, 2020

VANCOUVER, BRITISH COLUMBIA – Midas Gold Corp. (TSX:MAX / OTCQX:MDRPF) (“Midas Gold” or the “Company”;) today reported that it has completed its previously announced offering (the “Offering̶1;) of Canadian dollar denominated 0.05% senior unsecured convertible notes issued by a wholly owned subsidiary of the Company (the “2020 Notes”), raising total gross proceeds of US$35.0 million (C$47.6 million). The 2020 Notes are convertible into common shares of the Company (“Common Shares”) at a price of C$0.4655 per share. All of the 2020 Notes were purchased by Paulson & Co., Inc. (“Paulson̶1;) and no 2020 Notes or Common Shares were taken up under the proposed brokered portion of the Offering.

“We are appreciative of the continued support of Paulson in completing this Offering of the 2020 Notes,” said Stephen Quin, President & CEO of Midas Gold Corp. “Through this Offering, we are now positioned to continue to advance the world class Stibnite Gold Project with certainty of funding.”

Director Appointments

In conjunction with the Offering, Midas Gold will be appointing Marcelo Kim, Partner at Paulson and a current director of the Company, as Chair of its board of directors, and Peter Nixon, current Chair of the board of directors of the Company, as independent Lead Director.

“On behalf of Midas Gold, we thank Peter Nixon for his exemplary leadership as Chair of the Company since its foundation and will continue to work with him in his continuing role as Lead Director,” said Mr. Quin. “Mr. Kim has been an active contributor to the Company since his appointment in 2016 and we look forward to working with him on this next important phase of the Company’s development.”

Paulson Ownership

Under the Offering, Paulson, on behalf of the several investment funds and accounts managed by it, purchased 2020 Notes in the aggregate principal amount of C$47.6 million (US$35.0 million).

Prior to the Offering, Paulson held 9,664,520 Common Shares and C$34,502,500.13 of convertible notes issued in 2016 (“2016 Notes”), representing 3.56% of the outstanding Common Shares of the Company (107,101,685 Common Shares or 29.03% on a partially diluted basis assuming conversion of just the 2016 Notes held by Paulson). Following completion of the Offering, Paulson beneficially owns 9,664,520 Common Shares, representing approximately 3.56% of the Company’s outstanding Common Shares (209,357,324 Common Shares or 44.43% on a partially diluted basis, assuming conversion of only the 2016 Notes and 2020 Notes held by Paulson, and 40.67% assuming conversion of the all of the 2016 Notes, some of which are held by other parties, and the 2020 Notes.

As Paulson already holds more than 20% of the Company’s outstanding securities on a partially diluted basis, the Offering does not materially affect control of the Company.

Use of Proceeds

Midas Gold and its subsidiaries will use the proceeds from the Offering for permitting and feasibility studies for the Stibnite Gold Project and for working capital and general corporate purposes.
Posted at 09/2/2015 11:28 by htrocka2
They're saying...if Max goes down...the bondholders go down with it.
Posted at 16/9/2013 15:57 by jammytass
On 16 September 2013, the Company received notification that, as of 9 September 2013, Outrider Master Fund, LP held a beneficial interest in 223,984,937 ordinary shares in the Companyrepresenting 10.3% of the total voting rights attached to the issued ordinary share capital of the Company.
Posted at 28/6/2011 08:39 by skyship
If anyone interested, MAX made a massive acquisition today - no ADVFN newslinks - go to:

I'm out incidentally, once again better value elsewhere - IFD @ 38p being the best!
MaxRets Ventures share price data is direct from the London Stock Exchange

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