PACIFIC COMOX (PCM.v) or (PAOCF)

They sent me a proxy statement. I have no knowledge what the dividend will be, nor the provisions on the preferred. Everything I had written about it is pure speculation. Your description of the website sounds like some gory scene from an Ingmar Bergman movie.

Got the proxy...voted NO about the preferred shares...
planning to keep my shares until their mine is operational...

I just got my proxy yesterday, though I dumped my shares during the last run-up. That "preferred share" part seems like total crap (or at least very poorly explained and giving too much power away from existing shareholders to do whatever they want in the future).

I didn't read every word, but it doesn't even try to explain why it's a good idea for existing shareholders. Good "Marketing" guys...If they have enough insiders it will pass anyway...The least they could do is spend an hour or two to update their website and explain their plans after they're done milking the retail investors.

Karl, I sent an email to pacific comox, using some of of the words in your last post. Let's see how they respond.

That sounds like fun...let's see if they spend more time on e-mail than they do updating their web site...

The Company is seeking approval to have the ability to issue pref shares without having to go to the time and expense of calling another shareholder meeting to specifically approve their issuance.

Having shareholder approval gives the Board flexibility.

The Company is moving the Mabel project towards an expected production decision.

Some financing will likely be required and rather than issuing common shares at a depressed price, possibly issuing pref shs which may have a limited life could be a potentially attractive alternative which would reduce common share dilution and benefit all common shareholders.

Regards

Don Empey

I don't think management has much in the way of options in financing the Mabel mine. Preferred as odious as they may be are in that twilight zone where they are not exactly bonds and they are not common stock. I don't like that shareholders are giving away too much discretion on what type of preferred that will be issued. Are they cumulative preferred or non-cumulative? Do they have voting rights that are superior to common? Are they convertible? They do sound like they are callable. I do know that we are in a tight credit environment. Maybe Mr. Empey can make this work. For all I know it may be hard to find buyers for preferred. Do you think PCM could get a bank loan?

i voted heck no with my paltry shares. what are we smoking?
i rather see the company go bankrupt at this point than more of the usual junior PM corruption/dilution i see going on.

i bought into the stock because leonard was saying how they understand tight share structure, blah blah bs. i BELIEVED but never bought into deep down. why am i not suprised.

rather than issuing stock? as far as i last checked preferred stock is also stock.

mshen11 wrote:

....i bought into the stock because leonard was saying how they understand tight share structure, blah blah bs..

Let me know when you are ready for some more "blah blah bs". So glad I still hold PM's. I could so easily have fallen for your "blah blah bs".

always ready to roll the dice.. if it sounds convincing enough!

like i said this was a dice roll (like i always said when i jumped in around 7c... there was little to no chance of pushing over 10c for more than a few hours)

mshen11 wrote:

always ready to roll the dice.. if it sounds convincing enough!

like i said this was a dice roll (like i always said when i jumped in around 7c... there was little to no chance of pushing over 10c for more than a few hours)

I hope, and believe that I always made it clear that this is a future production story. I also said that you need to trade portions of your position if you want shorter term gains. This stock will trade a a $1.00, again, before this bull market in PM's is over.

You could always say, "Well, Leonard was right about them hitting some high grade at surface." Maybe, just maybe, I will also be right that they will hit some very high grade a little deeper down.

Thank goodness that I have studied geology as much as I have. I need to do more, but it has given me a peace about some of these properties I would not have otherwise. So nice to buy at $.015! Maybe I get another chance to scoop up some more...'course I'm content to buy at $.03 as well.

yeah you were clear (dont get me wrong i wasnt knocking on you earlier)...

but like i said earlier (a year ago now?) dont expect even 20c (when you saying the price will be 50c to $1.

fundamental (like your analysis works) but it doesnt work that far out. never.

but if you mean it will eventually see $1 (as in open ended date)... heck i can say gold will reach $10,000. eventually. i cant bet you 10+ years out that we wont see $1. but im sure the next few years (let say 4 since we're pretty much finished with year 1) $1 is a dream mark.

hope you dont take anything i say w/ any offense. thats the way i see it. having said that im keeping this one as a roll the future dice. since the amount is so small - no plans to sell it (hence i rather see it down to 0 than dilution).

mshen11 wrote:

....hope you dont take anything i say w/ any offense. thats the way i see it....

Not at all. I am all for debate.

i cant argue your research (that is why i bought some) - the only thing i would say thats breaks your logic: uranium.

look at uranium - it was a resoruce on a tear. more than $100 and up up up. everyone says it will go up and stay up. but look what has happened. moly may or may not be as high as you think.

want another example? oil.
heck natural gas is the current living example.

From my point of view, uranium is mulitples higher than it was just a few years ago. Ditto for oil. I don't expect commodities to always hold their high, but as long as they are rising much faster than our currencies are dropping I feel good about being in the sector.

PCM is bulk sampling now, which is good.

Could get a pop here soon.

its been a while and i wandered to see how everyone is doing... thought of bull because i distinctly remember his recommendation of arian silver a while back. for some reason the chart may look looking better now and im trying to find more info.

curious on pcm.v also though its still stuck in its sideway movement