Super Nova Petroleum CSE:SNP OTCBB:SNOVF Announcing Financings

Super Nova Petroleum (CSE:SNP) (OTCBB:SNOVF) has announced the closing of the first tranche in the amount of $225,000 of the previously announced $420,000 private placement. The Company has increased the private placement to $600,000 as well as an offering for a Convertible Note in the amount of $450,000.

The terms for the Convertible Note is 33 units at $13,636 per unit for a total of $450,000. Minimum investment is one (1) unit for $13,636. Maturity is 12 months from date of closing. Further details:

  • Interest rate (coupon): 10% payable in advance in $0.06 common shares of SNP = 750,000 common shares issued upon closing of the financing to the investor or 22,726 common shares per unit of $13,636.

Convertibility of Note (dual conversion feature):

(1)   Each unit of $13,636 for a total of 33 units = $450,000. Each unit of $13,636 is convertible into 1% of the gas well’s net revenue interest.

(2)   Alternatively, each unit of $13,636 can be converted into common shares of SNP at a conversion price of $0.15, or 90,906 common shares and 3,000,000 common shares for the entire $450,000 offering.

(3)   As a second alternative the investor is entitled to his investment returned of $13,636, provided the well to be drilled is a producer of natural gas.

(4)      In the event of a dry hole, the investment of $13,636 will be automatically converted into $0.05 common stock of the Company totaling 272,720 common shares per unit, and potentially up to 9,000,000 common shares for the entire $450,000 offering.

The investors who participate in this offering will have first right at additional    potential future offerings in offsetting wells, up to 48 in total.

The Company will be drilling gas wells on its 17000+ acres in the Bakken Fairway in Northwest Montana. The Company has received a N.I. 51- 101 report on this property with a prospective resource for gas in the Eagle sands at 3000ft. of worst case 2 BCF expected case 18 BCF and high case 90 BCF of gas.

The property has a well (The Milford Colony Well) which has been permitted, drilled and cased to 880 ft. The Company intends to re-enter this well and drill to 3,000 ft. to the perspective resource of natural gas in the Eagle sands. The Company may decide to drill deeper to the 8800 ft. level to the Bakken formation to test for a possible oil reservoir.

The resource may not be discovered and if discovered may not be economical viable.

Contact me if you are interested in participating in either of these financing offerings.

Nancy 604-507-3377


Metanor “MTO” Produces 2,354 Oz Gold & Intersects 5.58 g/t Gold over 21M

Metanor Resources Inc. (“Metanor”) (TSX – V: MTO) is providing an update on the development activities under way at its Bachelor project.

Metanor produced 2,354 ounces of gold during the month of May. The ounces produced in May came from development ore and also some from stopes for a total of 16,685 tonnes of ore at a combined grade of 4,53 grams / tonne with a 96,9% recovery. During the month, the mill processed 794 tonnes in one day, exceeding the maximum theoretical capacity of 775 tonnes per day as published in the 2011 Prefeasibility study.

Metanor is encouraged by the progress made to date regarding the project ramp up, and by the drilling results obtained in all the campaign at Bachelor. The latest drilling completed on level 13 and 14 demonstrates again, and significantly, the extension of the mineralized structures going west, and potentially increases the available resource.

Go to Metanor’s website for the full news release and drill results:

Quote from Caesars Report on GOLD

“This gold market is very interesting. Paper gold crashed but the demand for physical gold has never been so strong. VBCE Downtown Vancouver ran out of bullion EVERY day last week within the hour after opening ( )… Premiums are going up, and even in Belgium it’s difficult to get your hands on LBMA-accepted bullion. Very interesting!”

Grizzly “GZD” Provides Update on Greenwood Gold Project-5,000 m of Drilling Planned

Grizzly Discoveries Inc. (TSX.V-GZD) released an update June 23rd on this year’s drill program at Greenwood, BC and below is a summary or highlights of this:

  • The Company has planned a 5,000 metre drill program on new and existing high quality targets.  “With a healthy treasury from this year’s successful financing, Grizzly has designed the 2011 Exploration Program on the Greenwood project as a systematic and scientific approach which we believe may lead to a new discovery in the Greenwood area,” stated Brian Testo, President and CEO of the Company, “and Stage 1 of the program, currently underway, will enable us to focus our drilling later in the year exclusively on high quality targets.”
  • To date, approximately 1,600 soil and rock samples have been collected and have been shipped to ALS Chemex in Vancouver for analysis.  More than 70 line-km of IP surveys and more than 20 line-km of HLEM and Promis EM surveys have also been completed.  The planned ground work is budgeted at $1.0 million and will continue into late July or early August.
  • The Company plans to commence drilling in late summer or early fall 2011 and has allocated a minimum budget of $1.2 million on 5,000 metres of drilling at Greenwood in 2011.

Midlands “MEX” Minerals Resumes Drilling at Sian-Praso Project, Ghana

Midlands “TSX.V-MEX” “OTC.QX-MDLXF” Minerals announced on June 13, 2011 that drilling will resume on their Sian-Praso project which is their fully permitted, 600,000 ounce flagship gold project in Ghana.  It has two past-producing open-pit mines, a renewable 30-year mining lease, an existing CIL plant and all the right infrastructure.  Midlands Minerals’ President & CEO, Kim Harris, states, “All of the villages were relocated by the previous owners, which takes away a huge risk from us and makes the project very, very attractive.  Taking it back to production will really be at a grossly discounted price because of all that is in place: the power is there, water, sewage treatment plans, skilled people that were working for the previous owner, buildings.  Sian is a fantastic project, a lot of potential with 600,000 ounces and counting.  We believe it is a multi-million-ounce deposit.”

A phased sequential and combination of a diamond drill and RC program of 50,000 m will shortly be initiated.  An initial 20 holes of diamond core drilling with a planned hole depth of 150 m are planned on drill targets at the Sian property.


Coral Gold and Others Stand to Gain from Barrick Win

Matthew Zylstra, Analyst at Northern Securities did a Research Note which included Coral Gold (TSX.V-CLH) – below is an excerpt.

Read more

Grizzly “GZD” Announces Brokered Private Placement of up to $7.5 Million

Grizzly Discoveries Inc. (TSX.V-GZD) (OTCQX: GZDIF) announced March 17, 2011 that it has entered into an agreement with Dominick & Dominick Securities (the “Agent”) to sell up to $5 million in non-flow-through share units at a price of $0.50 per unit and up to $2.5 million in flow-through units at a price of $0.70 per FT unit for gross proceeds of $7.5 million.

Each non-FT unit will consist of one common share and one-half  purchase warrant entitling the holder to acquire one additional common share at an exercise price of $0.75 per share.  Each FT unit will consist of one common FT share and one-half purchase warrant at an exercise price of $0.95 per share.

The Agent will receive a cash commission on the sale of non-FT and FT units representing 7% of the gross proceeds in addition the Corporation will issue to the Agent purchase warrants entitling the Agent to purchase Common Shares equal to 10% of the aggregate number of non-FT units and FT units sold at an exercise price of $0.75.

The proceeds of the Offering will be used to conduct further exploration drilling and for general working capital.  Closing of the Offering is anticipated to occur on or before March 30, 2011.

“GZD” Griz and Mike Dufresne have landed in New York

Grizzly Discoveries Inc. Logo

On February 12th Grizzly Discoveries Inc. (TSX.V-GZD) was present and had a booth at the annual Global Chinese Financial Forum held in Richmond, BC where there was a large attendance and great interest in the Company’s gold/copper/silver BC project as well as the potash holdings.

Griz and Mike Dufresne have now landed in New York with a full plate of meetings for the next few days.  The management of Grizzly Discoveries are working hard travelling and attending shows and meetings to gain as much exposure and continue to build a following to their exciting exploration stories.  Their potash project is garnering much attention and it seems that timing is everything.

Management will be in Toronto during the time around the PDAC as well – March 3rd to March 10th – although not at a booth but for meetings and an arranged luncheon.

Grizzly “GZD” Acquires More Land and Provides Update on Alberta Potash

Grizzly Discoveries Inc. LogoHighlights of news release dated January 20th, 2011.  Please visit Grizzly’s website for full details

  • Grizzly announced that it has acquired a 100% interest in more than 430,000 acres by staking 22 metallic and industrial mineral (MAIM) permits along the Alberta-Saskatchewan border near Lloydminster and Medicine Hat.  The additional staking brings the Company’s 100% owned land package to  more than 1.88 million acres, all of which is underlain by the potash-bearing Prairie Evaporite Formation.
  • In a separate recent transaction, Grizzly in conjunction with Pacific Canada Potash Ltd. (Pacific), a separate arms length company, have staked an additional 458,000 acres in 21 MAIM permit applications centered on the town of Provost along the Alberta-Saskatchewan border.  This brings Grizzly’s total MAIM permit land holdings for potash to more than 2.34 million acres.  The Company’s potash property is road accessible year round.
  • The presence of potash beds within the uppermost portion of the Prairie Evaporite in east-central Alberta near and along the Saskatchewan border is indicated by geological maps (and reports) produced by the Alberta and Saskatchewan governments.  The author suggested the potash minerals “are of the same composition and depositional sequence and depth as the potash at Unity and Saskatoon, Saskatchewan”, currently the location of a number of potash mines.  The reported occurrence of potash minerals is from a depth of approximately 1,061 meters below surface.
  • APEX Geoscience Ltd. Of Edmonton, Alberta has recommended that the Company conduct an aggressive Stage 1 seismic and drilling program in order to identify the most prospective areas of potash on the property.  Once the areas that are considered most prospective for economic concentrations of potash are identified, the Company would proceed to Stage 2 resource type drilling.

Coral Gold “CLH” Drills 1.52M of 6.24 g/t Gold at Robertson

Coral announced the results from the final five diamond core holes drilled at Coral’s Robertson property in Crescent Valley, Nevada.  These holes were part of a 15-hole diamond core program.  Highlights of these were 5 feet grading 6.24 g/t gold and 15 feet grading 3.63 g/t gold.

The program was designed to twin 2008 reverse-circulation holes in order to provide material for metallurgical testwork.   The company is pleased to see grade improvement from historic RC to current diamond core holes.  They are also excited to be working toward having a new preliminary economic assessment (PEA) by the middle of this year.