Equitable Mining Corp. (EQUITABLE) asset sale to Soma Petroleum Limited (SOMA) results in share dividend Monday November 13, 1:53 pm ET
CHEYENNE, WY, Nov. 13 /PRNewswire-FirstCall/ - Equitable Mining Corp. (EQUITABLE), a resource company trading as EQBL on PinkSheets.com and E5W on the Frankfurt Exchange, is selling assets to Soma Petroleum Limited (SOMA) an oil and gas resource company in exchange for SOMA shares.
ADVERTISEMENT This is being done to enable EQUITABLE to partner with SOMA in joint ventures worldwide. SOMA has far reaching connections and partnerships in the African market. EQUITABLE is selling fifty percent of its oil and gas leaseholds in Somaliland (East Africa) in exchange for cash and marketable securities.
The company, will in turn, issue as a dividend the shares it owns in SOMA to EQUITABLE shareholders on record as of November 24, 2006. The shares will be distributed as a special unit containing one share of SOMA and a warrant to purchase an additional share at $0.78 USD for every fifty shares of EQUITABLE. The warrant has an expiry date of December 24, 2006.
Details on the dividend transfer and the warrant issue will be released later this week.
"This transaction will allow EQUITABLE shareholders to realize value in the company's assets," said Mr. Lawrence Skolnik, EQUITABLE President.
About EQUITABLE
Equitable Mining Corporation is a rapidly expanding company focused on acquiring, exploring, developing and extracting mineral rights worldwide. Projects include the Bonanza Property in Canada's high-yield Red Lake Gold Camp, an acquisition in progress in Colombia, a memorandum of understanding for a precious metals mine in China, and ongoing acquisition programs in mineral-rich areas of North America, South America and Australasia. The company is leveraging its deep industry expertise and extensive contacts to recruit mining industry veterans and expand its search for quality gold and other precious metals-bearing properties in the Americas and Australasia. For more information visit www.equitablelifeinvestments.com.
About SOMA PETROLEUM
SOMA is a US registered corporation that has interests in old and gas projects in the Horn of Africa. It has partnered with leading resources developers including Inter-Continental Petroleum Co. Ltd (ICPC), a China-based oil and gas exploration company. ICPC has an extensive international track record in oil and gas. www.somapetroleum.com
Information presented in this newsletter contain "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward looking statements." Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through the use of words such as "projects", "foresee", "expects'", "will," "anticipates," "estimates," "believes," "understands" or that by statements indicating certain actions "may," "could," or "might" occur.
Source: Equitable Mining Corp.
-------------------- The difference between genius and stupidity is that genius has its limits
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EQBM Re-Opens Negotiations For Chinese Mine Tailings Property
PR Newswire "US Press Releases "
CHEYENNE, WY, Nov. 14 /PRNewswire-FirstCall/ - Equitable Mining Corp. (EQUITABLE), a resource company trading as EQBM on PinkSheets.com and E5W on the Frankfurt Exchange, is meeting with the principals of the Dalian Mine Tailings site in Beijing, China later this week.
"We are excited about having the Dalian project move forward," said Larry Skolnik, president of Equitable.
The Dalian acquisition covers the mineral rights to 220,000 square meters of land leased from the government for 25 years and includes 5.2 million tons of mine tailings plus infrastructure in place including roads, electricity, water, fencing, storm sewer, transportation and one production line. To date $7 million has been invested in the project by H.M.H. and D.A.K. Once the acquisition is complete Equitable Mining Corp. plans to increase production to three lines within the first eight months. The company will utilize D.A.K.'s environmentally friendly leaching process to extract the mineral deposits.
Safe Harbor
Certain statements above constitute forward-looking statements with respect to MEM Financial Solutions and affiliated companies. Such forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the companies to be materially different from any further results, performance or achievements expressed or implied by such forward-looking statements.
SOURCE Equitable Mining Corp.
-------------------- The difference between genius and stupidity is that genius has its limits
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I just talked to Larry and he was leaving NY for home. He said we will get a dividend clarification pr tomorrow and he hopes to have the NOBO report pr'd Friday. He said he will be with the TA this afternoon going over numbers. The NOBO had never arrived so he called ADP last week and they told him he would have it by today.
-------------------- The difference between genius and stupidity is that genius has its limits
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EQBM NOBO list is being worked on right now with CEO and the TA. They have already identified around 100 million short position and will put out the exact numbers tomorrow afternoon. Couple this with the dividend announced last week and the squeeze will be on. Float is said to be at 100 million. This could get real interesting.
-------------------- The difference between genius and stupidity is that genius has its limits
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Equitable Mining Corp. (EQUITABLE) announces NOBO Report Results and verified large Short position CHEYENNE, WY, Nov. 21 /PRNewswire-FirstCall/ - Equitable Mining Corp. (EQUITABLE), a resource company trading as EQBM on PinkSheets.com and E5W on the Frankfurt Exchange, has received its NOBO report (Non-Objecting Beneficial Owners) and has compared it to the DTC and transfer agent shareholders lists.
After extensive comparisons of the NOBO list with known share counts, management has determined that there is an identified Shorted Share count of over 100 millions shares. The tradable float is approximately 100 million shares when all restricted shares are accounted for. Currently the NOBO report shows over 200 millions shares being owned which clearly identifies a potential short position of approximately 100 million shares. Additionally, an OBO report is being ordered immediately to account for other potential shares. This could further increase the shorted position.
In addition to this known verified short position, management has verified at least three other individually known shareholder cases where share counts were not reported back properly on the NOBO list. The discrepancy in these three cases lessens the NOBO totals by up to an additional 18 million shares and potentially increasing the shorted share count. Management feels there could be others who have requested to be on the NOBO list whose shares are not showing up properly which makes the potential of shorted share amounts to be significantly larger than reported here.
The company also would like to state that the current shares outstanding are 454,000,000 fully diluted. The company plans to retire a minimum of 50 million shares in the near future. The company has no current plans of financing or any dilution of its share capital except for a possible acquisition or a major joint venture.
'Short selling, especially 'naked' short selling is a drain on the investment community and takes millions of dollars from investors. It also significantly reduces the ability of small cap companies to raise capital for their operations. By identifying that there is a short position, we hope to address the issue and see a more accurate share price,' stated Larry Skolnik, President of Equitable Mining Corporation.
Equitable management is taking steps to build shareholder value, and to start to force the large position of shorts to cover. The company has announced a Dividend and Warrant Offering that management believes will build extensive shareholder value. Full details of this offering will follow shortly.
About EQUITABLE
Equitable Mining Corporation is a rapidly expanding company focused on acquiring, exploring, developing and extracting mineral rights worldwide. Projects include the Bonanza Property in Canada's high-yield Red Lake Gold Camp, an acquisition in progress in Colombia, a memorandum of understanding for a precious metals mine in China, and ongoing acquisition programs in mineral-rich areas of North America, South America and Australasia. The company is leveraging its deep industry expertise and extensive contacts to recruit mining industry veterans and expand its search for quality gold and other precious metals-bearing properties in the Americas and Australasia. For more information visit www.equitablelifeinvestments.com.
Safe Harbor
Certain statements above constitute forward-looking statements with respect to MEM Financial Solutions and affiliated companies. Such forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the companies to be materially different from any further results, performance or achievements expressed or implied by such forward-looking statements.
SOURCE Equitable Mining Corp.
Source: PR Newswire (November 21, 2006 - 5:00 AM EST)
posted
I have some great news for those people that were able to get in. Scottrade is currently not allowing buys on this security. I tried to get in earlier to day at .011, but for some reason I never got filled. So I cancelled when it got to .018.... anyways, I tried to get in right now at .16 and its telling me that Scottrade wont allow buy orders.
quote:Originally posted by kermit42: That's not great news, dirty brokers restricting buying hurts the stock--which is precisely why they do it.
In the long run, it won't help them much.
This is great news! They do this when they have a short position. This is great if you can get the word out! Just wanted every one to get big green even though I cant. It happened to CSHD (before it sank) this is one of the things that made it climb so much.... just gotta get the word out!
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Homer: you may have taken a hit by giving up at the wrong time, but this isn't done yet. There will be an afterhours PR and this will keep going up for a while IMHO.
-------------------- Me Trade Pretty One Day.
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quote:Originally posted by kermit42: Homer: you may have taken a hit by giving up at the wrong time, but this isn't done yet. There will be an afterhours PR and this will keep going up for a while IMHO.
Well, by the way it traded today, it does look like it has some good momo behind it. If there is an AH PR about the divy, tomorrow should be even nicer than today. I might be tempted to jump back in, but now just watching from the sidelines kicking myself after all the $$ I pissed away!
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I should have qualified that PR statement--according to a reliable source on IHUB (jrdig7, who revealed in detail today's PR yesterday), a PR has already been sent to the newswires and it clarifies the Divy announcement. The divys will go to owners of record as of Dec. 1.
-------------------- Me Trade Pretty One Day.
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Equitable Mining Corp. (EQUITABLE) and SOMA Petroleum Limited (SOMA) creates dividend, warrants, and listing 4:21p ET November 21, 2006 (PR NewsWire) Equitable Mining Corp. (EQUITABLE), a resource company trading on Frankfurt Exchange: E5W and as EQBM on PinkSheets.com today passed a resolution by the board of directors regarding the dividend, warrants of SOMA Petroleum Limited (SOMA) payable to EQUITABLE shareholders of record date December 1, 2006.
The dividend will comprise of 1 common share of SOMA Petroleum Limited for every 50 shares of EQUITABLE owned by the holder, along with 1 warrant expiring on January 11th, 2007 and a second warrant expiring on February 10th, 2007 all subject to a four (4) month hold exercisable as determined by the board of directors and an evaluation.
SOMA Petroleum along with EQUITABLE are currently reviewing finalization of several key and strategic deals related to the resources market.
SOMA is expecting to file for a listing on an exchange prior to November 30th, 2006.
About EQUITABLE
Equitable Mining Corporation is a rapidly expanding company focused on acquiring, exploring, developing and extracting mineral rights worldwide. Projects include the Bonanza Property in Canada's high-yield Red Lake Gold Camp, an acquisition in progress in Colombia, a memorandum of understanding for a precious metals mine in China, and ongoing acquisition programs in mineral-rich areas of North America, South America and Australasia. The company is leveraging its deep industry expertise and extensive contacts to recruit mining industry veterans and expand its search for quality gold and other precious metals-bearing properties in the Americas and Australasia. For more information visit www.equitablelifeinvestments.com.
Information presented in this newsletter contain "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward looking statements." Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through the use of words such as "projects," "foresee," "expects," "will," "anticipates," "estimates," "believes," "understands" or that by statements indicating certain actions "may," "could," or "might" occur.
"along with 1 warrant expiring on January 11th, 2007 and a second warrant expiring on February 10th, 2007 all subject to a four (4) month hold exercisable as determined by the board of directors and an evaluation."
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Oh My Gosh YESSSSSS!!! I am so happy I didnt sell this. Now I have to decide whether or not I am going to be greedy and hold. It will probably go down to far if I do though.
-------------------- I'd just like to retire at 26.
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