Mentor Capital, Inc. (OTCQB: MNTR), a classic energy company, in
its 2023 10-K, reported cash of $0.10 per share with no net debt
versus today’s share price of $0.04 per share. During 2023, the
Company announced that the theoretical cash breakup value of the
business may exceed the price of the stock. In support and
response, three directors, including the CEO, purchased a total of
2,128,117 Mentor common shares. Commencing in June 2023, the
Company initiated and soon thereafter completed the stock
repurchase of the final 255,252 of a 300,000 share repurchase plan.
During the fourth quarter of 2023, the Board of Directors of the
Company approved a second stock repurchase plan authorizing the
Company to repurchase up to 3,000,000 shares of the Company’s
common stock. The second stock repurchase is anticipated to start
during the spring of 2024.
On October 4, 2023, Mentor sold its interest in a subsidiary
unit in a $6,000,000 transaction comprised of $5,000,000 in cash
and a $1,000,000 one-year note. The cash proceeds of the sale were
used to increase Mentor Capital’s energy investments in Exxon Mobil
Corp., Occidental Petroleum Corp., Chevron Corp., Cameco Corp., a
uranium investment, and Arch Resources, Inc., a coal investment,
which together now total the majority of the Company’s non-cash
assets.
At year-end, substantially all debts and liabilities of the
Company were retired including significant accumulated benefits
owed to the CEO from over a large number of years. The meeting fees
to directors were increased to $2,500, and the CEO’s annual salary
was increased to $208,000 per year to adjust for inflation.
Finally, the assignable Series D warrants were reset to 2 cents per
share for original owners and for assignees after a 10 cent
redemption fee is paid. There are currently 4,250,000 Series D
warrants outstanding.
The Company reports that for the twelve months ended December
31, 2023, Mentor had net income of $3,157,658 with a resulting
basic gain of 13.7 cents per share, or 12.2 cents on a diluted
basis. On December 31, 2023 and currently, the Company has
24,686,105 common shares and 11 Series Q convertible preferred
shares outstanding. No equity was granted to directors, insiders,
consultants, or investor relations firms during the year ending
December 31, 2023.
The Company's shares finished the year at a closing price of
$0.062 per share, representing a market capitalization of
$1,540,413 compared to a 2022 year-end closing price of $0.050 per
share and a corresponding market capitalization of $1,147,068. The
Company finished the year with a book value of $4,393,717 or $0.178
per share, compared to a book value of $1,726,099 or $0.075 per
share at 2022 year-end.
The Series Q Convertible Preferred Stock, for accredited
investors, first valued at $10,000 per share on May 30, 2018, was
valued at $20,843 per share on December 31, 2023, which is an
approximate 13.4% average compound annual rate of return over each
of the last six years.
The Form 10-K may be referenced through the SEC's EDGAR system
at: https://www.sec.gov/edgar/searchedgar/companysearch.html or at
the Company's website: www.MentorCapital.com, where additional
important information for investors can be found.
About Mentor Capital: As an operating company, Mentor
seeks to acquire already cash flowing oil & gas, uranium, and
coal businesses, assets and royalties by applying the residual
$3,000,000 in current and upcoming cash, plus Mentor public stock,
coupled with future incoming equity and debt, if any. Mentor looks
to support operators, owners and investors who, in addition to
cash, wish to have the option to be able to continue to operate
and, in this way, capitalize on the best choice of continuing to
harvest production or to participate in public stock when that is
more lucrative.
The Company is managed by Chairman and CEO Chet Billingsley
(71), who founded Mentor Capital first as an acquisition
partnership in 1985. Mr. Billingsley's interest is reported at
7.51% on a fully diluted basis as of December 31, 2023, with other
directors and officers holding an additional 6.72% on a fully
diluted basis.
This press release is neither an offer to sell nor a
solicitation of offers to purchase securities.
Forward-Looking Statements: This press release contains
forward-looking statements within the meaning of federal securities
laws, including statements concerning financial projections,
financing activities, corporate combinations, product development
activities, and sales and licensing activities. Such
forward-looking statements are not guarantees of future results or
performance and are sometimes identified by words of condition such
as "should," "could," "expects," "may," "intends," "seeks,"
"looks," "moves," or "plans" and are subject to a number of risks
and uncertainties, known and unknown, that could cause actual
results or direction to differ materially from those intended or
anticipated. Such risks include, without limitation: nonperformance
of investments, partner and portfolio difficulties, potential
delays in marketing and sales, problems securing financing, the
potential of competitive products, services, and technologies,
difficulties experienced in product development, in recruiting and
retaining key and knowledgeable personnel, in protecting
intellectual property, and the effects of adverse worldwide
economic events, such as the coronavirus recovery, government
regulations, ESG challenges, energy regulations, and inflation.
Further information concerning these, and other risks is included
in the Company's Form 10-K filing, which, along with additional
very important details on the Company, can be found here:
https://ir.mentorcapital.com/all-sec-filings
The Company undertakes no obligation to update or revise such
forward-looking statements to reflect new information, events, or
circumstances occurring after the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20240417297816/en/
Mentor Capital, Inc. Chet Billingsley, CEO (760) 788-4700
info@mentorcapital.com