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Posted by Gameplayers on :
 
WITM is exploding on merger news right now.
Now, why is this going to be a TEN-bagger? Because of THIS news!

Wits Basin Updates Current Developments Related to Merger Progress and Acquisition of China Mining Properties
Tuesday February 20, 7:13 am ET

MINNEAPOLIS--(BUSINESS WIRE)--Wits Basin Precious Minerals Inc. (OTCBB:WITM - News) is pleased to bring current information to our shareholders relating to the planned merger with Easyknit and potential acquisition of existing cash flow properties in the People's Republic of China ("PRC").

The Planned Merger

In its February 5, 2007 press release, the Company announced its intention to merge with Easyknit Enterprises Holdings Limited pursuant to an exchange of stock. That exchange contemplates granting 21 shares of Easyknit stock for each share of Wits Basin. The actual value of the Easyknit stock to be received by the Wits Basin shareholders will depend upon the Easyknit stock price at the time of closing, as well as the US-Hong Kong dollar exchange rate at that time. The values calculated in the example below assume the Hong Kong market and Easyknit shares remain in their respective values. However, as an example, if the closing had occurred on February 16, 2007, the value could be calculated as follows:

Easyknit shares 21
Easyknit closing price on Hong Kong Stock Exchange on
February 16, 2007(a) x HK$2.170
----------
Total value = HK$45.57
Hong Kong/US conversion rate on February 16, 2007(b) / 7.8124
----------
Price per share of Wits Basin Precious Minerals Inc. in US
Dollars = US$5.83
==========


(a) www.bloomberg.com (b) www.x-rates.com

Certain Board Members and representatives of management are now planning a return trip to Hong Kong in March, which they believe will allow for the finalization and execution of the definitive documents. Out of respect for the Chinese New Year, the planned date of execution of the definitive documents is now expected to be on or before March 31, 2007.

Company management is currently working with the depository trustee to commence meeting the requirements of the ADR program. The ADR program will enable our North American shareholders to have a North American exchange available to them to buy and sell their respective shares after completion of the merger. The Company intends to implement the ADR Program in conjunction with the merger.

The Planned Acquisition of PRC Mining Properties

The proposed joint venture with SSC Mandarin Financial Services Ltd (SSC) announced on February 7, 2007, is expected to yield qualified prospects in various PRC mining properties and exploration opportunities including gold, zinc, nickel, iron ore, and bauxite. SSC has taken the members of the Board of Directors and management on site visits to the PRC to review potential candidates for acquisition. Wits Basin Chairman Vance White released the following statement regarding these potential acquisitions:

"Our Company is very grateful for the opportunity to form a joint venture with SSC. Their significant ground work, efforts and relationships in the local PRC markets over the last five or six years helps create an environment where we expect to find some very attractive mining properties in the PRC to acquire. To date, we have investigated at least five projects that appear to meet our criteria, including mining properties that are in production and have positive cash flow. We are starting to carry out in-depth due diligence on these projects."

The SSC and Wits Basin joint venture is not conditional on the merger of Easyknit Enterprises Holdings Limited nor is the merger dependent on the joint venture.
 
Posted by Gameplayers on :
 
I must be missing something here. dont know why this is not already much higher.
WITM
Market cap: $ 61.95M
Shares out: 96.80M

EASYKNIT Ent.
Market Cap: 8.56B Hong Kong $'s/ 7.8 = $1.1B US

If the deal goes through WITM shareholders own 43% of merged company. based on that should be about a 10 bagger from here. like i said though, i must be missing something, as the market is usually pretty fast at determining the true value on "real" mergers. (who knows if this is a "real" one???? [Big Grin] )
 
Posted by Gameplayers on :
 
Exploding!!!

0.81x0.82
 
Posted by Repoman75 on :
 
Nice one
 
Posted by driver4t4 on :
 
great !!! I'm in..
 
Posted by Gameplayers on :
 
Moving up right now
 
Posted by Gameplayers on :
 
Breaking out!!
 
Posted by driver4t4 on :
 
.89, lookin good, setting up for end of day run...imo
 
Posted by driver4t4 on :
 
.94
 
Posted by SherriT on :
 
Very nice today!
 
Posted by 10of13 on :
 
Looks great!
 
Posted by searlest on :
 
Hello to all, I am a newbie. wanting to learn! got in on this yesterday * .85 Any and all advice appreciated
 
Posted by SherriT on :
 
Read (books, info about charts, etc) and watch how they behave before you put too much money in...

This one actually looks pretty good. Read the tag line of the post above yours from 10of13 - she is a very smart lady! Keep an eye on how much you paid out and how much you would have if you sold right now. Since you are very close to a 50% profit, I would likely sell at least half and put that capital back in your account. Then, if you want to get back in, wait for it to go back down.

An example...it went up to about 1.15 then back down to 1.00. When you saw it start to go down, that would have been a good time to sell, since you bought at .85, then, you could have bought back more shares with your profits at the 1.00ish level. Make sense? But, keep in mind you can only day trade a single stock 3 times in a 5 business day period.
 
Posted by 10of13 on :
 
Thanks Sherri! [Smile]
Searlest? there are allot of great posters on these boards...you can take a look over in the general investing topic to learn more...and most people will be glad to answer questions...
http://www.allstocks.com/stockmessageboard/ubb/ultimatebb.php/ubb/get_topic/f/9/ t/001719/p/1.html#000005
 
Posted by searlest on :
 
Thanks for the warm welcome. !!
 
Posted by BooDog on :
 
Nice call gameplayers. cheers. just passing by. very cool!
 
Posted by driver4t4 on :
 
hopefully end of day run...
 
Posted by Gameplayers on :
 
Hey guys, if anyone like my picks, please give me some good rating please? [Big Grin]

Many thanks,

Gameplayers
 
Posted by driver4t4 on :
 
gameplayers, you get five stars here, great job, you made me a lot of green [Big Grin]
 
Posted by Gameplayers on :
 
quote:
Originally posted by driver4t4:
gameplayers, you get five stars here, great job, you made me a lot of green [Big Grin]

Glad to hear that [Big Grin] [Big Grin]
and thanks a lot [Wink]
 
Posted by NEL on :
 
Great pick for me too, five stars for you!
 
Posted by driver4t4 on :
 
WITM - WITS BASIN PRECIOUS (OTCBB)

Date Open High Low Last Change Volume % Change
02/23/07 0.9800 1.2500 0.9800 1.1300 +0.1800 5075852 +18.95%

Composite Indicator
Trend Spotter TM Buy

Short Term Indicators
7 Day Average Directional Indicator Buy
10 - 8 Day Moving Average Hilo Channel Buy
20 Day Moving Average vs Price Buy
20 - 50 Day MACD Oscillator Buy
20 Day Bollinger Bands Buy

Short Term Indicators Average: 100% - Buy
20-Day Average Volume - 1547755

Medium Term Indicators
40 Day Commodity Channel Index Buy
50 Day Moving Average vs Price Buy
20 - 100 Day MACD Oscillator Buy
50 Day Parabolic Time/Price Buy

Medium Term Indicators Average: 100% - Buy
50-Day Average Volume - 895268

Long Term Indicators
60 Day Commodity Channel Index Buy
100 Day Moving Average vs Price Buy
50 - 100 Day MACD Oscillator Buy

Long Term Indicators Average: 100% - Buy
100-Day Average Volume - 669654

Overall Average: 100% - Buy

Price Support Pivot Point Resistance

0.9500 0.7107 0.9002 1.0897
 
Posted by SherriT on :
 
Ditto - haven't made any cash off your picks yet, but they look great...
 
Posted by searlest on :
 
Form 8-K for WITS BASIN PRECIOUS MINERALS INC


--------------------------------------------------------------------------------

23-Feb-2007

Entry into a Material Definitive Agreement, Financial Statements


Item 1.01. Entry into a Material Definitive Agreement.
On February 19, 2007, Wits Basin Precious Minerals Inc. (the "Company") entered into an employment agreement with William Green reflecting the terms of Mr. Green's employment with the Company as President of Asia Operations. The term of the agreement is for a period of three years, and is terminable by either party with one year written notice. Under the agreement, Mr. Green is entitled to a base salary of $10,000 per month and standard benefits provided by the Company to its management team. Additionally, the Company has agreed to pay Mr. Green an advance of $10,000 and reimburse him for certain expenses in excess of such amount relating to his relocation to Hong Kong. The Company further issued Mr. Green a ten-year option to purchase 2,500,000 shares of the Company's common stock at an exercise price of $0.43 per share, the fair market value of the Company's common stock on the date of grant. The option shall vest in three installments as follows: (i) with respect to 1,000,000 shares at such time Mr. Green relocates to Hong Kong and establishes a home office for the Company in Hong Kong; (ii) with respect to an additional 500,000 shares on (A) the earlier of the first anniversary of the effective date or (B) the achievement of a milestone, as determined by the Board of Directors or (C) the termination of Executive's employment with the company; and (iii) with respect to the remaining 1,000,000 shares on the earlier of (A) the time the Company achieves certain performance criteria to be established by the Company's board of directors or (B) the third anniversary of the option grant. The Company entered into a stock option agreement with Mr. Green dated February 19, 2007 memorializing the terms of the option grant and providing other standard option terms. The employment agreement further provides standard confidentiality and one-year non-competition and non-solicitation provisions. Mr. Green is a sibling of Andrew Green, a significant shareholder and creditor of the Company.

The foregoing is qualified in its entirety by reference to the employment agreement and the stock option agreement, which are being filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K; and such exhibits are incorporated herein by reference

On February 23, 2007, in consideration of a $700,000 loan to the Company from Andrew Green, a significant shareholder of the Company, the Company issued a promissory note in the principal amount of $700,000 to Mr. Andrew Green. The promissory note has a maturity date of March 31, 2007, and bears interest at a rate of 6% per annum. Under the terms of the note, in the event the aggregate principal and interest due under the note is not paid on or before March 31, 2007, either the Company or Mr. Andrew Green may convert the remaining obligation under the note into the payment by Mr. Andrew Green of an exercise price relating to all or any portion of (i) outstanding warrants held by Mr. Andrew Green to purchase up to 3,550,000 shares of the Company's common stock (the "Warrants"), and (ii) an outstanding right held by Mr. Andrew Green to purchase up to 3,000,000 shares of the Company's common stock at a price per share of $0.20 (the "Right"). Under the terms of the note, and as additional consideration for the loan, the Company reduced the exercise price of the Warrants from $0.12 to $.09125 and extended the expiration date of the Right from March 31, 2007 to December 31, 2007.

The foregoing is qualified in its entirety by reference to the promissory note issued to Mr. Andrew Green, which is being filed as Exhibit 10.3 to this Current Report on Form 8-K; and such exhibit is incorporated herein by reference


Item 9.01. Financial Statements and Exhibits.
(d) Exhibits

Exhibit Description of Document
10.1 Employment Agreement between the Company and William Green dated February 19, 2007
10.2 Stock Option Agreement between the Company and William Green dated February 19, 2007
10.3 Promissory Note dated February 23, 2007 issued in favor of Andrew Green.
 
Posted by 10of13 on :
 
News and GAPPING!

February 26, 2007 - 8:52 AM EST


Wits Basin Adds Management for China Mining Properties
Wits Basin Precious Minerals Inc. (OTCBB:WITM) is pleased to announce the appointment of William B. Green to the position of President for a wholly-owned subsidiary to be established for the acquisition of mining properties in China.

As previously announced, the Company is currently completing due diligence on several different properties in the PRC. Mr. Green’s role will be to assist the Company in connection with PRC property acquisitions, and to interface with the vendors and managers of those properties at an operations level. Wits Basin CEO Stephen D. King released this statement:

“Our company is fortunate to have Mr. Green join our team. His hands-on experience of more than 15 years living and working in China and Asia is a great asset. His ability to speak fluent Mandarin will be extremely beneficial to our process of working to acquire the previously announced potential acquisitions.”

About Mr. William B. Green:

Mr. Green is a graduate of the University of Pennsylvania’s Wharton School of Business. He has lived and worked in Asia and led efforts to establish joint venture partnerships on behalf of American Standard Companies Inc. and Kohler Industries.

About Wits Basin Precious Minerals Inc.

We are a minerals exploration and development company holding interests in five exploration projects and currently do not claim to have any mineral reserves on any project. Our common stock trades on the Over-the-Counter Bulletin Board under the symbol “WITM.” To find out more about Wits Basin Precious Minerals Inc. (OTCBB:WITM) visit our website at www.witsbasin.com.

Forward-Looking Statements and Risk Factors

The statements included in this press release concerning predictions of economic performance and management’s plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. Such statements are valid only as of today, and we disclaim any obligation to update this information. These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes. These risks and uncertainties include, among others, the Company’s ability to obtain or maintain regulatory approvals; the Company’s ability to obtain necessary financing; the Company’s ability to enter into and meet all the conditions to consummate the proposed merger agreement, and other risks and uncertainties described in the Company’s filings from time to time with the Securities and Exchange Commission. The Company disclaims any obligation to update its forward-looking statements.

In addition, the exploration for and development of mineral deposits involves significant financial risks, which even experience and knowledge may not eliminate, regardless of the amount of careful evaluation applied to a process. While the discovery of a mineral deposit may result in substantial rewards, few properties are ultimately developed into producing mines. Moreover, we cannot make any estimates regarding probable reserves in connection with any of our projects and any estimates relating to possible reserves are subject to significant risks. Therefore, no assurance can be given that any size of reserves or grades of reserves will be realized. If a discovery is made, the mineral deposit discovered, assuming recoverable, may differ from the reserves already discovered and recovered by others in the same region of the planned areas of exploration. Further, the cost of exploration and exploitation can be extensive and there is no assurance that we will have the resources necessary or the financing available to pursue projects we currently hold interests in or to acquire interests in other mineral exploration projects that may become available. The risks we face are numerous and detailed information regarding these risks may be found in filings made by us with the Securities and Exchange Commission, including our most recent annual report on Form 10-KSB, quarterly reports on Form 10-QSB and reports on Form 8-K.

Wits Basin Precious Minerals Inc.
Vance White, Chairman, 416-587-7323
Stephen King, CEO, 612-490-3419
or
Lighthouse Communications, 866-739-0390
info*lhcom.bz


Source: Business Wire (February 26, 2007 - 8:52 AM EST)

News by QuoteMedia
www.quotemedia.com
 
Posted by NEL on :
 
Gapping down...
 
Posted by 10of13 on :
 
Yeah...it went down as soon as I posted the news... [Roll Eyes]
 
Posted by NEL on :
 
quote:
Originally posted by 10of13:
Yeah...it went down as soon as I posted the news... [Roll Eyes]

Are the MMs just playing games with us?
 
Posted by driver4t4 on :
 
up she goes, hope the mm's are done. prolly creating a short position here.
 
Posted by SherriT on :
 
This one has had tons of volume and goes up and down all day - nice for flips...
 
Posted by 10of13 on :
 
Yuck!
almost bought back in at .95...
Still watching
 
Posted by 10of13 on :
 
Panic selling? Anyone have a clue...
 
Posted by 10of13 on :
 
Screw it..I have to go and so I jumped in at .83...I'll kick myself later...LOL
 
Posted by 10of13 on :
 
It is such a nice feeling to hurry and grab something because you can't sit and watch...and then look and you are up over 15% [Big Grin]
 
Posted by SherriT on :
 
Yep - I was thinking that after I saw your post that you bought on LOD. I think this one will be a nice play for a few days...I "swung" it once.
 
Posted by 10of13 on :
 
LOL..."I "swung" it once"
 
Posted by 10of13 on :
 
Anyone still playing this? Been doing great for swings and flips!
 


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