Wade Dawe - Where Are They Now??
Stockwatch Gold Summary for Feb. 26, 2015
2015-02-26 21:44 ET - Market Summary
by Stockwatch Business Reporter
New York spot gold closed up $5 to $1,209.50 Thursday, rising with the U.S. dollar. The TSX Venture Exchange added 1.44 points to 700.93 and the TSX Gold Index added 2.60 points to 180.14.
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Wade Dawe's Stockport Exploration Inc. (SPT) rose one-half cent to 3.5 cents on 29,000 shares, after the company arranged a $295,000 bridge loan (notes convertible into shares at the rate of five cents per principal amount) from directors and private investors. Stockport needs the money to finish installing a gold-recovery circuit at its Nyanza gold property in Kenya. It will then use the circuit to recover gold from artisanal tailings piles, generating cash. One hundred fifty artisanal miners dig at the Nyanza site each day.
Eventually, Stockport would like to help them mine more efficiently and safely, but the company has been proceeding slowly. In late 2012, it started to make friends with locals, building a latrine for a primary school. The project attracted the attention of Nairobi businessman Zephaniah Mbugua, who joined Stockport's board. He runs a group of local companies that makes both chemicals and breakfast cereals. Mr. Mbugua helped Mr. Dawe close a $1-million financing to local Kenyans in late 2013, but that money was spent last summer on exploration.
Mr. Dawe has three other companies, all of which are doing much better financially. His ImmunoVaccine Inc. (IMV: $0.70) has $12-million in working capital to test vaccines for anthrax, cancer, influenza, hepatitis B and Ebola. The stock hit $1.40 last August, when the Ebola outbreak made world headlines and Immuno planned a small Ebola-vaccine test on macaques.
Mr. Dawe's Fortune Bay Corp. (FOR: $0.285) has $10.5-million in working capital and three gold properties, one in Saskatchewan and two in Mexico. It acquired everything in early 2014 when it was spun out from Brigus Gold Corp., which Primero Mining Corp. (P: $4.43) bought for $220-million in shares.
Then there is Mr. Dawe's Metallum Resources Inc. (MRV: $0.08) with just under $7-million in working capital. The company has been looking for a new project ever since it pulled out of Argentina in 2012. The country had just changed its mining legislation, boosting gold royalties to 8 per cent from 3 per cent <clip>