Their existence is highly uncertain as they are based on very rough estimates, and it is therefore uncertain if they can be mined. For additional information, please contact the restructuring information center toll free at 1 (888) 508-2507 or submit an inquiry via e-mail to gwginfo@donlinrecano.com. CORRECTIVE ENTRY: Clerk modified attorney to reflect PDF. The proceeds of all or a portion of the DIP Credit Agreement may be used for, among other things, general corporate purposes, including working capital and permitted acquisitions, administrative costs, premiums, expenses and fees of the transactions contemplated by the Chapter 11 Cases, for payment of court approved adequate protection obligations and other such purposes consistent with the DIP Credit Agreement. Many years of promises with nothing happening but loses and no date that they will start mining. This press release contains forward-looking statements related to future events. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Kristhy M. Peguero During his academic career he acquired an extensive managerial and economic background, with a solid quantitative basis. He covers all sectors and the different types of stocks. These cookies do not store any personally identifiable information. Fax: (212) 872-1002 Rescheduled to March 20, 2023 at 8:00 a.m. (Prevailing Central Time) Thomas S. Kiriakos The Company is filing with the Court a series of customary motions seeking to maintainbusiness-as-usualoperations. As the chart below shows, shares of NovaGold Resources Inc. are trading at $4.61 apiece at the time of this writing, giving it a market cap of $1.54 billion. -and- Is this happening to you frequently? For more information about GWG Holdings, email info@gwgh.com or visit www.gwgh.com. These cookies are necessary for the website to function and cannot be switched off in our systems. Modified on 11/20/2020 (lm). Involuntary Summons Issued on Professional Investors Security Fund I, A California Limited Partnership, Corporate Disclosure Statement. Forward-looking statements are also subject to the risk factors and cautionary language described from time to time in the reports the Company files with the U.S. Securities and Exchange Commission, including those in the Companys most recent Annual Report on Form10-Kand any updates thereto in the Companys Quarterly Reports on Form10-Qand Current Reports on Form8-K. Fax: (214) 969-4343 , which suggested a Sell rating, shares of NovaGold Resources have lost more than 20% on the downtrend in gold prices and are trading more attractively today. The company is currently completing the preparatory work and will then update the feasibility study. The project is jointly owned 50:50 by NovaGold Resources Inc. and Barrick Gold Corporation (GOLD) (ABX:CA), one of the largest gold mining and exploration companies in the world. Forward-looking statements contain words such as expect, anticipate, could, should, intend, plan, believe, seek, see, may, will, would, or target. Forward-looking statements are based on managements current expectations, beliefs, assumptions and estimates and may include, for example, statements regarding the Chapter 11 Cases, the Debtors ability to consummate and complete a plan of reorganization and their ability to continue operating in the ordinary course while the Chapter 11 Cases are pending. Contact Information Court Dockets Claims Docket E-mail Subscription File Claims First Day Pleadings First Day Orders Notice of Chapter 11 Bankruptcy Case/Meeting of Creditors Notice Lists Petitions Plan & Disclosure Statement Documents Ponzi Complaint Judgment Sale Related Documents Scheduled Hearings Lacy M. Lawrence M. Shane Johnson Rate traders are betting on a 76.9% chance that the federal funds rate target will be raised to 5.25-5.5% at the next Federal Reserve meeting on July 26th. 2001 K Street, N.W. Get the latest business insights from Dun & Bradstreet. Shares of NG:CA are trading at CA$6.06 apiece at the time of this writing, giving it a market cap of CA$2.02 billion. GWG Holdings, Inc. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. New York, NY 10036 Case Name Case Number; Professional Financial Investors, Inc. 20-30604: Professional Investors Security Fund, Inc. 20-30579 Akin Gump Strauss Hauer & Feld LLP Tel: (202) 887-4000 (Prevailing Central Time), June 29, 2022 at 2:00 p.m. Receipt number 30913283, amount $1717.00 (re: Doc# 1 Involuntary Petition (Chapter 11)) (U.S. Treasury) (Entered: 11/20/2020), Chapter 11 Involuntary Petition Against a Non-Individual. Bulldog Reporter is a leader in media intelligence supplying news, analysis and high-level training content to public relations and corporate communications professionals with the mission of helping these practitioners achieve superior competitive performance. However, a soft landing of the economy is also possible, which economists describe as the scenario in which consumption and investment behave robustly despite higher interest rates on borrowed capital. (Prevailing Central Time), Notice of Bankruptcy Case/Meeting of Creditors, General Claims Bar Date Governmental Unit Claims Bar Date, Order Setting Bar Dates for Filing Proofs of Claim, Order (I) Modifying Bar Date Order, (II) Exempting Bondholders And The Indenture Trustee From Filing Proofs Of Claim Prior To Claims Bar Date, And (III) Granting Related Relief, November 4, 2022 at 11:59 p.m.(Prevailing Central Time), Notice to Direct-Held Bondholders Regarding Bondholder Claims Bar Date, Notice to Indirect-Held Bondholders Regarding Bondholder Claims Bar Date, Direct-Held Bondholder Proof of Claim Form, Indirect-Held Bondholder Proof of Claim Form, Order (I) Modifying Bar Date Order, (II) Establishing Procedures For Allowance Of Bondholder And Indenture Trustee Claims, And (III) Granting Related Relief, Final Hearing on Certain DLP Funding First Day Motions, December 9, 2022 at 9:30 a.m. (Prevailing Central Time), Meeting of Creditors for GWG DLP Funding IV, LLC, DLP Funding VI, LLC and GWG DLP Funding Holdings VI, LLC, December 16, 2022 at 10:00 a.m.(Prevailing Central Time) The information collected is used to help the website owner improve the website. What can be gleaned from the above chart is that while the company's exploration activities paved the way for high-grade, large-scale mining of gold, the stock price developed through fluctuations with dips formed on the downtrend in gold prices (light yellow line). The shares are also below the 50-day simple moving average of $5.473, below the 100-day simple moving average of $5.061, and below the 200-day simple moving average of $5.632. In this case, the driving force behind the share price of the Canadian gold properties developer would be much less, or absent. Houston, TX 77002-2764 (Prevailing Central Time), Notice Of Hearing To Consider Confirmation Of Debtors Second Amended Joint Chapter 11 Plan, Ad Hoc Committee's Support for the Debtors' Chapter 11 Plan, Notice of Entry of Order Confirming Debtors' Further Modified Second Amended Joint Chapter 11 Plan, Findings Of Fact, Conclusions Of Law, And Order Confirming Debtors Further Modified Second Amended Joint Chapter 11 Plan, Professional Compensation Fee Claims Bar Date Rejection Damages Claims Bar Date. Mayer Brown LLP In the meantime, the company is pursuing its plan to mine gold at the Donlin Gold project in Southwest Alaska. The stock has a 52-week range of CA$5.35 to CA$9.33, so the stock price is currently below the median of CA$7.34. The same conclusions can be drawn for the stock of NovaGold Resources Inc. that under the symbol NG:CA is traded on the Toronto Stock Exchange. one day begin mining gold from a mineral asset -- known as the Donlin Gold Project -- in southwest Alaska, the share price will fluctuate with the price of gold. Controversy and rainbow washing suspicions result in fewer campaigns, less engagement in 2023. If not the second quarter 2023 financial results, what sparks investors interest in NovaGold Resources? Matthew D. Cavenaugh These results will most likely reflect an operating loss due to the costs associated with setting up the company's future gold production, which may occur in a few years. Debtor Case Number. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. May 2012 - Sep 20142 years 5 months. The correlation between NovaGold and the price of gold (the gold futures curve line has a light-yellow color) presented in the chart below is positive and strong since the correlation coefficient [CC] has been above zero 99% of the time over the past 10 years. 1401 McKinney Street, Suite 1900 If you do not allow these cookies, you will experience less targeted advertising. Click on the different category headings to find out more and change our default settings. -and- Find company research, competitor information, contact details & financial data for Dataction B.V. of Dronten, Flevoland. Entering text into the input field will update the search result below. This website stores cookies on your computer. But in the meantime, given its stock's heavy exposure to the precious metal, NovaGold Resources Inc. will most likely have presented ample opportunities to benefit from both dips and bull markets in gold prices. That means going forward, individual investors will need to take the same approach that the Federal Reserve intends to follow to bring down high inflation. -and- Since my previous. Based on these ownership interests, NovaGold Resources Inc. has the right to benefit from mineral activity on a total of 19.5 million ounces of gold in the measured and indicated mineral resources, of which 87.2% are in proven and probable mineral reserves grading 2.09 grams of gold per ton. At the end of the mid-June meeting, the Fed left interest rates unchanged between 5% and 5.25%, but the chairman warned that rates could rise to 5.6% by the end of the year if neither the economy nor inflation slows down remarkably, as reported by Trading Economics. (Prevailing Central Time), Agenda For First Day Hearing On First Day Motions Scheduled For April 21, 2022 At 3:30 P.M. (Prevailing Central Time), Before Judge Isgur At The United States Bankruptcy Court For The Southern District Of Texas, At Courtroom 404, 515 Rusk Street, Houston, Texas 77002, Final Hearing on Certain First Day Motions, May 23, 2022 at 1:30 p.m. As a result, inflation likely cannot diminish fast enough to prompt the Federal Reserve to change monetary policy. The Most Patriotic Brands in America: New survey research reveals the nations truest bluest companies in our hyper-political landscape, 8 ways PR pros can leverage generative AI for crisis communication, Building a strong brand image: Key insights for a successful marketing campaign, Is branded #Pride content on the decline? At the end of this process, we expect to be on stronger financial footing for the future, further enhancing our ability to provide financial solutions to our customers, preserving and enhancing the value of our assets for our investors, and positioning us to pursue additional business opportunities in the insurance space utilizing our extensive experience in the life insurance industry, Holland concluded. Due to the positive correlation between NovaGold and the precious metal, an even more attractive price than the current one cannot be ruled out if gold continues to move downwards. Higher interest rates will likely cause investors to flock to bonds, reducing demand for gold somewhat. Louis S. Chiappetta They do not store directly personal information but are based on uniquely identifying your browser and internet device. But before a recession potentially hits, the Federal Reserve could very likely raise rates twice this year, and higher rates bode badly for gold. Professional Investors Security Fund I, A Californ, 4500 Park Granada Blvd, Suite 202, Calabasas, CA 91302, Professional Investors Security Fund I, A California Limited Partnership. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The stock has a 52-week range of $4.06 to $6.98, so the stock price is currently below the median of $5.52. Summary. This share price could soon come under pressure again due to the expected further rate hikes, which bode ill for gold. 2300 N. Field Street, Suite 2300 GWG Holdings, Inc. 22-90032. Please. Akin Gump Strauss Hauer & Feld LLP Mayer Brown LLP I am not receiving compensation for it (other than from Seeking Alpha). The Donlin Gold Project also hosts six million ounces of gold but at the Inferred Resource level. Mayer Brown LLP These statements are subject to significant risks, uncertainties, and assumptions that are difficult to predict and could cause actual results to differ materially and adversely from those expressed or implied in the forward-looking statements, including risks and uncertainties regarding the Debtors ability to successfully complete a restructuring under Chapter 11, including: consummation of a plan of reorganization; potential adverse effects of the Chapter 11 Cases on the Companys liquidity and results of operations; the Debtors ability to obtain timely approval by the Bankruptcy Court with respect to the motions filed in the Chapter 11 Cases; objections to the any plan of reorganization or other pleadings filed that could protract the Chapter 11 Cases; employee attrition and the Companys ability to retain senior management and other key personnel due to distractions and uncertainties resulting from the Chapter 11 Cases; the Companys ability to maintain relationships with suppliers, customers, employees and other third parties and regulatory authorities as a result of the Chapter 11 Cases; the effects of the Chapter 11 Cases on the Company and on the interests of various constituents, including holders of the Companys common stock; the Bankruptcy Courts rulings in the Chapter 11 Cases, including the approvals of the terms and conditions of any plan of reorganization and the DIP Credit Agreement; the outcome of the Chapter 11 Cases generally; the length of time that the Company will operate under Chapter 11 protection and the availability of operating capital during the pendency of the Chapter 11 Cases; risks associated with third party motions in the Chapter 11 Cases, which may interfere with the Companys ability to consummate a plan of reorganization or an alternative restructuring; increased administrative and legal costs related to the Chapter 11 process; potential delays in the Chapter 11 process due to the effects of theCOVID-19virus; and other litigation and inherent risks involved in a bankruptcy process. Investors may want to consider a Hold rating for the time being, as NG stock price may still trade slightly below current levels due to expected further rate hikes. 5) Filed by Other Prof. DONLIN RECANO (related document(s) 1 Involuntary Petition (Chapter 11), 4 Involuntary Summons Issued, 5 Notice). When you visit any website, it may store or retrieve information on your browser, mostly in the form of cookies. The Honorable Marvin Isgur. to release its financial results for the second quarter of 2023 after market close today June 27. NovaGold Resources Inc. is advancing a gold project in Southwest Alaska for high-grade, long-term gold production, and the stock may one day serve as a powerful tool to take advantage of the high gold prices forming during bull markets. Due to the strong positive correlation between the precious metal and the NovaGold Resources Inc. stock price, NG shares could also come under downward pressure in my view. 71 S. Wacker Drive While the 14-Relative Strength Indicator of about 23x suggests oversold levels. Washington, DC 20006-1037 You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. To find out more about the cookies we use, see our. Professional Financial Investors, Inc. 20-30604 : Professional Investors Security Fund, Inc. 20-30579 : Professional Investors Security Fund I, A California Limited Partnership : 20-30908 : Filed 11/20/20: Professional Investors Security Fund IV, A California Limited Partnership . However, as the factors that could lead to strong downside sentiment towards gold appear to be in place, it would be better I think for an investor to stick with a Hold rating for the time being. I wrote this article myself, and it expresses my own opinions. Houston, TX 77002-2730 NovaGold Resources is expected to release its financial results for the second quarter of 2023 after market close today June 27. Fax: (713) 226-6248, Professional Compensation Fee Claims Bar Date & Rejection Damages Claims Bar Date, Bar Date and Proof of Claim Form for GWG DLP Funding Cases, Bondholder Claims Bar Date and Proof of Claim Forms, Common Stock Shareholders Notices, Procedures, Declarations, & Orders, Notice of Chapter 11 Bankruptcy Case/Meeting of Creditors for GWG DLP Funding Cases, Order Establishing Certain Notice Procedures, Schedules of Assets and Liabilities & Statement of Financial Affairs. This analysis does not expect that the release of Q2 2023 financial results will lead to any significant changes in the share price. United States Bankruptcy Court. Court filings and information about the Chapter 11 cases can be found at a website maintained by the Companys claims agent, Donlin Recano & Company, at their website at https://www.donlinrecano.com/gwg, or by calling 1 (888) 508-2507 (toll-free) or by email at gwginfo@donlinrecano.com. There is no doubt that Donlin Gold has the long-term potential to become a mid-tier gold producer with 27+ years of operation in a friendly mining district as the open pit resource can be explored further along strike and at depth. 1221 Avenue of the Americas Find company research, competitor information, contact details & financial data for AMEVO 2000 B.V. of Dronten, Flevoland. -and- Tel: (212) 872-1000 However, construction of the mine is not scheduled to begin before the next three years. This analysis does not expect that the release of Q2 2023 financial results will lead to any significant changes in the share price. For additional information, please contact the restructuring information center toll free at 1 (888) 508-2507or submit an inquiry via e-mail to gwginfo@donlinrecano.com. The specter of an economic recession due to rate hikes could push NovaGold's share price back to the highest peaks of the cycle. Approval of these first day motions, which the Company expects to receive in short order, will help facilitate a smooth transition into the process. Court filings and information about the Chapter 11 cases can be found at a website maintained by the Company's claims agent, Donlin Recano & Company, at their website at https://www.donlinrecano . The information does not usually directly identify you, but it can give you a more personalized web experience. 1000 Main Street, 36th Floor Between late 2023 and 2024, I think there could be either an economic recession or a soft landing, with the first scenario triggering demand for gold as a safe haven against the fallout from the negative cycle. Don't have an account? Mayer Brown LLP is serving as restructuring counsel, PJT Partners LP is serving as financial advisor, and FTI Consulting, Inc. is serving as restructuring advisor to the Company. Rescheduled to April 19, 2023 at 2:00 p.m. (Prevailing Central Time), Notice of Hearing on Disclosure Statement, Notice of Hearing on Disclosure Statement, Solicitation Procedures Motion, Exclusivity Motion, and Compensation Motion, Notice Of Adjournment Of Hearing On Compensation Motion, Disclosure Statement Motion, And Exclusivity Motion, General Claims Bar Date for GWG DLP Funding Cases Governmental Unit Claims Bar Date for GWG DLP Funding Cases, Notice of Chapter 11 Bankruptcy Case/Proof of Claim Deadlines, June 15, 2023 at 1:30 p.m. Accessibility. The Company has no obligation to update or revise these forward-looking statements and does not undertake to do so, except as required by law. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. Eric M. English Meanwhile, NovaGold Resources shares continue to be primarily driven by changes in the price of gold. Forgot your password? Jason P. Rubin The economic recession would significantly enhance the precious metal's safe-haven properties and, given the strong positive correlation mentioned earlier, would create strong upside potential for NovaGold's share price. Tel: (713) 226-6000 Southern District of Texas. NovaGold share price will fluctuate with the price of gold. However, blocking some types of cookies may impact your experience of the site and the services we are able to offer. Shares have fallen significantly recently and appear oversold. Status Conference scheduled for 2/3/2021 at 01:00 PM via Tele/Videoconference - www.canb.uscourts.gov/calendars. NovaGold Resources, headquartered in Vancouver, British Columbia, is developing the Donlin Gold Project in Alaska. 700 Louisiana Street, Suite 3400 ReSet to February 7, 2023 at 10:00 a.m. (Prevailing Central Time), Notice of Reset of Meeting of Creditors Pursuant to Section 341(a) of the Bankruptcy Code, Notice of Chapter 11 Bankruptcy Case/Meeting of Creditors, March 10, 2023 at 9:30 a.m. I'm getting really tired of this company. If you do not allow these cookies then some or all of these services may not function properly. Houston, TX 77010 Therefore, there is no reason to buy NovaGold stock now in anticipation of a possible gold bull market in late 2023 and 2024. Rescheduled to March 28, 2023 at 3:30 p.m. (Prevailing Central Time) I have no business relationship with any company whose stock is mentioned in this article. Based on the NI 43-101 Technical Report and S-K 1300 Summary Technical Report on the Donlin Gold Project, the project anticipates future gold mining to average production of approximately 1.1 million ounces per year for 27 years of operation but mine construction should not start before 2026. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. This analysis of NovaGold Resources (NYSE:NG) stock includes a change in the recommendation rating from the previous Sell to a Hold stance. | Source: Because we respect your right to privacy, you can choose not to allow some types of cookies. As has been the case during the last five years of trading (for example) - see chart below - I believe the market will continue to offer investors the opportunity to expand their holdings with a buy-and-hold approach, taking advantage of the formation of dips. The Fed will make each interest rate decision session by session, depending on the impact of monetary policy on economic activity, inflation and financial developments. Tel: (214) 969-2800 Please disable your ad-blocker and refresh. 4); and c,Notice of Intent to Consent to Involuntary Bankruptcy Petition (Docket No. Modified on 11/20/2020 (lm). Southern District of Texas. Filed by Petitioner Creditor (s) Professional Investors Security Fund I, A California Limited Partnership (Klinger, Matthew) CORRECTIVE ENTRY: Clerk added and and removed Party Filer(s) to reflect PDF. The DIP Credit Agreement is structured as a multiple draw term loan facility in an aggregate principal amount of approximately $65 million and will be provided by National Founders LP. These steps, including the receipt of additional financing, are expected to strengthen the Companys financial position going forward and help preserve the value of the Companys assets for the benefit of its investors, said Murray T. Holland, Chairman, President and Chief Executive Officer of the Company. As NovaGold Resources continues its plan to one day begin mining gold from a mineral asset -- known as the Donlin Gold Project -- in southwest Alaska, the share price will fluctuate with the price of gold. US Fed chairman Jerome Powell's testimony last week fueled the notion that there could be at least two more rate hikes this year to fight inflation, which could be detrimental to the economy. These cookies enable the website to provide enhanced functionality and personalisation. The chart shows NovaGold Resources Inc.'s performance on the American Stock Exchange under the NG symbol and on the Toronto Stock Exchange under the symbol NG:CA. Telephone: (713) 752-4200, Akin Gump Strauss Hauer & Feld LLP GWG Holdings, Inc. (Nasdaq: GWGH) is a financial services firm based in Dallas, Texas. The shares are also below the 50-day simple moving average of CA$7.14 and below the 200-day simple moving average of CA$7.48. Should the economy enter a recession later this year or in 2024, NovaGold Resources could offer an interesting solution to benefit from the expected bull market in gold. Thirty (30) days after the date of entry of an order of the Bankruptcy Court (including the Confirmation Order) approving such rejection. These results will most likely reflect an operating loss due to the costs associated with setting up the company's future gold production, which may occur in a few years. Since my previous analysis, which suggested a Sell rating, shares of NovaGold Resources have lost more than 20% on the downtrend in gold prices and are trading more attractively today. Retail investors are better off waiting and watching how the economy develops by keeping an eye on some key indicators such as the interest rate decision, inflation, job market conditions and the US gross domestic product growth rate. (Entered: 11/20/2020). Filed by Petitioning Creditor Professional Financial Investors, Inc. (Klinger, Matthew) (Entered: 11/20/2020), Notice of Related Bankruptcy Case: 20-30604 . Rust Consulting/Omni Bankruptcy. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. Register here. Alberto holds a Master's degree in Business Economics. Lucy F. Kweskin Judge. April 20, 2022 08:00 ET Scott L. Alberino Adam C. Paul Debtor Name. Dallas, TX 75201 GWG Holdings, Inc. Analytics cookies are cookies that track how users navigate and interact with a website. Filed by Petitioning Creditor (s) Professional Financial Investors, Inc. (Marum, J.) The margin for the lower share price is slim, as evidenced by the chart above where the 14-Relative Strength Indicator of 28.113x indicates oversold levels. New York, NY 10020-1001 NovaGold Resources is expected to release its Q2 2023 financial results, which will likely reflect an operating loss due to the costs associated with setting up the company's future gold . There is a possibility that a late July Fed rate hike to combat inflation, as suggested at the June 14 meeting, could hurt the stock price, and cause it to fall below current levels. Shares of NovaGold Resources Inc. could potentially benefit enormously from the positive correlation mentioned above, but it is premature to say now whether we are heading into a recession or a soft landing. I wrote this article myself, and it expresses my own opinions. NovaGold Resources is expected to release its Q2 2023 financial results, which will likely reflect an operating loss due to the costs associated with setting up the company's future gold production. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
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