CRU - Crew Gold Corporation

[Evleos]

Kjøpte meg en liten post i CRU, får tro på analytikerne for en gangs skyld..

[Evleos]

Fra Orion, April :

 

"Crew Gold reported Q4 results below our expectations. The operating results

were negatively affected by operational issues in the Nalunaq project. EPS

came in above our estimate as a result of net financial income of USD 13m

versus our estimated financial expenses of USD 4,9m.

 

• Being cautious, we have reduced forecasted 2008 production volumes, which

are now below the company’s guidance. This has led to a decrease in the estimated

2008-2010 top line regardless of the increased gold price assumption.

 

• We expect an upward update of the resources and reserves from the company

in Q2. Together with healthy gold prices, this should push the share

price up. On the other hand, the necessity to repay certain loans gives some

uncertainty for the future; however, it is not likely to have a significant negative

impact on the company’s future activities.

 

• Our DCF-based NAV estimate of NOK 12,80 per share suggests a decent

upside in Crew Gold’s share. Relative valuation implies that Crew Gold is undervalued

as well. We derived our target price of NOK 12,50 as an average

value of our NAV and peer derived fair values. This is down from our previous

target of NOK 13,50, but still qualifies the share for a Strong Buy recommendation.

 

Conclusion

 

Crew Gold announced Q4 results below our expectations. We reduced our estimates

for 2008-2010; however, our new target of NOK 12,50 (down from

NOK 13,50) still qualifies the share for our Strong Buy recommendation."

[Bartender]

Crew Gold Corporation (CRU)

Company Update Price when published(USD): 1.49

14 mai 2008

 

BUY High Risk

Bloomberg: CRU NO (rating unchanged)

Reuters: CRU.OL Target Price (USD): 3.0

Sector: Mining Market cap (USDm): 694

Style: Value Analyst: Erik Roland

Financial Details of 14 mai 2008

Print version (pdf)

 

Q1'08 Review: In-line, ramp-up moving along, cash tightening

 

Q1-report basically in-line. Lefa ramp-up moving along, but cash draw-down slightly higher so cash will be tight going forward. Still, plenty valuation support. We reiterate Buy and NOK 15/USD 3 target

 

 

Quarterly results are of lesser importance as only Nalunaq has commercial status (Lefa & Maco capitalized). Nevertheless, revenues were USD 11,2m - in line with our USD 11,4m estimate. Negative EBITDA of USD 2,95m, beat our expectations of negative USD 5m (positive USD 0,5m reported, but this excludes corporate costs). Net loss was USD 27,6m. Adjusted for non-cash foreign exchange losses of USD 18m, net loss was USD 9,3m – vs our expectations of negative USD 19m. Difference is entirely explained by higher estimated depreciation charge.

Lefa Q1 production was 43,811 oz, 10,7% higher than our estimate of 39,563 oz (driven by higher grade than expected, 2,1 g/t vs 1,9 g/t). Nalunaq production was 12,674 oz – in line with expectations of 12,705 oz. Maco production of 4,704 oz came in 32,3% lower than our estimate as grade and throughput were lower than we anticipated.

Except for aligning our depreciation assumptions with reported figures, we make few adjustments to our estimates.

Valuation remains attractive as Crew is trading at less than half the peer group’s weighted average PE and EV/Oz Produced multiples for 2009-10E. Upside to EV/EBITDA of 62% and 94% for ’09E and ‘10E, respectively. NPV gives additional valuation support.

We reiterate our Buy recommendation and NOK 15/USD 3 target on Crew Gold. We expect a successful ramp-up at Lefa during Q2 to remedy a tight cash position (USD 8,7m, down from USD 20,1m exit ‘07). Also, a positive resource & reserve update and attaining commercial production status on Lefa by end Q2, should release some value we see in the share.

The recommendation was not presented to the issuer before dissemination.

[Bartender]

Notification of Trade

 

On May 28th, 2008, Jan A Vestrum, President and Chief Executive Officer of Crew bought 66.000 shares in Crew through a forward contract at NOK 7.68 and maturity August 13th 2008.

 

Mr Vestrum`s total exposure is 9,277,364 Crew shares, including common shares, convertible bonds, forward contracts and options.

 

 

Jan A Vestrum

President & CEO

[Bartender]

Shareholder Structure

Updated: 29 May 2008

 

 

1 112,224,000 25.18751 UMOE INVEST AS NOR NOR Ordinary

2 35,847,655 8.04563 GOLDMAN SACHS INT. - GBR GBR Nominee

3 15,278,020 3.42899 GOLDMAN SACHS & CO - USA USA Nominee

4 13,621,890 3.05729 CITIBANK, N.A. GBR GBR Nominee

5 10,880,000 2.4419 HANDELSBANKEN MARKET NOR NOR Ordinary

6 7,350,500 1.64974 AGRA AS NOR NOR Ordinary

7 6,455,008 1.44876 VITAL FORSIKRING ASA NOR NOR Ordinary

8 6,432,350 1.44367 KBC SECURITIES BEL BEL Nominee

9 5,955,680 1.33669 J.P. MORGAN BANK LUX LUX LUX Nominee

10 5,950,000 1.33542 VERDIPAPIRFONDET KLP NOR NOR Ordinary

11 5,350,172 1.20079 VERDIPAPIRFOND ODIN NOR NOR Ordinary

12 4,910,000 1.102 SEB PRIVATE BANK S.A LUX LUX Nominee

13 4,633,000 1.03983 DNB NOR SMB VPF NOR NOR Ordinary

14 4,612,400 1.03521 VERDIPAPIRFOND ODIN NOR NOR Ordinary

15 4,575,000 1.02681 DANSKE BANK A/S DNK LUX Nominee

16 4,193,727 0.94124 SKANDINAVISKA ENSKIL SWE SWE Nominee

17 3,750,000 0.84165 SKAGEN VEKST NOR NOR Ordinary

18 3,556,395 0.7982 STOREBRAND LIVSFORSI NOR NOR Ordinary

19 3,502,000 0.78599 NORDEA BANK NORGE AS NOR NOR Ordinary

20 3,475,202 0.77997 DNB NOR NORGE (IV) V NOR NOR Ordinary

21 3,474,250 0.77976 UBS AG, LONDON BRANC GBR GBR Nominee

22 3,300,000 0.74065 MYKLEBUST OLAV NOR NOR Ordinary

23 3,085,741 0.69256 PENSJONSKASSEN STATO NOR NOR Ordinary

24 2,928,991 0.65738 DEUTSCHE BANK AG LON GBR GBR Ordinary

25 2,874,000 0.64504 MAYLAM INVEST AS NOR NOR Ordinary

26 2,827,366 0.63457 MUSLIK AS NOR NOR Ordinary

27 2,684,000 0.6024 BANK OF NEW YORK, BR BEL GBR Nominee

28 2,396,400 0.53785 NORDEA BANK PLC FINL FIN FIN Ordinary

29 2,300,000 0.51621 ABG SUNDAL COLLIER N NOR NOR Ordinary

30 2,286,720 0.51323 JPMORGAN CHASE BANK GBR IRL Ordinary

31 2,050,000 0.4601 HAUGEN JAKOB NOR NOR Ordinary

32 1,926,942 0.43248 VERDIPAPIRFONDET NOR NOR NOR Ordinary

33 1,850,795 0.41539 BNP PARIBAS SECS SER FRA DEU Nominee

34 1,838,072 0.41254 PETERSEN JON STEEN DNK DNK Ordinary

35 1,689,166 0.37912 CACEIS BANK LUXEMBOU LUX LUX Ordinary

36 1,610,000 0.36135 BANK2 ASA NOR NOR Ordinary

37 1,600,000 0.3591 KLP LK AKSJER NOR NOR Ordinary

38 1,500,301 0.33673 SKANDINAVISKA ENSKIL NOR NOR Ordinary

39 1,425,530 0.31995 STATOIL FORSIKRING A NOR NOR Ordinary

40 1,409,000 0.31624 SKANDINAVISKA ENSKIL SWE FIN Nominee

41 1,400,000 0.31422 TANJA A/S NOR NOR Ordinary

42 1,393,000 0.31264 BARCLAYS CAPITAL SEC GBR CYM Nominee

43 1,384,000 0.31062 AKSJEVOLD AS NOR NOR Ordinary

44 1,357,250 0.30462 FIKSDAL ROAR NOR NOR Ordinary

45 1,267,500 0.28448 HOLBERG NORGE NOR NOR Ordinary

46 1,221,500 0.27415 MP PENSJON NOR NOR Ordinary

47 1,137,981 0.25541 VERDIPAPIRFONDET NOR NOR NOR Ordinary

48 1,103,746 0.24772 NORDEA BANK DENMARK DNK DNK Nominee

49 1,066,000 0.23925 LANDSBANKI ISLANDS H NOR ISL Broker

50 1,015,000 0.22781 VERDIPAPIRFONDET NOR NOR NOR Ordinary

 

 

Shareholder Structure

Updated: 07 May 2008

 

Ranking Holding Percentage Name Country of residence Citizenship/Country of reg. Type of account

1 112,224,000 25.20443 UMOE INVEST AS NOR NOR Ordinary

2 39,557,048 8.88413 GOLDMAN SACHS INT. - GBR GBR Nominee

3 15,298,620 3.43592 GOLDMAN SACHS & CO - USA USA Nominee

4 13,596,890 3.05373 CITIBANK, N.A. GBR GBR Nominee

5 10,880,000 2.44354 HANDELSBANKEN MARKET NOR NOR Ordinary

6 7,350,500 1.65085 AGRA AS NOR NOR Ordinary

7 6,504,000 1.46074 KBC SECURITIES BEL BEL Nominee

8 5,955,680 1.33759 J.P. MORGAN BANK LUX LUX LUX Nominee

9 5,950,000 1.33631 VERDIPAPIRFONDET KLP NOR NOR Ordinary

10 5,350,172 1.2016 VERDIPAPIRFOND ODIN NOR NOR Ordinary

11 4,910,000 1.10274 SEB PRIVATE BANK S.A LUX LUX Nominee

12 4,768,008 1.07085 VITAL FORSIKRING ASA NOR NOR Ordinary

13 4,612,400 1.0359 VERDIPAPIRFOND ODIN NOR NOR Ordinary

14 3,812,000 0.85614 DNB NOR SMB VPF NOR NOR Ordinary

15 3,750,000 0.84221 SKAGEN VEKST NOR NOR Ordinary

16 3,556,395 0.79873 STOREBRAND LIVSFORSI NOR NOR Ordinary

17 3,505,735 0.78735 UBS AG, LONDON BRANC GBR GBR Nominee

18 3,335,808 0.74919 JPMORGAN CHASE BANK GBR GBR Nominee

19 3,325,000 0.74676 DANSKE BANK A/S DNK LUX Nominee

20 3,245,000 0.7288 NORDEA BANK NORGE AS NOR NOR Ordinary

21 3,200,000 0.71869 MYKLEBUST OLAV NOR NOR Ordinary

22 3,193,727 0.71728 SKANDINAVISKA ENSKIL SWE SWE Nominee

23 3,073,932 0.69038 PENSJONSKASSEN STATO NOR NOR Ordinary

24 3,004,394 0.67476 DEUTSCHE BANK AG LON GBR GBR Ordinary

25 2,836,000 0.63694 MAYLAM INVEST AS NOR NOR Ordinary

26 2,827,366 0.635 MUSLIK AS NOR NOR Ordinary

27 2,613,001 0.58685 SKANDINAVISKA ENSKIL NOR NOR Ordinary

28 2,592,202 0.58218 DNB NOR NORGE (IV) V NOR NOR Ordinary

29 2,396,400 0.53821 NORDEA BANK PLC FINL FIN FIN Ordinary

30 2,339,000 0.52532 BANK OF NEW YORK, BR BEL GBR Nominee

31 2,300,000 0.51656 ABG SUNDAL COLLIER N NOR NOR Ordinary

32 2,286,720 0.51358 JPMORGAN CHASE BANK GBR IRL Ordinary

33 2,050,000 0.46041 HAUGEN JAKOB NOR NOR Ordinary

34 1,876,942 0.42154 VERDIPAPIRFONDET NOR NOR NOR Ordinary

35 1,838,072 0.41281 PETERSEN JON STEEN DNK DNK Ordinary

36 1,690,795 0.37974 BNP PARIBAS SECS SER FRA DEU Nominee

37 1,689,166 0.37937 CACEIS BANK LUXEMBOU LUX LUX Ordinary

38 1,643,000 0.369 BARCLAYS CAPITAL SEC GBR CYM Nominee

39 1,600,000 0.35934 KLP LK AKSJER NOR NOR Ordinary

40 1,414,433 0.31767 STATOIL FORSIKRING A NOR NOR Ordinary

41 1,409,000 0.31645 SKANDINAVISKA ENSKIL SWE FIN Nominee

42 1,400,000 0.31443 TANJA A/S NOR NOR Ordinary

43 1,384,000 0.31083 AKSJEVOLD AS NOR NOR Ordinary

44 1,362,250 0.30595 FIKSDAL ROAR NOR NOR Ordinary

45 1,267,500 0.28467 HOLBERG NORGE NOR NOR Ordinary

46 1,221,500 0.27434 MP PENSJON NOR NOR Ordinary

47 1,216,000 0.2731 LANDSBANKI ISLANDS H NOR ISL Broker

48 1,139,265 0.25587 NORDEA BANK DENMARK DNK DNK Nominee

49 1,137,981 0.25558 VERDIPAPIRFONDET NOR NOR NOR Ordinary

50 1,015,000 0.22796 VERDIPAPIRFONDET NOR NOR NOR Ordinary

[Bartender]

Notification of Trade

 

 

On May 29th, 2008, Jan A Vestrum, President and

Chief Executive Officer of Crew bought 30.000

shares in Crew through a forward contract at NOK

7.67 and maturity August 13th 2008.

 

Mr Vestrum`s total exposure is 9,307,364 Crew

shares, including common shares, convertible bonds,

forward contracts and options.

 

 

Jan A Vestrum

President & CEO

[Bartender]

Press Release - 6th June 2008

 

LONDON, United Kingdom: Crew Gold Corporation

(`Crew` or `the Company`) (TSX: CRU) (OSE: CRU)

(Frankfurt: KNC) (OTC-BB-Other; CRUGF.PK) today

announced:-

 

Lefa Measured and Indicated Resources Passes 5

Million Ounces

 

Crew is pleased to announce a further increase in

total resources at its 100% owned LEFA Mine in

Guinea, West Africa. This release incorporates

updates for the previously reported resources

within the LEFA area and also includes results from

the regional drilling programs undertaken during

2007 and early 2008.

 

Total resources have increased by 0.47 million

ounces (7%) from 5.95 million ounces announced in

March 2007 to 6.42 million ounces and take into

account mining depletion of 175,849 ounces

(3,383,207t @ 1.62g/t). The new mineral resources

are based on drilling from 2007 and early 2008.

 

Details of the new (and previous) resources

calculated on the LEFA Concession are tabled below

and are calculated as at 31st March 2008. All

resources have been depleted to the 31st March 2008

surfaces.

 

For Resource Statement Table, please see attached

file.

 

The Measured and Indicated resource total has

increased by 0.28 million ounces (net of production

of 0.18 million ounces) to 5.1 million ounces.

Inferred resource have increased by 0.2 million

ounces to 1.3 million.

 

Both the Firifirini and Toume Toume deposits remain

open along strike and, as previously announced, are

part of a new style of mineralization that has

previously not been recognized within the

Concession and offer further upside on grade. The

mineralization is hosted in a typical retrograde

skarn context developed by a dioritic intrusion

forming contact metamorphism with calcareous

sediments. Semi-massive accumulations of magnetite

together with lesser pyrite are developed on the

contacts with other skarn minerals such as epidote,

grossular garnet and diopside. These areas form

localised high concentrations of gold with lower

disseminated grades hosted by the altered carbonate-

sandstones, marbles or felsic intrusives.

 

Of further significance are the Inferred Resources

of Diguli Bougoufe, Diguli North, Hansaghere and

Banora West which are all located on the corridor

to the current Banora resource and highlight this

area as possibly becoming another mining centre

within the concession area.

 

Seven kilometres to the East of the process plant

there is also the trend of Dar Salaam, Sikasso and

Solabe and the final area of Kobedara a further

12kms east. These all combine to highlight the

ongoing potential of the concession and exploration

permits.

 

The old heap leach pads are also returning positive

results where 4.95 million tonnes have so far been

drilled returning above 100,000 ounces. A further

approximate 7 million tonnes is still to be

drilled, providing further potential from the old

dumps. Drilling to date has been completed on the

recently stacked areas of the dump where lower

grade material was placed. The original areas where

higher grade Lero and Karta material was placed for

leaching are still to be drilled. Historical

records indicated pre-leached grades above 5g/t.

 

Jan Vestrum, President and CEO of Crew

commented: `This increase in the resource base at

LEFA to +5 million ounces in the Measured plus

Indicated categories firmly places LEFA in the

ranks of world-class gold deposits and the Company

is confident that continuing exploration will

provide further increases to the our resource and

reserve inventory.

 

In just over two years the Company has grown the

reserve base from 2.3 million ounces to 3.87

million ounces mainly from near mine exploration.

Measured and Indicated resources have increased

from 3.8 million ounces to 5.1 million ounces.

Importantly, we are now starting to see the

benefits from the regional exploration programme.

The Company now has a reserve mine life in excess

of 10 year and is confident that continuing

exploration will provide further increases to the

our resource and reserve inventory.

 

For further information on the resource data please

refer to our website www.crewgold.com.

 

Quality Assurance and Control and Qualified Person

All drilling is conducted using industry accepted

equipment and procedures for drilling and sampling.

All drill intercepts reported in this press release

relate to either RC percussion (dry samples, 1m

intervals, >75% sample recovery) or NQ/HQ diamond

drill core (half core samples, maximum 1m

intervals, >95% sample recovery) for Resource

definition drilling, all first pass regional

exploration drilling is conducted using AC

drilling, with follow up using RC. Historically,

sampling and assaying of wet RC samples has

occurred and this data is flagged in the resource

database. A program of confirmatory diamond

drilling is ongoing to verify the reliability of

this data.

 

All assay results reported have been determined by

50 gram fire assay, aqua regia digest and atomic

absorption spectrometer readings to a detection

limit of 0.01 g/t gold by independent assay

contractors SGS Siguiri. A check assay program with

internationally recognized and certified umpire

assay laboratories Genalysis (Perth, Australia) and

ALS Chemex (Vancouver, Canada) is also conducted to

confirm reliability of assay data. The data is

verified on an ongoing basis by Crew`s Qualified

Person and independent resource consultants Helman

and Schofield of Australia.

 

Data, of a scientific or technical nature,

regarding mineral reserves and mineral resources of

Crew Gold Corporation and its subsidiaries included

in this document has been verified by Mr. Andrew

Pardey, General Manager Exploration, Africa and

Chief Geologist. Mr. Pardey is a `qualified person`

within the meaning of Canadian National Instrument

43-101 - Standards of Disclosure for Mineral

Projects. Mr. Pardey is not `independent` of Crew

Gold Corporation within the meaning of NI 43-101 as

he holds securities of the company. All

exploration work of the company is conducted under

the supervision of Mr. Pardey.

 

The mineral resources referred to in this press

release are not mineral reserves and have not

demonstrated economic viability.

 

Jan A Vestrum

President & CEO

[Bartender]

11.06.2008 15:16:34 - Oslo SE, News

CRU: Meldepliktig handel

http://www.newsweb.no/index.jsp?messageId=212548

 

 

Oslo 11. juni 2008.

 

Freedom Invest AS har onsdag forlenget en termin

i Crew Gold Corp på 50.000 aksjer i ytterligere 3

måneder til 9.september 2008.

Ny kjøpskurs på terminen er ca 9,18 kroner.

 

Freedom Invest AS er eid av styremedlem Erlend

Grimstad i Crew Gold. Beholdning etter

forlengelsen er uendret på 53.500 aksjer.

[Bartender]

Shareholder Structure

Updated: 11 June 2008

 

Ranking Holding Percentage Name Country of residence Citizenship/Country of reg. Type of account

1 112,224,000 25.18519 UMOE INVEST AS NOR NOR Ordinary

2 35,847,655 8.04489 GOLDMAN SACHS INT. - GBR GBR Nominee

3 15,278,020 3.42868 GOLDMAN SACHS & CO - USA USA Nominee

4 13,621,890 3.05701 CITIBANK, N.A. GBR GBR Nominee

5 10,870,000 2.43943 HANDELSBANKEN MARKET NOR NOR Ordinary

6 7,350,500 1.64959 AGRA AS NOR NOR Ordinary

7 6,432,350 1.44354 KBC SECURITIES BEL BEL Nominee

8 6,260,008 1.40486 VITAL FORSIKRING ASA NOR NOR Ordinary

9 5,955,680 1.33657 J.P. MORGAN BANK LUX LUX LUX Nominee

10 5,950,000 1.33529 VERDIPAPIRFONDET KLP NOR NOR Ordinary

11 5,350,172 1.20068 VERDIPAPIRFOND ODIN NOR NOR Ordinary

12 4,910,000 1.1019 SEB PRIVATE BANK S.A LUX LUX Nominee

13 4,825,000 1.08282 DANSKE BANK A/S DNK LUX Nominee

14 4,633,000 1.03973 DNB NOR SMB VPF NOR NOR Ordinary

15 4,612,400 1.03511 VERDIPAPIRFOND ODIN NOR NOR Ordinary

16 3,672,000 0.82407 SKAGEN VEKST NOR NOR Ordinary

17 3,556,395 0.79812 STOREBRAND LIVSFORSI NOR NOR Ordinary

18 3,502,000 0.78592 NORDEA BANK NORGE AS NOR NOR Ordinary

19 3,475,202 0.7799 DNB NOR NORGE (IV) V NOR NOR Ordinary

20 3,300,000 0.74058 MYKLEBUST OLAV NOR NOR Ordinary

21 3,262,491 0.73216 DEUTSCHE BANK AG LON GBR GBR Ordinary

22 3,027,366 0.6794 MUSLIK AS NOR NOR Ordinary

23 2,974,000 0.66742 MAYLAM INVEST AS NOR NOR Ordinary

24 2,773,109 0.62234 UBS AG, LONDON BRANC GBR GBR Nominee

25 2,761,000 0.61962 BANK OF NEW YORK, BR BEL GBR Nominee

26 2,588,866 0.58099 PENSJONSKASSEN STATO NOR NOR Ordinary

27 2,396,400 0.5378 NORDEA BANK PLC FINL FIN FIN Ordinary

28 2,300,000 0.51616 ABG SUNDAL COLLIER N NOR NOR Ordinary

29 2,286,720 0.51318 JPMORGAN CHASE BANK GBR IRL Ordinary

30 2,193,727 0.49231 SKANDINAVISKA ENSKIL SWE SWE Nominee

31 2,050,000 0.46006 HAUGEN JAKOB NOR NOR Ordinary

32 1,926,942 0.43244 VERDIPAPIRFONDET NOR NOR NOR Ordinary

33 1,884,000 0.42281 AKSJEVOLD AS NOR NOR Ordinary

34 1,850,795 0.41535 BNP PARIBAS SECS SER FRA DEU Nominee

35 1,838,072 0.4125 PETERSEN JON STEEN DNK DNK Ordinary

36 1,689,166 0.37908 CACEIS BANK LUXEMBOU LUX LUX Ordinary

37 1,610,000 0.36131 BANK2 ASA NOR NOR Ordinary

38 1,409,000 0.31621 SKANDINAVISKA ENSKIL SWE FIN Nominee

39 1,400,000 0.31419 TANJA A/S NOR NOR Ordinary

40 1,389,000 0.31172 KLP LK AKSJER NOR NOR Ordinary

41 1,357,250 0.30459 FIKSDAL ROAR NOR NOR Ordinary

42 1,267,500 0.28445 HOLBERG NORGE NOR NOR Ordinary

43 1,221,500 0.27413 MP PENSJON NOR NOR Ordinary

44 1,186,910 0.26637 STATOIL FORSIKRING A NOR NOR Ordinary

45 1,137,981 0.25538 VERDIPAPIRFONDET NOR NOR NOR Ordinary

46 1,108,746 0.24882 NORDEA BANK DENMARK DNK DNK Nominee

47 1,066,000 0.23923 LANDSBANKI ISLANDS H NOR ISL Broker

48 1,015,000 0.22779 VERDIPAPIRFONDET NOR NOR NOR Ordinary

49 1,002,040 0.22488 SCANDINAVIAN FASHION NOR NOR Ordinary

50 1,000,000 0.22442 GAMBAK VPF NOR NOR Ordinary

[Bartender]

RU: CONTEMPLATED PRIVATE PLACEMENT

http://www.newsweb.no/index.jsp?messageId=212628

 

 

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR

FOR DISSEMINATION IN THE UNITED STATES

 

DATE: June 12, 2008

 

CONTEMPLATED PRIVATE PLACEMENT

 

LONDON, United Kingdom, DATE: June 12, 2008 Crew

Gold Corporation (`Crew`) (TSX & OSE: CRU;

Frankfurt: KNC; OTC-BB- other: CRUGF.PK.)

 

London, June 12, 2008: Crew Gold Corporation

(`Crew` or the `Company`) today announced that it

has retained Arctic Securities ASA and Arctic

Securities ASA as Managers and Joint Bookrunners

(the `Managers`) to advice on and effect a

contemplated share issue directed towards

professional Norwegian and international investors

located outside Canada and the United Statesafter

the close of the Oslo Stock Exchange today. Larger

institutional and long-term investors will be

preferred.

 

The private placement will comprise up to 50

million new shares, constituting approx. 10.8% of

the current number of outstanding shares. The

subscription price will be set in a book-building

process with a minimum price of NOK 6.50 per

share. Umoe Invest AS, a primary insider in the

Company, has guaranteed subscription of 46.4

million shares in the private placement against an

underwriting fee of 1.5%. The number of

underwritten shares has been reduced from 50

million shares as under the rules of the Toronto

Stock Exchange insiders cannot acquire more than

10% of the issued shares under a private placement.

 

The gross proceeds from the private placement are

expected to amount to up to approx. NOK 325

million and will be used to finance the Company`s

investment program at the mine in Guinea, and for

general working capital requirements. Crew Gold is

an international gold mining company focused on

identifying, acquiring, developing and operating

gold mineral resources. The Company`s main three

assets include the Lefa Gold Project in Guinea,

Maco Gold Mine in the Philippines and the Nalunaq

Gold Mine in Greenland.

 

The shares offered and subscribed in the private

placement will be settled as soon as possible

through payment by way of transfer to the

subscribers of already listed shares made

available to the Managers by Umoe Invest AS under

a Stock Lending Agreement between Arctic

Securities ASA and Umoe Invest AS. The Lender

shall be entitled to receive a lending fee in line

with market terms. Accordingly, all shares

subscribed in the private placement will,

effectively, be tradable immediately after

delivery to the investors. The shares borrowed

from Umoe Invest AS will be returned to Umoe

Invest AS by way of issuance of the new common

shares by the Company to the Manager for delivery

to Umoe Invest AS.

 

The new shares being delivered to Umoe Invest AS

may not be sold, transferred, hypothecated or

otherwise traded on or through the facilities of

the Toronto Stock Exchange or otherwise in Canada

or to or for the benefit of a Canadian resident

for a period of 4 months and 1 day from the issue

date. As a consequence, these shares will not be

admitted to trading on the Oslo Stock Exchange or

any stock exchange until the lapse of such period.

Furthermore, the new shares issued to Umoe Invest

AS will not be admitted to trading on the Oslo

Stock Exchange until the Company has published a

prospectus for the listing of said shares.

 

Completion of the private placement is subject to

the approval by the board of directors of the

Company and required regulatory approvals for the

issuance of the new shares in Canada, including

required approvals by the Toronto Stock Exchange.

 

For further information, please contact:

 

CEO Crew Gold Corporation, Jan A. Vestrum phone

+44 7766 506422

 

or

 

CFO Crew Gold Corporation, William Le Clair phone

+ 44 7957 179879

 

THIS IS NOT AN OFFER TO SELL, OR THE SOLICITATION

OF AN OFFER TO BUY, ANY SECURITIES. THE

DISTRIBUTION OF THIS PRESS RELEASE AND THE OFFER

AND SALE OF THE SECURITIES IN CERTAIN

JURISDICTIONS MAY BE RESTRICTED BY LAW. ANY

PERSONS READING THIS PRESS RELEASE SHOULD INFORM

THEMSELVES OF AND OBSERVE ANY SUCH RESTRICTIONS.

 

THIS IS NOT AN OFFER OF SECURITIES FOR SALE IN THE

UNITED STATES. NO SECURITIES HAVE BEEN REGISTERED

UNDER THE U.S SECURITIES ACT TO BE OFFERED FOR

SALE IN THE UNITED STATES. SECURITIES MAY NOT BE

OFFERED FOR SALE IN THE UNITED STATES ABSENT

REGISTRATION UNDER THE U.S. SECURITIES ACT OR AN

EXEMPTION FROM REGISTRATION. ANY PUBLIC OFFERING

OF SECURITIES TO BE MADE IN THE UNITED STATES WILL

BE MADE BY MEANS OF A PROSPECTUS.

[Hoff@]

Umoe tar nå de fleste av aksjene og kursen blir satt etter auksjons-prinsippet, Hvordan oppfatter du emisjonen som følger CREW Bart?

[Bartender]

Umoe tar nå de fleste av aksjene og kursen blir satt etter auksjons-prinsippet, Hvordan oppfatter du emisjonen som følger CREW Bart?

 

Først ble jeg rett og slett kjempe forbannet Det er nemlig ikke mange dagene siden CEO gikk ut og flagget det faktum at selskapet hadde vært cash positive fra og med februar i år og at det ikke var på tale å utstede nye aksjer på dette kursnivået.

 

Den neste tanken som slo meg var at det er merkelig at UMOE går inn og garanterer for nesten hele kapitalutvidelsen. Er det da han som har trikset kursen ned siden nyttår ? Stupet i kursen for en uke siden kom jo som bestilt for den som får disse nye aksjene til innbruddspris ...... Jeg synes dette ligner misstenkelig på utviklingen i ITX kursen like før CRU så seg nødt til å selge siste posten sin til NETTOPP UMOE..........

 

Siden nyttår har handelen vært merkelig - og spesielt rar ble den etter at Vestrum presenterte Q1 tallene og i den forbindelse utbasunerte at noen emisjon ikke kom på tale. Flere meglerhus har solgt seg ned med daglige poster, men uten å se ut til å ville selge noe volum. MSI og ESO f.eks. har kun solgt microposter og da kun om det førte til litt lavere kurs. I ett tilfelle for et par uker siden satte en aktør ut en kjøpsordre på 7,93 med kjempevolum. (400 K aksjer så vidt jeg husker) Da var det plutselig ingen som ville selge og ordren gikk ut på tid ved slutten av dagen etter å ha ligget åpen i nesten en time.

 

Med andre ord, ingen ser ut til å være interessert i å selge seg ned, men ALLE har vært interessert i lavere kurs. Så vidt jeg husker er det bare Bank Of NY og UBS av de 50 største aksjonærene som har vektet seg ned siden nyttår iflg. VPS-lister.

 

Baisse-aktiviteten har vært ekstrem på HO siden nyttår. Jeg tror knapt noe selskap har hatt så mange nystartede tråder som CRU. 95% av disse har prøvd å så tvil om selskapets finansielle situasjon mht likviditet. Dette har vært debatert opp og ned i ukesvis , men Q1 regnskapet og selskapets ulike presentasjoner viser høy og stadig stigende gullproduksjon/salg på stadig høyere gullpriser. Om ikke selskapet bruker pengene de får inn fra produksjonen til fyllmasse i veiutbyggingen så må de ha penger til plussresultat i Q2 regnskapet.

 

Selskapet har nettopp offentliggjort kostnadene pr mnd når Lefa går for fulle mugger - 12 mill USD. Produksjonen i mars i år var på behagelige 21.000 Oz solgt til snittpris 906 USD/Oz med USD/NOK kurs på ca 5,00. Med andre ord et driftsoverskudd på ca 35 millioner kroner. Nå skal det jo sies at de ikke er ferdig med oppgraderingen og pengebruken er noe uklar i den forbindelse, men likevel......

 

Hva pokker skal de da med 325 millioner kroner i ekstra kapital ??

 

Vel, se det blir kun spekulasjoner fra min side, men jeg har noen ideer:

 

*De kan kvitte seg med "Fille-Lånet" som de på merkelig vis ble sittende med da de skilte ut ITX fra selskapet. Dette har vært brukt som baisse-bensin i månedsvis og det skal bli godt å få det ut av margen.

 

*Med denne emisjonen, vil de feie all tvil ut av markedet om at likviditeten skulle være dårlig, noe som bør sette bånn i bøtta for aksjekursen på 6,50. - Den som ikke har dekket inn shorten sin nå...... kan ringe meg på 0800CRUAKSJERTILBLODPRIS.

 

*Selskapet har startet diskusjoner rundt muligheten for å bygge enda et anlegg på samme område eller i nærheten av eksisterende anlegg på Lefa. Dette vil selvsagt koste flesk, men vil på sikt kunne bli ei skikkelig "Gull-Gruve".

 

*Dette kan også være et forsøk på å røyke ut short-possisjoner i aksjen. Det har versert mange rykter om "Short Gone Wrong" i aksjen i og med at den virkelige nedturen startet først når Vestrum fortalte om driftsoverskuddet i April. At UMOE garanterer for nesten alle aksjene til 6,50 burde skremme vannet av større shortere.

 

Så.....jeg håper og tror dette setter strek for usikkerhetene og vil føre til høyere kurser på kort og lang sikt.

 

Hva tror du ?

[lothar]

Håper dette betyr at bunnen er satt i CRU. Virker imidlertid veldig uprofesjonelt at man først benekter noe man har allerede tenkt å gjennomføre. Det er jo ikke akkurat tillitvekkende.

[Bartender]

Håper dette betyr at bunnen er satt i CRU. Virker imidlertid veldig uprofesjonelt at man først benekter noe man har allerede tenkt å gjennomføre. Det er jo ikke akkurat tillitvekkende.

 

Det er jeg forsåvidt enig i, men om årsaken til emisjonen er å løse opp en short-knipe, kan dette ha blitt bestemt på meget kort varsel. Det at UMOE setter bånn i bøtta med garanti for 300 mill til kurs 6,50 kan være bevis for det.

 

Det blir spennende i morgen når fasiten på emisjonen blir meldt. Jeg er ikke helt sikker på at kursen blir 6,50 for å si det slik.

[Bartender]

13.06.2008 08:22:34 - Oslo SE, News

CRU: PRIVATE PLACEMENT FULLY SUBSCRIBED

http://www.newsweb.no/index.jsp?messageId=212662

 

 

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR

FOR DISSEMINATION IN THE UNITED STATES

 

DATE: June 13, 2008

 

PRIVATE PLACEMENT FULLY SUBSCRIBED

 

LONDON, United Kingdom, DATE: June 13, 2008 Crew

Gold Corporation (`Crew`) (TSX & OSE: CRU;

Frankfurt: KNC; OTC-BB- other: CRUGF.PK.)

 

London, June 13, Reference is made to the press

release dated June 12, 2008 regarding the private

placement in Crew Gold Corporation.

 

On June 12, 2008, the private placement was

completed and the Company`s board of directors

approved the sale of 50 million shares at a

subscription price of NOK 6.50 per share, raising

gross proceeds of NOK 325 million. Completion of

the private placement is subject to the required

regulatory approvals for the issuance of the new

shares in Canada, including required approvals by

the Toronto Stock Exchange. The private placement

was significantly oversubscribed.

 

The proceeds of the transaction will be used to

finance the Company`s investment program at the

mine in Guinea, and for general working capital

requirements. Crew Gold is an international gold

mining company focused on identifying, acquiring,

developing and operating gold mineral resources.

The company`s main three assets include the Lefa

Gold Project in Guinea, Maco Gold Mine in the

Philippines and the Nalunaq Gold Mine in Greenland.

 

In accordance with the authority established

through the authorised share capital, the

Company`s board of directors resolved to issue 50

million new shares, representing approximately

10.8% of the registered share capital.

 

Shares used as settlement in the private placement

will comprise already listed shares made available

to the Managers by Umoe Invest AS under a Stock

Lending Agreement between Arctic Securities ASA

and Umoe Invest AS. All shares allocated in the

private placement are therefore tradable

immediately after delivery to the investors. The

shares borrowed from Umoe Invest AS will be

returned to Umoe Invest AS by way of issuance of

the new common shares by the Company to the

Manager for delivery to Umoe Invest AS.

 

The private placement was managed by Arctic

Securities ASA and First Securities ASA.

 

For further information, please contact:

 

CEO Crew Gold Corporation, Jan A. Vestrum phone

+44 7766 506422

 

or

 

CFO Crew Gold Corporation, William LeclairPhone +

44 7957 179879

[Bartender]

Press Release - 13th June 2008

 

LONDON, United Kingdom: Crew Gold Corporation

(`Crew` or `the Company`) (TSX: CRU) (OSE: CRU)

(Frankfurt: KNC) (OTC-BB-Other; CRUGF.PK) today

announced:-

 

Notification of Trade

 

On 12 June 2008, Umoe Industri AS a primary insider

of Crew Gold was allocated 18,560,000 shares as

part of a Private Placement in Crew Gold

Corporation.

 

Umoe Industri AS and related parties controls after

this a total of 138,134,500 shares in Crew Gold Ltd

representing 26.83% of total shares issued after

the private placement.

 

Jan A Vestrum

President & CEO

[Bartender]

Press Release - 13th June 2008

 

LONDON, United Kingdom: Crew Gold Corporation

(`Crew` or `the Company`) (TSX: CRU) (OSE: CRU)

(Frankfurt: KNC) (OTC-BB-Other; CRUGF.PK) today

announced:-

 

Notification of Trade

 

On 12 June 2008, Mr. Brian Hosking, Primary Insider

and Director of Crew Gold Corp was allocated 24,600

shares as a part of a private placement in Crew

Gold Corporation.

 

Mr Hosking`s total exposure is 784,600 Crew shares,

including common shares, convertible bonds, forward

contracts and options.

 

 

Jan A Vestrum

President & CEO

[Bartender]

13.06.2008 16:04:34 - Oslo SE, News

CRU: CREW GOLD - INTERNT SALG AV AKSJER I UMOE GRUPPEN

http://www.newsweb.no/index.jsp?messageId=212785

 

 

Umoe Industri AS har videresolgt 1.139.574 aksjer

i Crew Gold Corporation (CRU) til Agra AS på kurs

6,50 kroner.

Agra AS beholdning etter transaksjonen er

8,490,074 aksjer i Crew. Både Agra AS og Umoe

Industri AS eies av Jens Ulltveit-Moe, styremedlem

i Crew.

 

Umoe Industri AS har på samme kurs videresolgt

21.937 aksjer i Crew Gold til Dannevigen Holding

AS, som eies av Karen Helene Ulltveit-Moe,

ektefelle til Jens Ulltveit-Moe. Etter kjøpet

eier Dannevigen Holding 163.437 aksjer i Crew

Gold.

 

Etter videresalgene eier Umoe Industri AS

17.398.489 aksjer i Crew Gold.

Umoe Invest AS eier 112.224.000 aksjer i Crew

Gold.

 

Umoe Gruppen (Agra, Umoe Industri og Umoe Invest)

eier etter transaksjonene 138.112,563 aksjer i

Crew Gold, tilsvarende 26,83% av aksjene.

[Bartender]

Notification of Trade

 

On 24th June 2008, Simon Russell, Director of Crew

Gold Corporation purchased 25,000 Crew gold shares.

These shares were bought on the Canadian market at

a price of CAD$1.20 per share.

 

Mr Russell`s total exposure is 400,000 Crew shares,

including common shares and options.

 

 

Jan A Vestrum

President & CEO

 

 

Notification of Trade

 

On 23 June 2008, Brian Hosking, Primary Insider and

Director of Crew Gold Corporation purchased 20,000

Crew gold shares. These shares were brought on the

Canadian market at a price of CAD$1.30 per share.

 

Mr Hosking`s total exposure is 824,600 Crew shares,

including common shares, convertible bonds, forward

contracts and options.

 

 

Jan A Vestrum

President & CEO

 

 

Notification of Trade

 

On 13 June 2008, Brian Hosking, Primary Insider and

Director of Crew Gold Corporation purchased 20,000

Crew gold shares. These shares were brought on the

Canadian market at a price of CAD$1.37 per share.

 

Mr Hosking`s total exposure is 804,600 Crew shares,

including common shares, convertible bonds, forward

contracts and options.

 

 

Jan A Vestrum

President & CEO

[Zoonic]

FIRST ute med en CRU-oppdatering idag, Bart:

 

CRU___Presentation___27.06.2008.pdf

 

 

_____________

[Bartender]

Takk takk, Zoonic

 

Nå mangler det bare et saftig kursmål fra krystallkula di så tipper jeg rallyet kan starte

[Bartender]

Hm.....

 

INTERN OVERFØRING I UMOE GRUPPEN

Tekst

Umoe Invest AS har fredag solgt 112.224.000 aksjer

i Crew Gold Corp til Umoe Industri AS, for et

vederlag på 5,40 kroner pr aksje.

 

Umoe Industri AS eier etter kjøpet 129.622.489

aksjer i Crew Gold.

 

Umoe Gruppen (Umoe Industri, Umoe Invest og Agra

AS) har ikke endret sin eierandel i Crew Gold som

følge av transaksjonen, og eier 138,112,563 aksjer

i Crew Gold tilsvarende 26,83% av aksjene.

 

Det gjøres oppmerksom på at Umoe Gruppen p.t. har

lånt ut cirka 49,93 millioner aksjer i Crew Gold.

[Bartender]

Godt informert gutta i DN:

 

Låner ut Crew-aksjer

Umoe Gruppen bidrar til at investorer kan shorte i Crew-aksjen.

 

TDN Finans

 

 

Umoe Gruppen har per i dag lånt ut rundt 49,9 millioner aksjer i Crew Gold Corporation. Det opplyses i en melding fredag.

 

Videre opplyses det at Umoe Invest har solgt 112.224.000 Crew-aksjer til Umoe Industri til kurs 5,40 kroner pr aksje. Umoe Gruppen eier 138.112.563 aksjer i Crew, tilsvarende 26,83 prosent av utestående aksjekapital.

 

Aksjen er ned 3,37 prosent til 5,44 kroner.

 

Publisert: 27.06.2008 - 14:13 Oppdatert: 27.06.2008 - 14:14

[Bartender]

Mye rart har foregått i handelen og kursutviklingen har vært skremmende siste året, noe som har fått mitt fokus litt ut av kurs når det kommer til det fundamentale i selskapet. Jeg har nok hatt litt for mye fokus på rykter, konspirasjonsteorier og jobbet litt for mye med å finne årsaken til fallet. Nå når det kan se ut som om det blir litt roligere framover er det på tide å fokusere mer på fundamentale forhold tror jeg.

 

Umoe’s transaksjon på fredag er nok et steg i hans langsiktige plan for investeringen Crew Gold.. Det å realisere tapet som må være rundt 500 – 600 mill NOK, er intet mindre enn genialt. (Han sitter stadig med alle aksjene i behold, men har sikret UMOE Invest en kraftig skattefordel) Måten det ble gjort på er lovlig og transaksjonen ble gjort til markedspris så dette er etter boka. Jeg kan ikke helt fri meg fra tanken om at Umoe har hjulpet kursen litt nedover siden nyttår med skattefradraget som motivasjon.

 

(Er det forresten noen som har merket seg at baisse-aktiviteten på HO er redusert med 95% siden transaksjonen ble gjort på fredag ?)

 

Så over til det fundamentale og prisingen av Crew Gold. Jeg baserer mye av mine investeringer ut fra analyser gitt av Pareto, Orion og First Securities. Alle har kursmål på det doble og tredoble av dagens kurs. Og jeg venter en reprising av aksjen utover sommeren/høsten i år.

 

Gitt at selskapet når sitt årlige produksjonsmål på 500.000 Oz blir nådd, er prisen på selskapet fantastisk lav, nesten farlig lav for dem som har investert i aksjen med langsiktig sparehorisont. Et fientlig oppkjøp kan komme når som helst. Når det er sagt tror jeg UMOE sitter langsiktig i aksjen og vil med sin post kunne stoppe et eventuelt oppkjøp. At han selv vil prøve seg på et oppkjøp er etter min mening lite trolig. Crew Gold er et selskap i vekst og vil trenge mer kapital om ytterligere vekst skal kunne fortsette. Da tenker jeg på ”Trinn 2” på Lefa og oppstart av seriøs produksjon på Maco.

 

Siste uka har gullprisen gått rett til himmels uten at dette har ført til høyere kurs i CRU. Gitt at NOK/USD er 5 kroner, årsproduksjonen kommer opp i 500K Oz og at cash cost er stabile ved ”full produksjon”, vil en økning i gullprisen på 100 USD føre til et økt overskudd for selskapet på utrolige 250 millioner kroner. Med 655 mill aksjer (Fully deluted fra 2011 når alle convertible bonds er omgjort til aksjer) i selskapet vil dette føre til en økt EPS på 0,3817. Om man mener at selskapet skal prises etter en PE på 10 (Som er forsiktig sammenlignet med peers og fornuft for et vekstselskap) vil dette tilsi en økning i aksjekursen på 3,80. Om aksjen hadde vært priset etter en PE på 20, som vil være normalt for et vekstselskap, ville en økning i gullkursen på 100 USD føre til en økt aksjekurs på 7,60.

 

 

 

Hva er så årsaken til at markedet nå priser CRU-aksjen til 5,50 ?? Er det noen som tror på snarlig konkurs, eller er det andre årsaker til denne merkelige kursen ? Kostnadene til selskapet er velkjent etter siste presentasjoner og kvartalsregnskap. Og når jeg regner inn 655 millioner aksjer, er det fult utvannet etter at obligasjonene er omgjort til aksjer. Har noen regnet inn hva dette vil føre til i besparelser i resultatregnskapet når selskapets finanskostnader reduseres dramatisk ? (Det er mange millioner USD i årlig besparelse)

[thomas]

Godkveld!

 

Naa er det utrolig lenge siden jeg har skrevet noe som helst paa dette forumet, tror det er ca 1 aar siden sist. Hei igjen

 

Aksjemarkedet gaar mot svaert usikre tider og jeg er ganske overbevist om at bunnen vil dette ut av markedet grunnet bunnl0s dollar/crash i husmarkedet/resesjon i USA paa den ene siden, og inflasjon som kommer ut av kontroll i Asia paa den andre siden.

 

Men kunne godt tenke meg aa plukke opp CRU en av dagene. Har faatt seg en kraftig smell ser jeg, og det med rette iom at selskapet leverer fint lite enn gr0nne skoger, og lite gull.

 

Tror derimot Guinea-prosjektet kan bli en gullgruve (no pun intended) for CRU med tiden, men naar trappes produksjonen opp for full her?

 

Fortsatt god l0rdagskveld :)