Thursday, October 30, 2014

More Sheldon Inwentash news

Sheldon and Pinetree have been dumping a heck of a lot of stock in pennycrappers these past few days - witness 10.7M shares of Coro Miming* dumped yesterday alone, of course not all sold by him - so he has now become interesting.

So here's some Sheldon news:

TD Waterhouse - U3O8 announces resignation of Sheldon Inwentash from board. Oh, and quote:
"The fundamentals of U3O8 Corp. and its projects remain solid," said Dr. Richard Spencer, U3O8 Corp's President and CEO. "We are currently being swept along in the market-driven sell-off in commodities and a broader liquidation affecting a number of exploration companies, which is further aggravated with end-of-year tax loss selling. Of further note, shares of uranium producers and juniors alike have traded down although uranium prices have risen over 25% since the summer. These market-related events highlight the disconnect between our share performance relative to the value that we are creating in our projects."


U3O8 Corp. also announces the resignation of Sheldon Inwentash, Chairman and CEO of Pinetree Capital Ltd., from the Company's Board of Directors.

"On behalf of U3O8 Corp. and the board, I would like to thank Sheldon for his support of the company over the past four years. Sheldon was instrumental in the acquisition of the properties in Colombia and Argentina that constitute U3O8 Corp's lead projects on which positive preliminary economic assessments have now been completed," said Mr. David Constable, U3O8 Corp's Chairman.

Terreno Resources - announcing the resignation of yup you guessed it. Quote:
Terreno Resources Corp. (TSX-V: TNO) (the "Company") announces that Sheldon Inwentash has resigned as a director of the Company effective October 28, 2014. Terreno thanks Mr. Inwentash for his contributions and past service.
I guess the two resignations will give him some extra time that he can spend on better things. Like Keek?

Stockcrotch - Keek enters into loan agreement. Quote:
Keek Inc.'s board of directors has authorized the company to seek financing through the issuance of secured notes of up to $5-million. The company intends to use the proceeds from the notes for general working capital purposes.

The notes will bear interest at a rate of 12 per cent per annum on the principal amount outstanding and will be repayable in 12 months from the date issued. The notes will be secured by a general security agreement over all present and future assets and intangibles of the company. In consideration for the notes, the company has agreed to issue an aggregate of up to five million common share purchase warrants. Each warrant will entitle the holder to purchase one common share of the company at an exercise price of 10 cents per share at any time up to three years after the date of issue. The warrants will be subject to a statutory four-month hold period.

Pinetree Capital Inc., a significant shareholder of the company, has agreed to subscribe for $3-million of notes. Sheldon Inwentash and Gerry Feldman, directors of the company and management of Pinetree, abstained from voting in connection with the approval of the issuance of notes to Pinetree. The initial closing of notes to Pinetree is expected to occur on Oct. 31, 2014, with one or more additional closing to be held in November.
Eugh. Dumping tens of millions of shares of a pennycrapper like Coro to plow $3M into a hail mary loan for a social media company? I don't see the attraction.
Keek also announced today that it is in the final stages of its previously announced divestiture of its oil and gas assets.
Wait... what? A social media company with oil and gas assets? Gee, I hope they're worth $5M!

Wikipedia - Keek. Quote:
Between March 2013 and June 2013 Keek added 24 million users to bring its network to a total of 45 million registered users.

On May 17, 2013 Keek added a new private messaging feature, allowing users to privately chat using video or text with up to 36 people at once.

Keek launched a developer portal with API access on June 14, 2013. The new API program will allow developers to access public keeks, search functionality, user profiles, Klusters and more.

Keek launched a Windows phone version of their app on June 27, 2013.

In August 2013 Keek reached a total of 58 million users growing at the rate of 250,000 new users a day. Keek has been the top video app in 18 countries globally.

However, by October 2013 Keek was struggling to raise more venture capital funding through investment firm Morgan Stanley and was forced to downsize its operation to half a dozen staff members.

By November 2013 a reverse takeover bid was announced by oil company Primary Petroleum. The reverse takeover would see Primary Petroleum sell off all of its oil holdings and change its name to Keek Inc, effectively merging the two companies, and bringing Keek to the public stock market. During this time co-founder and CEO Isaac Raichyk left Keek to found a new mobile dating platform called Clover of which he is now CEO.
Um... a social media petroleum RTO?

Sheldon Inwentash is apparently a smart investor who has money to spare. So I'm scratching my head and wondering what's going on here.

More from Wikipedia:
The second round of venture capital funding was led by Cranson Capital Securities with participation from Pinetree Capital Ltd. (TSX: PNP) and Whitecap Venture Partners. This round of financing raised $7 million (US) bringing the total investment financing to more than $12 million (US) as of September 18, 2012.

The third round of venture capital funding was led by AGF Investments Inc., Pinetree Capital Ltd. (TSX: PNP) and Plazacorp Ventures, with Cranson Capital also participating. This round of financing raised $18 Million dollars (US) on January 17, 2013 which brings the total investment financing to $30 million (US).
Um... he must really like Keek.

* - yes, that was a spelling mistake but I think I'll keep it.

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