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Great Western Minerals Group Ltd GWMGF

Great Western Minerals Group Ltd is a Canadian-based exploration and development company, which is engaged in the exploration and development of its rare earth elements (REE) property, and the manufacturing and marketing of products containing REE. The company operates as an integrated rare earth processor which manufactures specialty alloys used in the magnet, battery, defense and aerospace industries. It holds an interest in the Steenkampskraal monazite mine, located approximately 350 kilometers northwest of Cape Town, South Africa. Further, the group also holds an interest in Hoidas Lake rare earth mineral property in Canada.


GREY:GWMGF - Post by User

Comment by jrhjr1127on Dec 17, 2018 1:52pm
185 Views
Post# 29124878

RE:BFS for Steenkampskraal

RE:BFS for SteenkampskraalFewbucks2, please don't take this as a personal criticism. It seems to me that you believe that the fact that the stock still trades in the U.S. OTC market is evidence that the company still exists.  This is not the case.  Great Western Minerals Group is defunct.  The company no longer exists.  If you don't believe this, contact PWC Canada who were the monitor for the company under the CCAA proceedings and subsequent bankruptcy.

Steenkampskraal Holdings purchased the Steenkampskraal assets (and obviously also the liabilities which explains why they held the contract with ERES Engineering Products) via the CCAA proceedings.

Why does the stock still trade?  Here is a link which might provide some insight.  It is not directly on point, because GWMGF was a foreign company listing and the article really only seems to refer to U.S. companies, or at least that is how I read it.

https://otclawyers.com/defunct-otc-companies-that-continue-to-trade/

I take it that you still have GWMGF shares in your brokerage account and that you are a U.S. investor.  The shares are essentially worthless.  If you can sell them for anything greater than zero, you probably should do so.  If the amount you can get is less than any commission or fees, then you shouldn't bother.  If seeing the shares in your account bothers you, you can call your broker and tell them that you want to abandon the shares and have them removed from your account.  THIS IS NOT INVESTMENT ADVICE!  It merely outlines what I would do if I held these shares in my U.S. brokerage account.

I have owned shares in bankrupt companies in the past.  When the shares still trade, I sometimes leave them in my account as a costly reminder to myself to not be so stupid in the future!

Before sending this message, I checked otcmarkets dot com for current status of GWMGF.  Trading has been suspended.

https://www.otcmarkets.com/stock/GWMGF/news/SEC-Suspension-of-Trading?id=213425

All the best to you.


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