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  1. #4901
    Administrator Bubba's Avatar
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    Default Re: CPRK - Copper King Mining Corp. (Public, PINK:CPRK)

    Just bumping this in an effort to remind people the fight is still on so additional funds are still needed.

    GO CPRK!!

  2. #4902
    Pit Master sree's Avatar
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    Default Re: CPRK - Copper King Mining Corp. (Public, PINK:CPRK)

    Just bumping this effort again for new people... This week might be interesting for us shareholders.... we are still in the game and looks strong till now...please keep donating to help our EHC in their efforts.

    Here is the link if you want to donate

    http://watersdomain.com/wordpress/?p=40

  3. #4903
    Administrator ChuckD's Avatar
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    Default Re: CPRK - Copper King Mining Corp. (Public, PINK:CPRK)

    Press Releases



    FOR IMMEDIATE RELEASE:

    Copper King Mining Corporation / Western Utah Copper Corporation New Board of Directors

    Salt Lake City, Utah - August 2, 2011 - The new Board of Directors of Copper King Mining Corporation (CPRKQ) announces corporate communication policy.


    In light of the lack of communication and annual meetings over the history of Copper King Corporation and Western Utah Copper Corporation (WUCC) the newly elected Board of Directors has committed to provide status updates on a regular basis as it attempts to work its way through the morass of details and conflict that has led the company to its current state in Chapter 11 Reorganization.


    At the end of June, the Board received word that a majority of shareholders of record voted overwhelmingly to replace the then existing board with the newly nominated members, Lee Abbott, Cherie Tilley, Gary Gough, and Scott Harmer.


    Shortly after the vote, the previous Board of Directors and creditors challenged the validity and accuracy of the shares voted and filed a restraining order with the court to deny the board to be seated. The matter went before the court on July 7, 2011 where Judge Thurman ruled that the shareholders had the right to vote and that there were sufficient qualified votes, thereby affirming the results and denying the restraining petition. With the cloud of uncertainly lifted the new board is able to begin focusing on issues at hand.


    The board passed a unanimous resolution to replace the Board of Directors of Western Utah Copper Corporation with the same board as constituted for Copper King. The board immediately began the discovery process, combing through stacks of past data and holding discussions with creditors, shareholders, legal counsel and employees in an effort to assess the current situation and future courses of actions.


    The board is now fully engaged in the effort of taking corrective actions and working to develop solutions that will best represent the interests of the combined secured creditors, unsecured creditors, equity holders, company employees and local community stakeholders. While we face numerous challenges and issues, we are optimistic we can achieve these objectives. We appreciate the confidence of the shareholders and have dedicated ourselves to this effort. To this end, we will routinely post updates to the corporate website (http://copperkingmining.com) in an effort to maintain open channels of communication.


    Forward-Looking Statements
    All statements in this news release that are not based on historical fact are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. We are operating in bankruptcy and we operate in a highly competitive and rapidly changing environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise any forward-looking statement.
    Contact: Lee Abbott, Lee.mla@gmail.com,

    Press Releases
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  4. #4904
    Administrator ChuckD's Avatar
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    Default Re: CPRK - Copper King Mining Corp. (Public, PINK:CPRK)

    The last PR that was posted on the company website is going to be sent out via PR-Newswire this afternoon with just a couple minor changes, the timing of it does not mean anything other than there are funds to pay for it and it needed to be sent out on the wires to help satisfy reporting requirements.

    Stuff is still progressing and nothing unexpected has popped up, taxes should be done in 2 weeks and hopefully POR will be done shortly after that.

    Copper King Mining Corporation and Its Subsidiary, Western Utah Copper Company, Obtain... -- MILFORD, Utah, Sept. 20, 2011 /PRNewswire/ --
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    WWE
    OMEX
    MDM
    SWHC

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    Jan 2015 $17 SWHC calls
    Jan 2016 $100 AAPL calls





    My June $2 OMEX calls expired worthless giving me my first loss of the year







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  5. #4905
    Official MSB Whiner wy3134's Avatar
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    Default Re: CPRK - Copper King Mining Corp. (Public, PINK:CPRK)

    GREAT NEWS FOLKS!! POR and Disclosure statement released!
    Attached Files Attached Files
    holdings: IRA ACCT: WTSL, NBG, DRYS
    MARGIN ACCT: all cash
    Follow me on twitter: @wy3134

  6. #4906
    Official MSB Whiner wy3134's Avatar
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    Default Re: CPRK - Copper King Mining Corp. (Public, PINK:CPRK)

    for share structure info!

    6.8 Limitations on Issuance of New Common Stock and Other Securities. Only
    10,000,000 shares of New Common Stock shall be initially issued, and without the affirmative vote of
    holders of 60% of the New Common Stock, no additional shares of New Common Stock shall be issued
    for a period of two (2) years from the Effective Date. Professionals, the DIP Lender, CK Class 4 Claim
    holders, and Class 5b Equity Interest holders will receive distributions from Reorganized CK of New
    Common Stock as provided in the Plan and described above (totaling approximately 73% of the New
    Common Stock). The remaining New Common Stock, totaling 2,700,000 shares (27% of the total of
    10,000,000 shares of New Common Stock), shall be issued to the Liquidating Trustee for the CK
    Liquidating Trust and shall be held in trust by the Liquidating Trustee until directed by the Board of
    Directors of Reorganized CK to issue such shares in connection with the Transaction, or a similar type
    transaction. The Liquidating Trustee shall be entitled to exercise all voting rights associated with such
    shares of New Common Stock.
    holdings: IRA ACCT: WTSL, NBG, DRYS
    MARGIN ACCT: all cash
    Follow me on twitter: @wy3134

  7. #4907
    Official MSB Whiner wy3134's Avatar
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    Default Re: CPRK - Copper King Mining Corp. (Public, PINK:CPRK)

    and for those interested in the numbers.... running a calculation based on 5.3billion shares current (5.8bil actual, i get the feeling about 500mil will be clawed back)

    for each 1mil shares current, you will receive 600 shares in the new company. the conversion looked like this to verify my math in case its wrong.


    3,180,000/5,300,000,000= .0006x1,000,000= 600
    holdings: IRA ACCT: WTSL, NBG, DRYS
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    Follow me on twitter: @wy3134

  8. #4908
    Administrator ChuckD's Avatar
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    Default Re: CPRK - Copper King Mining Corp. (Public, PINK:CPRK)

    I figured you guys would like the new structure with the limitations on issuing shares after what the company did before.
    If you are a guest and would like to join us, go here and sign-up.
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    My recent buys/holdings include

    Sitting with over 60% cash at the moment
    CPRK(Q)
    WWE
    OMEX
    MDM
    SWHC

    Dec 2014 $2 OMEX calls
    Jan 2015 $17 SWHC calls
    Jan 2016 $100 AAPL calls





    My June $2 OMEX calls expired worthless giving me my first loss of the year







    Follow me
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  9. #4909
    Official MSB Whiner wy3134's Avatar
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    Default Re: CPRK - Copper King Mining Corp. (Public, PINK:CPRK)

    the good thing about issuing shares going forward is that there shouldnt really be a need anytime soon...since we are being fully funded to get things back in order....only time i could see needing it would be to pay off the rest of the loans, but we would be well into production and revenues already at that time most likely

    having that requirement that everyone has to approve new issues also helps alleviate fears of new investors down the road
    holdings: IRA ACCT: WTSL, NBG, DRYS
    MARGIN ACCT: all cash
    Follow me on twitter: @wy3134

  10. #4910
    Administrator ChuckD's Avatar
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    Default Re: CPRK - Copper King Mining Corp. (Public, PINK:CPRK)

    For you guest viewing this thread, most of the CPRK discussion happens in the members only area here

    http://www.mystockbuddy.com/forum/my...gy_dd-212.html
    If you are a guest and would like to join us, go here and sign-up.
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    If your account has not been approved within 24 hours it may be that you have been flagged as a known spammer, if you think this is in error, send me an email admin@mystockbuddy.com

    My recent buys/holdings include

    Sitting with over 60% cash at the moment
    CPRK(Q)
    WWE
    OMEX
    MDM
    SWHC

    Dec 2014 $2 OMEX calls
    Jan 2015 $17 SWHC calls
    Jan 2016 $100 AAPL calls





    My June $2 OMEX calls expired worthless giving me my first loss of the year







    Follow me
    http://twitter.com/#!/ChuckD_MSB











  11. #4911
    Super Moderator F-Cubed's Avatar
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    Default Re: CPRK - Copper King Mining Corp. (Public, PINK:CPRK)

    On 6/29, CPRK issued a POR and Disclosure Statement with the courts. It has been a long process to get here and I find it pretty cool to think that it all really started when I formed the CPRK Shareholders Assoc., which then turned into the Equity Holders Committee that was recognized by the courts in the Chap. 11 process. And then the cream rose to the top - ChuckD, Lee, Cherry, etc. Without that happening the shareholders, and probably the unsecured creditors, would most likely have been wiped out. It was a great experience being instrumental in the formation of those 2 groups, however, I have not been involved for the last 18 months so the POR is all new news to me as well. I had no part in the creation of the POR but am excited that the process I started has resulted in this outcome! (Sorry for the personal plug, but I feel good about what I did here!)

    The POR and Disclosure Statement are long (and boring) and boil down to a few key points. Here is my take on the documents:

    1. The Secured Creditor Claims, Priority Tax Claims, and Priority Non-Tax Claims will all be fully satisfied (this was done last year) and they will not participate in the POR. In the APA Agreement signed last year, CPRK sold to CS Mining, LLC the majority of the CPRK assets (land, mining leases, mill, etc.). In return CS assumed responsibility for all the Secured Creditor Claims, Priority Tax Claims, and Priority Non-Tax Claims, paid cash to CPRK, gave CPRK a 1% stake in CS Mining, LLC., and gave CPRK an option to buy up to 2% more of CS.

    2. All Admin expenses, professional fees, etc. will be paid out in full. Any professionals who agree to defer their payments out will participate in their pro rata share of 15% of the stock issued in the New Company.

    3. The New Company to emerge will initially issue only 10M shares of common stock. (CPRK currently has somewhere around 5.3B shares outstanding). 21.2% of the New Co Stock will go to the unsecured creditors, 31.8% will go to the current stock holders of CPRK, up to 5% will be issued to the DIP financier (people funding the emergence from Chap. 11) based on how much they use of the $800,000 available, 15% will be issued as partial compensation for Professionals (attorneys, etc.). The remaining approximately 27% of the stock (2.7M shares) will be held in trust until directed otherwise by the Board of Directors. NO ADDITIONAL SHARES of New Common Stock can be issued for 2 years from the Effective date without a 60% affirmative vote by the shareholders of the New Common Stock.

    4. All CPRK stock will be cancelled once the POR is approved and effective. All stock holders will be issued their pro rata share of 31.8% of the 10,000,000 shares of the New Common Stock to be issued. i.e. current shareholders will get their pro rata share of 3.18M shares of stock in the New Company. Initial estimates, based on 5.3B shares of CPRK stock, are that shareholders will get 1 share of New Stock for each 1,667 shares of CPRK stock they currently own (or 600 New Shares for each 1M Old Shares). Partial shares will not be issued - the conversion to new shares will be rounded down to the nearest whole number.

    5. Unsecured Creditors will get:
    i. Their pro rata share of any cash left over after all is said and done.
    ii. Their pro rata share of any net recovery obtained from the lawsuits they have against former management and agents of the company (Dotson, Southworth, Blum, etc.).
    iii. Their pro rata share of 21.2% (2.12M shares) of the New Company's issued stock.

    6. The POR calls for the lifting of all restrictions on trading the stock. If the Bankruptcy judge approves this, then the New Stock will be freely tradable in the market. (NOTE: This is how I read it, but I am not really clear if this is what is being said in this section).

    7. The POR requires a vote to affirm its acceptance by the affected classes - Unsecured Creditors and Shareholders. If you fall into either, or both, of these categories you will receive a ballot to vote. You must mail in the original document, with an original signature, by the due date, to be counted. There are different ballots for unsecured and shareholders, so vote with the correct ballot.

    8. The company has signed a Memorandum of Understanding with Camp Bird Colorado, Inc. This is a gold mine in CO. The final details are still being worked out, but the intent is that the New CPRK will get an exclusive and perpetual lease to the mine, or that New CPRK will exclusively operate the Camp Bird mine, and/or that New CPRK will buy all or some of Camp Bird. This is not final and may or may not happen. (however, I have heard rumors of good things about it and it leads me to believe that we may get the exclusive lease to mine and operate the Camp Bird mine.) New CPRK also contemplates being involved in other similar mining operations and it continues to search the market for additional mine operating and ownership opportunities. Again, none of these are done, but they are working on moving New CPRK in this direction.

    9. One of the big deals of this is that the new structure is set up to allow the carry over of CPRK's Net Operating Losses (NOLs). This is not confirmed yet (I think this is legal CYA talk), but the company believes that there will be between $50-75M in NOLs. That means that the company would not have to pay taxes on the first $50-75M in profits, which is a substantial asset to the company. I have no idea what the company's future tax brackets may be, but let's use 35%. $50-75M in NOLs would mean we would save $17.5-26.25M in tax payments that don't have to be made to the government. Let's assume this comes out to $20M in tax savings, that means it would be worth about $2 per share over the $10M shares they are going to issue in the New CPRK.

    That should sum up the POR for you. Remember, this is not a done deal yet as it still has to be voted on and approved by the courts. Also, from some of ChuckD's posts I get the feeling that these documents may be fluid and may change as more details are worked out in the future. But ChuckD would have to confirm or negate this statement as I don't know.
    F-Cubed

    ****************

    In case you think I know something about stocks and the market, then why do I still need a real job in order to pay the bills?????


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