OTC Bulletin Board
S & P Company Insight for GEOVIC MNG CORP |
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Profile
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| Business Summary: Geovic Mining Corp., through its subsidiaries, engages in the exploration and development of mineral properties. The company operates cobalt, nickel, and manganese mining projects in the Republic of Cameroon, Africa. It also engages in the exploration of energy and mineral resources worldwide. | | | Address
1200 17th Street, Suite 980
Denver
, CO 80202
Phone: 303-476-6455
Fax: 303-476-6456
Website: http://www.geovic.net
| | | Transfer Agent |
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Pacific Corporate Trust Co.
| Employees: 49
ShareHolders: 454 | Founded: 1984
Domicile: Delaware | | | |
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Background
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| Geovic Mining Corp., through its subsidiaries, engages in the exploration and development of mineral properties. The company operates cobalt, nickel, and manganese mining projects in the Republic of Cameroon, Africa. It also engages in the exploration of energy and mineral resources worldwide. In addition, the company holds uranium leases and claims in Colorado and Wyoming, as well as a leasing and mining claim of gold in Southeastern Arizona. Geovic Mining Corp. is headquartered in Denver, Colorado. | | History: INCORPORATED in Delaware Nov. 21, 2006 as Geovic Mining Corp., as the continuance of an Ontario concern incorporated on Nov. 8, 2001 under the name Resource Equity Ltd. to continue an Alberta concern of the same name originally incorporated Aug. 27, 1984. Name changed from Resource Equity Ltd. to Geovic Mining Corp. on Nov. 21, 2006.
December 1, 2006, in a reverse takeover transaction, the company acquired 100% of the outstanding shares of Geovic, Ltd. and Geovic Finance Corp., on the basis of two shares of the company's Common for each Geovic, Ltd. Common share held, and one Common and one Preferred share of the company for each Common and Preferred Geovic Finance Corp. share held. Also on Dec. 1, 2006, the company acquired 4.5% (45 shares) of the issued and outstanding shares of GeoCam Cameroon, PLC, in exchange for 1,250,010 shares of its Common stock. A total of 62,142,943 Common shares in the aggregate were issued by the company in the acquisition transactions. Following the acquisitions, Geovic, Ltd. and Geovic Finance Corp. became wholly owned subsidiaries of the company, and the company subsequently transferred its holdings in GeoCam Cameroon, PLC to Geovic, Ltd. | | | | Subsidiaries: |
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Geovic Cameroon PLC
Geovic Energy Corp.
Geovic France SAS
Geovic Mineral Sands Corp.
Geovic Nouvelle-Caledonie SAS
Geovic, Ltd.
Pawnee Drilling, LLC
| | | | | | Capital Expenditures, thousand. Canadian Dollars |
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| Year | Amount | | 2009 | 303 |
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Management
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Management
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| Officers | Position |
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| Wade Nesmith | Chairman | | John E. Sherborne, Jr. | President & Chief Executive Officer | | Gregory C. Hill | Exec VP & Chief Financial Officer | | David C. Beling | Exec VP & Chief Operating Officer | | Alan W. Peryam | SR VP & General Counsel | | Diane M. Hartnett | Chief Accounting Officer & Controller | | Barbara A. Filas | Chief Administrative Officer | | Gary R. Morris | SR VP | | Conrad B. Houser | SR VP | | Shelia I. Short | Secretary | | Andrew C. Hoffman | Investor Relations Contact |
| | Directors |
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| William A. Buckovic | | Michael A. Goldberg | | R. J. MacDonald | | Michael T. Mason | | Wade Nesmith | | John T. Perry | | Paul D. Rose | | Gregg Sedun | | John E. Sherborne, Jr. | | | |
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Annual Report
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| Annual Report |
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| | | Income Statement | |
| 2009 | 2008 | 2007 |
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| EXPENSES |
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| | General and Administrative | (8,236) | (6,382) | (3,276) | | Exploration Costs | (10,966) | (27,464) | (9,189) | | Stock based Compensation | (972) | (2,466) | (2,111) | | Depreciation | (734) | (244) | (76) | | Mineral Property Impairment | - | (3,244) | - | | Interest and Bank Charges | (55) | (152) | (59) | | Interest Income | 112 | 1,132 | 3,235 | | Change in Fair Value of Warrants | (116) | - | - | | Earnings before Taxes | (20,967) | (38,820) | (11,476) | | TAXES AND OTHER EXPENSES |
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| | Provision for Income Tax | 75 | 436 | 414 | | Minority Interest (After Tax) | 4,601 | 11,501 | 3,214 | | Net Income (Loss) | (16,291) | (26,883) | (7,848) | | SUPPLEMENTARY INFO |
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| | Basic EPS - Continuing Operations | (0.16) | (0.26) | (0.09) | | Diluted EPS - Continuing Operations | (0.16) | (0.26) | (0.09) |
| | | | Balance Sheet | |
| 2009 | 2008 |
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| CURRENT ASSETS |
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| | Cash and Cash Equivalents | 49,153 | 64,184 | | Income Tax Receivable | - | 458 | | Prepaid Expenses | 462 | 444 | | Other Current Assets | 197 | 541 | | Total Current Assets | 49,812 | 65,627 | | NON CURRENT ASSETS |
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| | Property, Plant and Equipment, Net | 4,298 | 4,742 | | Others | - | 132 | | Deposits | 19 | 23 | | Total Assets | 54,129 | 70,524 | | CURRENT LIABILITIES |
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| | Accrued Liabilities and Other Payables | 3,423 | 5,176 | | Total Current Liabilities | 3,423 | 5,176 | | NON CURRENT LIABILITIES |
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| | Minority Interest | 9,865 | 9,144 | | Other Liabilities | 682 | 1,023 | | Related Party Payables | 328 | 152 | | Share-based Payment Liability | 791 | - | | SHAREHOLDERS' EQUITY |
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| | Common Stock - Par Value | 10 | 10 | | Additional Paid in Capital | 107,625 | 106,648 | | Deficit Accumulated during the Development Stage | (69,673) | (67,377) | | Stock Purchase Warrants | 1,078 | 15,748 | | Total Shareholders Equity | 39,040 | 55,029 | | Total Liabilities & Shareholders Equity | 54,129 | 70,524 |
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* Financial statements represent fiscal years ended Unaudited period from Nov. 16,'94 inception to Dec. 31,'09. | | | |
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Interim Report
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| Interim Report
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| | | Data Not Available | | | | | | | | | |
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Pro Forma Report
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| Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
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Quarterly Report
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| Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2009 |
1 | Nil | | 2008 |
1 | Nil | | 2008 |
2 | Nil | | 2008 |
3 | Nil | | 2008 |
4 | Nil | | 2008 |
Full Year
| Nil | | 2007 |
1 | Nil | | 2007 |
2 | Nil | | 2007 |
3 | Nil | | 2007 |
4 | Nil | | 2007 |
Full Year
| Nil | | 2006 |
1 | Nil | | 2006 |
2 | Nil | | 2006 |
3 | Nil | | 2006 |
4 | Nil | | 2006 |
Full Year
| Nil | | 2005 |
1 | Nil | | 2005 |
2 | Nil | | 2005 |
3 | Nil | | 2005 |
4 | Nil | | 2005 |
Full Year
| Nil |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | (3,550,000) | | 2009 |
1 | (3,980,000) | | 2009 |
2 | (4,540,000) | | 2009 |
3 | (3,420,000) | | 2009 |
4 | (4,350,000) | | 2009 |
Full Year
| (16,290,000) | | 2008 |
1 | (3,450,000) | | 2008 |
2 | (6,890,000) | | 2008 |
3 | (4,990,000) | | 2008 |
4 | (11,550,000) | | 2008 |
Full Year
| (26,880,000) | | 2007 |
1 | (2,370,000) | | 2007 |
2 | (1,750,000) | | 2007 |
3 | (1,770,000) | | 2007 |
4 | (1,960,000) | | 2007 |
Full Year
| (7,850,000) | | 2006 |
Full Year
| (6,840,000) | | 2005 |
Full Year
| (2,820,000) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | (.03) | | 2009 |
1 | (.04) | | 2009 |
2 | (.04) | | 2009 |
3 | (.03) | | 2009 |
4 | (.04) | | 2009 |
Full Year
| (.16) | | 2008 |
1 | (.03) | | 2008 |
2 | (.07) | | 2008 |
3 | (.05) | | 2008 |
4 | (.11) | | 2008 |
Full Year
| (.26) | | 2007 |
1 | (.03) | | 2007 |
2 | (.02) | | 2007 |
3 | (.02) | | 2007 |
4 | (.02) | | 2007 |
Full Year
| (.09) | | 2006 |
1 | (.01) | | 2006 |
2 | (.03) | | 2006 |
3 | (.07) | | 2006 |
4 | (.05) | | 2006 |
Full Year
| (.16) | | 2005 |
1 | (.02) | | 2005 |
2 | (.03) | | 2005 |
3 | (.02) | | 2005 |
4 | (.08) | | 2005 |
Full Year
| (.15) |
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Stock Data
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| | | Capitalization as of 03/31/2010: | | | | | Authorized Shares | Outstanding Shares |
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| Common $0.0001 par | 200,000,000 | 103,700,000 | | Preferred | 50,000,000 | None |
| | | | LONG TERM DEBT: None. | | | | Common $0.0001 par | | | | UNITS OFFERED: February 23, 2007, the company, through Canaccord Adams Limited, Orion Securities Inc. and Desjardins Securities Inc., agent, offered 20,000,000 Units at Canadian Dollar (C$) 2.50 per Unit; comm., C$0.15 per Unit. Each Unit consisted of one Common share and one-half of a warrant to purchase one Common share, with each whole warrant exercisable for the purchase of one additional Common share at a price of C$3.00 for a period of five years from the closing date of the offering. An additional 1,600,000 Units were available to cover over-allotments- all sold.
April 19, 2007, the company, through Canaccord Adams Limited and Orion Securities Inc., underwriters, offered 8,750,000 Units at C$4.00 per Unit; comm., C$0.20 per Unit. An additional 1,312,500 Units were available to cover over-allotments- 834,200 Units sold. Each Unit consisted of one Common share and one-half of a warrant to purchase one Common share, with each whole warrant exercisable for the purchase of one additional Common share at a price of C$5.00 until Apr. 27, 2012. | | | |
Stockholders:
03/24/2010,
454.
| | PRINCIPAL STOCKHOLDERS: April 23, 2010, William A. Buckovic owned or controlled 11.7% of the Common, Tradewinds Global Investors, LLC 10.5% and Paul D. Rose 9.0%. | | | |
Transfer Agent: Pacific Corporate Trust Co.
Vancouver
, British Columbia | | | | OTC Bulletin Board( Primary): GVCM | | | | | | Toronto Stock Exchange( Secondary): | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2009 | 0.7600 | 0.3300 | | Toronto Stock Exchange | 2008 | 1.1000 | 0.3600 | | Toronto Stock Exchange | 2007 | 4.6200 | 1.3000 | | TSX Venture Exchange | 2006 | 3.2500 | 0.1875 | | TSX Venture Exchange | 2005 | 0.4688 | 0.3516 |
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| | | | RECENT DIVIDENDS: Common $0.0001 par: No cash.
Common split 1-for-2.344 reverse, Nov. 17, 2006. | | | | | |
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