Wall Street News Alert's "stocks to watch" this morning are:
Supatcha Resources Inc. (OTCBB: SAEI), EOG Resources, Inc. (NYSE:
EOG), Nucor Corp. (NYSE: NUE) and Eldorado Gold Corp. (NYSE: EGO).
Yesterday after the markets closed, Supatcha Resources Inc.
(OTCBB: SAEI) issued a press release announcing that it has
executed an agreement with Melco Investments, Ltd. ("MIL"),
providing for a $10,000,000 financing. This financing is in the
form of a convertible debenture with terms stipulating an interest
rate of 8% and a loan repayment term of 24 months from the date of
execution of the agreement, by way of cash or through the
conversion of shares of Supatcha Resources stock. The repayment
terms of the financing are amenable to the Company's property
development schedule and to future financings plans to retire the
debt.
The securities potentially offered to the investor, under the
terms of the financing will not be registered under the Securities
Act of 1933 as amended (the "Act"), and may not be offered or sold
in the United States absent of registration, or an applicable
exemption from registration, under the Act. The monies from this
financing will be utilized to cover operational and development
costs at Supatcha's Barlevskoye and Vynohradiv Gold Mines. The
funds provided will also be a contingency for costs that may arise
in the first few months of the Company's aggressive development and
exploration program. Additionally, the availability of these funds
will provide the Company with the necessary capital cost
commitments and general working capital in the near term.
"We are very pleased to have concluded this financing with Melco
Investments and are appreciative of the 24 month timeline of the
funds. While we may not require the use of the entire $10,000,000
that this financing provides," stated Mr. Nikolae Yagodka, CFO of
Supatcha, "its availability will help to ensure that the mine
acquisition, development and exploration programs at the
Barlevskoye and Vynohradiv mines will proceed in a smooth and
timely fashion."
"These funds will allow us to immediately commence with
implementation of our operating strategy. The financial commitment
afforded by this financing is an indication of confidence in the
future success of our projects and will be significant to the
growth of the Company," stated Mr. Nikolae Yagodka, Chief Financial
Officer. "The exercise price of the convertible notes at between
$2.10 and $2.50 per share also demonstrates the lender's confidence
in the Ukrainian Gold team to provide results through the Company's
programs," added Mr. Yagodka.
The company has just previously reported that it has signed a
definitive agreement to acquire a 90% interest in the Barlevskoye
and Vynohradiv Gold licenses in Southwestern Ukraine from arm's
length third parties. Supatcha will pay $7,500,000 and will issue
500,000 common shares, in consideration for 90% of the issued and
outstanding shares of Poltavas Capital Management Ltd., a BVI
Company which on closing, will own all of the outstanding shares of
Zolotivorota ("Golden Gate"), a Ukraine company which holds the
rights to the properties by way of two Special Permissions issued
by the Ministry of Environmental Protection.
The stock closed yesterday at $1.75 a share.
For an in-depth profile of Supatcha Resources,
visit
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EOG Resources, Inc. (NYSE: EOG) up 6.5% on 8.2 million shares
traded.
EOG Resources, Inc. is one of the largest independent
(non-integrated) oil and natural gas companies in the United States
with proved reserves in the United States, Canada, Trinidad, the
United Kingdom and China.
Nucor Corp. (NYSE: NUE) down 0.06% on 6.4 million shares
traded.
Nucor and affiliates are manufacturers of steel products, with
operating facilities primarily in the U.S. and Canada.
Eldorado Gold Corporation (NYSE: EGO) up 7% on 7.9 million
shares traded.
Eldorado Gold Corporation is a gold producing and exploration
company actively growing businesses in China, Turkey, Brazil,
Greece and the surrounding regions.
Market Commentary:
The Federal Reserve said Wednesday that borrowing declined by
$11.5 billion in February. The decline was the 12th decrease in the
past 13 months as consumers slash borrowing in the face of a deep
economic recession and high unemployment. Economists had expected a
small $500 million gain in February.
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