PCT.v Prima Colombia Hardwood C$.17
Posted: Monday Aug 27 11:35:58AM 2012
Well they can't all be MMT now can they? A small thud if a thud at all, sometime I will tell a story of Falcon Oil and Gas....major thud.
Posted: Saturday Aug 25 12:04:44PM 2012
Thud! That's the sound of PCT announcing they have been denied on all permit applications. Community is against logging so PCT is out for now. They are going to review the reasons for the decline and revisit with community to see if there is a way to salvage something. I gave up Friday and sold at .005. I invested at .05 so Big loss.
Luckily I had some other big winners on Friday so the day was very green but still sad that PCT failed. Still think they are the best candidate to do sustainable logging of this resource but locals want to ban everything. Ironically, I will bet money that the local firms that illegally harvest the timber will continue to do so and harm the local environment. PCT could have selectively harvested certain species in a sustainable way and paid lots of taxes and probably taught some locals how to do it.
But bottomline, they ain't logging in Colombia and I will take my remaining pittance of cash and try again!
Posted: Friday Jul 27 8:36:44AM 2012
pct.v .015 PCT is still waiting for Colombian logging permits. Federal government rescinded original permits granted by local government. Said they were reviewing all permits to develop a nationwide policy that improved conservation of Colombia's natural resources and prevented exploitation of those resources. Prima was ready to start operations last year but has been waiting for the government to reissue the permits. I bought more around .03 to lower my avg cost to .0536 but this has been a disaster so far. Still think the pedigree of mgmt is very high and this can be a successful company in Colombia. Company has taken the stance that they will sell hard assets to fund the wait. They have shut down operations in Colombia and now have laid off their CFO to conserve funds. Other resource companies in Colombia are experiencing similar delays. The business model still appears sound and the mgmt has the experience and credentials to indicate they can execute their plans. The big question is whether demand from Asia is still strong for specialty hardwoods. Holding a big loss but will wait for decision by Colombian government.
VANCOUVER , July 27, 2012 /CNW/ - Prima Colombia Hardwood Inc. (PCT.V) ("Prima" or the "Company") announces that Harold Hayes , Chief Operating Officer, will assume the additional duties of Acting Chief Financial Officer. Mr. Harold Hayes replaces Mr. Canon Fung who left his position on July 10, 2012 pursuant to the ongoing effort to reduce monthly cash requirements in accordance with the press release issued on December 21, 2011 . Mr. Harold Hayes will continue to carry out the duties of Chief Operating Officer. The Board of Directors would like to thank Mr. Fung for his contribution to the Company.
Cash Requirements & Funding
As updated on June 26, 2012 , the Company continues to fund this ongoing delay in the issuance of permits through the sale of assets. Since June 26, 2012 , the Company has successfully completed the sale of a barge for net proceeds of $208,000 USD . The Company will continue to actively market its remaining fixed assets until such time as the permits are issued.
At the current time, the Company has sufficient funds to maintain the permitting process through September.
Posted: Monday Jun 20 2:37:30PM 2011
Posted: Wednesday Jun 15 11:20:31PM 2011