cash4
7 years ago
DD about Northern Star Mining Corp
This is an excerpt from an article posted on and by Richard Mills - Ahead of the Herd | Jun. 5, 2012, 8:58 PM
http://www.mining.com/niogold-mining-corp/
Northern Star Mining Corp. TSX.V – NSM went bankrupt about two years ago – NSM had quite a bit of property right around, and adjacent to, NioGold’s Marban Block.
NioGold Mining Corp. TSX.V – NOX
http://www.marketwired.com/press-release/oban-mining-to-acquire-niogold-mining-tsx-obm-2086879.htm
http://www.osiskomining.com/news/index.php?&content_id=119
http://www.marketwired.com/press-release/oban-mining-corporation-changes-name-to-osisko-mining-inc-tsx-obm-2134112.htm
“Northern Star's Malartic Midway project was to be Quebec's highest grade mine at 7 to 10 grams. The mine was to be an underground, with a decline and two 3000 foot shafts (inherited from the old Malartic mine). A decline had been started on the western part of the property next door to Osisko's 11 million ounces of gold.
The Malartic Midway project features two different types of gold mineralization: the higher grade gold mineralized gabbros and the larger volume lower grade mineralized porphyries like Osisko.
Fourteen of these near-surface (containing about 90,000 ounces of gold each) mineralized lenses were drilled off. The lenses have been drilled from surface to 1500 feet. One hole drilled in 2007 intercepted a mineralized lens at 5300 feet; at this depth, the mineralized area has seven zones (several high grade breccias and several porphyry lenses).
Mining engineers really like Northern Star's near surface mineralized lenses because of their impressive widths and grade (ranging from 12 feet to 77 feet running 8 to 10 grams/ton). In the old Malartic mine, substantial amounts of one ounce plus material was mined at the 2200 foot level – one hole intercepted 16 feet of 2.5 ounces/ton gold. The initial year of production should be in a range of 30,000-50,000 ounces of gold with the goal of achieving 300,000 to 500,000 ounces/year 3-5 years.” 24hnewgold.com, Heather A. Conley, BSc Geo, The Raya Group
NSM’s bankruptcy focused a lot of attention to the camp because a few extremely large funds in the States had their bonds – bankruptcy means the bonds are worthless. Interestingly enough the rumor on the street is some of these funds have been acquiring more of these discounted bonds, and someone is trying to get the company out of bankruptcy.
The funds that have ended up owning the property obviously must be quite keen on the area. They know a lot about the Malartic Midway project and other potential deposits that are on Northern Star’s property, and of course, a lot of that property is adjoining, actually borders all around NioGold’s Marban Block.
DD and follow up in relation to the Bonds/Notes mentioned in the above article
ELY GOLD TO ACQUIRE NORTHERN STAR MINING SENIOR SECURED NOTES
Ely Gold to Acquire Northern Star Mining Senior Secured Notes
February 15, 2011
https://elygoldinc.com/news/2011/ely-gold-to-acquire-northern-star-mining-senior-secured-notes
Ely Gold & Minerals Inc. ("Ely Gold") is pleased to announce that it has entered into two separate agreements giving it the right to acquire up to 54% of $41,093,488 of the outstanding Senior Secured Notes ("Notes") issued by Northern Star Mining ("NSM").
NSM holds several mineral properties in the Abitibi Gold Belt in Quebec including the Malartic-Midway Property, as well as the Beacon Mill and other plant and equipment used in its mining operations (the "NSM Assets"). During 2008, NSM issued Notes having an aggregate principal value of $42,000,000 to a syndicate of private investment funds (the "Lenders"). The funds were to be used for the further development of the NSM Assets, and repayment was secured by a first charge on all of the NSM Assets in favor of the Lenders. The notes were subsequently restructured in 2009, reducing the outstanding balance and extending the maturity date to three years (from two) from the date of issuance.
Under the restructuring, NSM was obligated to pay to the Lenders, at maturity, an amount equal to 137.5% of the principal amount of the restructured Notes plus accrued interest. NSM encountered financial difficulties during 2010 and ultimately in August 2010 NSM filed a notice of its intention to make a proposal to its creditors under the Bankruptcy and Insolvency Act (Canada). That proposal never materialized and NSM announced on January 24, 2011 that it had become a bankrupt company. Ely Gold has been advised that, as a result, the Lenders are investigating and pursuing all of their strategic options and have reserved the right to exercise any and all of their rights as secured creditors (including the potential of foreclosing on the assets).
Click on the link for full article
https://elygoldinc.com/news/2011/ely-gold-to-acquire-northern-star-mining-senior-secured-notes
ELY GOLD TO RETAIN CHAD WILLIAMS AS A STRATEGIC ADVISOR FOR THE NORTHERN STAR NOTE ACQUISITION
Ely Gold to Retain Chad Williams as a Strategic Advisor for the Northern Star Note Acquisition
May 3, 2011
https://elygoldinc.com/news/2011/ely-gold-to-retain-chad-williams-as-a-strategic-advisor-for-the-northern-star-note-acquisition
Ely Gold & Minerals Inc. ("Ely Gold") is pleased to announce that it has entered into an agreement with Chad Williams P.Eng to act as strategic adviser to Ely Gold on the acquisition of the Senior Secured Notes ("Notes") issued by Northern Star Mining ("NSM") as announced by the Company on February 15, and March 4, 2011.
Mr. Williams was previously the CEO and President of Victoria Gold Corp., a high-growth gold exploration and development company with assets in North America. He has extensive experience as a highly-ranked financial analyst in the gold sector and was also Head of Mining Investment Banking at a Canadian brokerage firm. He is currently a Director of two other mining companies. Mr. Williams is a professional mining engineer and holds an MBA from McGill University. He is native of Montreal, Quebec.
"We are very pleased to have Chad's assistance in advancing this exciting portfolio of strategically located properties in Quebec", stated Ely Gold President & CEO Trey Wasser. "Chad was instrumental in crafting Victoria's rapid growth, and his experience in the global mining financial community, plus his deep understanding of the Abitibi region makes him a strong addition to our team. His track record of success and deep professional relationships ideally suits the kind of honest exploration and development approach we intend to apply to the NSM assets."
"The Abitibi Region of Quebec truly remains one of the most prospective regions in the world to explore for gold", said Mr. Williams, "and the NSM land package is definitively well positioned in attractive geologic terrain."
Ely Gold announced on March 4, 2011 that it had entered into two separate agreements giving it the right to acquire up to 65% of $41,093,488 of the outstanding Senior Secured Notes ("Notes") issued by Northern Star Mining ("NSM"). Under the referenced agreement, Ely Gold will initially purchase $4,806,634 principal value of Notes (Value at maturity: $6,609,121 plus accrued interest) for $4,806,634 in cash. Ely Gold will also purchase an option to acquire an additional $14,375,034 in Notes (Value at maturity: $19,765,671 plus accrued interest) for $17,860,681 in cash, exercisable until March 1, 2012, for $1,309,857.
The total cash due on closing under the agreements will be $6,616,491. Both agreements remain subject to financing, definitive documentation and required consents and approvals, including TSX Venture Exchange approval, and to further due diligence by Ely Gold.
Clink on the link below for full article
https://elygoldinc.com/news/2011/ely-gold-to-retain-chad-williams-as-a-strategic-advisor-for-the-northern-star-note-acquisition
ELY GOLD GRANTED EXTENSION TO CLOSE ACQUISITION OF ADDITIONAL NORTHERN STAR MINING SENIOR SECURED NOTES
Ely Gold Granted Extension to Close Acquisition of Additional Northern Star Mining Senior Secured Notes
July 5, 2011
https://elygoldinc.com/news/2011/ely-gold-granted-extension-to-close-acquisition-of-additional-northern-star-mining-senior-secured-notes
Ely Gold & Minerals Inc. ("Ely Gold") is pleased to announce that, further to news releases dated February 15 and March 4, 2011 regarding the acquisition of up to 65% of outstanding Senior Secured Notes ("Notes") issued by Northern Star Mining Corp. ("NSM"), it has entered into two separate amending agreements which provide for completion of its initial acquisition to occur ten business days following the date on which title to the NSM assets is vested in the Note holders by Court Order. The amendment ties closing to the vesting of title rather than a specific date, so that Ely Gold will be assured of receiving an interest in the NSM assets in the first instance rather than an interest in the Notes.
"We are making excellent progress working with the Court and our partners to maximize the value of the NSM assets", stated Trey Wasser, President & CEO of Ely Gold. "The addition of Chad Williams to our team is allowing us to more fully evaluate the assets and establish a solid business plan post-closing. This amendment significantly lowers the risk for Ely Gold as we will now have all property, resource and joint venture issues fully resolved before our shareholders are asked to approve this transaction."
Strategic Advisor Chad Williams commented, "This extension continues to demonstrate Ely's excellent working relationship with the Note holders. We look forward to increasing our financial exposure to the very promising asset package that NSM had assembled in Quebec."
Pursuant to the first agreement, Ely will initially issue 10,000,000 shares to one of the Note holders in exchange for a 6.1% interest in the NSM Assets and will purchase an option to acquire an additional 12.2% of the NSM Assets for $6,000,000, exercisable until April 30, 2012, for $500,000.
Pursuant to the second agreement, Ely will initially pay $4,806,634 in the aggregate to other Note holders in exchange for an 11.7% interest in the NSM Assets and will purchase an option to acquire an additional 35% of the NSM Assets for $17,860,681, exercisable until April 30, 2012, for $1,309,857.
Both agreements remain subject to financing, definitive documentation and required consents and approvals, including acceptance by the TSX Venture Exchange, and to further due diligence by Ely Gold.
Clink the link below for full article
https://elygoldinc.com/news/2011/ely-gold-granted-extension-to-close-acquisition-of-additional-northern-star-mining-senior-secured-notes
http://www.redorbit.com/news/business/2074472/ely_gold_granted_extension_to_close_acquisition_of_additional_northern/
For the last 7 years volume on NSMSF on OTC Markets was fairly low, but on Friday March 24 of 2017 volume was over 25 Mil shares, from 0.0002-0.0015
Clik link below for detailed trades in the past 10 years
http://web.tmxmoney.com/pricehistory.php?qm_page=75626&qm_symbol=NSMSF:US
I'm no expert but, Notes, Bonds, Stocks in Northern Star Mining Corp are owned by Ely Gold, which means NSMSF stocks on OTC Markets might also property of Ely Gold, even though Northern Star Mining Corp has declared Bankruptcy, the shares of NMS still trading on OTC Markets since and someone is loading heavy.
More Related Articles below
http://www.kitco.com/pr/2074/article_02152011185520.pdf
https://ca.finance.yahoo.com/news/Ely-Gold-Acquire-Additional-accesswire-3414427899.html
This link provides proof of shares ownership by Ely Gold of a Northern Star Mining Corp. Gold mine (Midway Gold Mine)
Commodities: Gold
Area: Abitibi-Témiscamingue
Type: Former Underground Mine
Products: Gold
Owner: Northern Star Mining Corporation
Shareholders: Ely Gold & Minerals Inc
Contact:
Coordinates: 48.113491,-77.997362
Address: Val d’Or, Abitibi-Témiscamingue
Email: info@elygoldandminerals.com
Phone: +1 (604) 488 1104 (Vancouver Head Office)
Web: http://www.elygoldandminerals.com
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