These notes went to our TCR Network earlier this week of June 19, 2017.
I asked about legal actions by Virginia Energy Resources, operator of the Coles Hill uranium deposit in Virginia. I got answers and reported them earlier this week for our TCR audience.
We will see a decision on a petition for U.S. Supreme Court review of a U.S. Court of Appeals decision, one way or another, Oct. 2 or Oct 9 or so. This year. There is also a state case centered on Virginia Energy that starts trial in September. That is from Walter Jr. and from the legal team (see below).
This is about jobs for Virginia miners and other mostly blue-collar workers, generational Virginians developing and harvesting what looks like the largest uranium deposit in the USA. The politics have gone against Virginia Energy and the Coles family for a decade or more. Virginia bans uranium mining.
I know a couple of fund managers who see VUI (Canada ticker) as a logical lottery ticket, if there is such a thing.
I have been buying below 15 cents CAD and hold maybe 50,000 or 60,000 shares. I have owned some of those shares for at least four years.
See Wednesday’s TCR report. And the filing for certiorari link. which I include again here.
The Supreme Court clerks already are requesting information, which might indicate an interest in the justices putting this on the calendar.That bit is from Walter Jr. The legal team is constitutional issues are stated in the filing, with case histories.
TCR: The law firm representing Virginia Energy is Cooper & Kirk in D.C. Charles Cooper is the counsel for VUI/VEGYF. The law firm’s John D. Ohlendorf tells me Wednesday that autumn is the likely timing of the Supreme Court’s decision on whether to take up the petition.
“The short answer is that we hope to know sometime in October,” says Mr. Ohlendorf. “The (Virginia) Commonwealth’s response to our petition is currently due on August 2. That means the Court will likely take up our petition at the beginning of its next Term, following the summer recess, on September 25. The earliest we would probably get a decision would be the following Monday, October 2; though if the Court is favorably inclined to us, it might either take another week or so to mull it over or ask for additional briefing before reaching a final decision.”
VUI/VEGYF (USA ticker) is tiny with just enough cash to get though its legal Hail Mary to the Justices. I think the market cap is below $10 million CAD.
Background outside of court here: https://www.google.com/search?q=coles+hill+uranium+geiger&oq=coles+hill+uranium+geiger+&aqs=chrome..69i57.17998j0j4&sourceid=chrome&ie=UTF-8
On this one, I am getting several dozen emails and even some phone calls from hedge funds. We’ll see.
Uranium’s spot price this spring and summer thus far has lost all of its winter gains. The per-pound price is about $20, which is half the price of what it probably cost to make money mining the radioactive element. The uranium equities showed us a spark of life this past week that closed June 23. I own among the uranium explorers and hopeful developers: Virginia Energy, a little Fission 3.0 and a growing amount of CanAlaska Uranium.
More notes: I added SA/SEA shares Thursday in market purchases. The Seabridge Gold stock is heavily short-sold, too. It rose 9 percent Friday June 23. Seabridge seeks a large-co partner for its copper and gold project KSM in British Columbia, Canada.
I also now own McEwen Mining and I look to add to my Riverside Resources if the shares keep moving south.
Riverside is suffering because of flat assays out of a Centerra joint venture in Sonora Department, Mexico. Probably the cheapest “project spawner” active in Mexico, Canada and USA. Talking points here — http://mailchi.mp/rivres/
See the video in that little p.r. package from Riverside: click here. You’ll be surprised maybe to learn how cheaply this company operates and how many projects, concessions and other companies’ stocks it runs and holds in its file cabinets.
I am adding Virginia Energy, too — on any weakness toward 12 or 13 cents CAD. Probably not likely now the legal cat is out of the bag.
As for Immunovaccine, one of our biomedical TCR Network companies, I see the weakness in the shares this past week as that kind of pause before fundamental reports or “news” shoots the stock higher again.