# Canadian Listed Casino & Gaming Companies



## EPS_Investor (Sep 7, 2017)

Hello Everyone,

I would love to hear some comments in here about Canadian casino & gaming listed companies. The reason for this is because this sector as a whole on the TSX/Venture/CSE is absolutely tiny compared to all other sectors and it's a major revenue generator which seems like a paradox. But perhaps many owners like to stay private as the industry is very lucrative and does not usually require capital from investment markets.

So as of right now there are only 10 companies out of the 1500 or so Canadian based equities that are available in this sector. However, half of the companies are profitable and half aren't(see list below). I am more interested in trying to find value in this sector and already own a bit of GC.T and GH.T. Now after seeing IGG.T get taken over, I'm looking at the only other profitable small cap which is TNA.V(Evergreen Gaming Corporation) as they own four casinos in Seattle and are currently selling an additional building for $2 million USD. I have also posted a quick summary based on their last financial results and MD&A below. 

If someone wouldn't mind taking a look and letting me know what they think about TNA.V, that would be most appreciated. They've made around $8 million USD in net profit since the company started trading again in 2014. Also their last quarter was the best thus far, so I would like to take advantage of a good deal before the stock actually does make a move. But this is why I would like a second opinion. Thanks for reading!

Symbol – Common Shares – Last Price – Last Quarter Profit/(Loss) – EPS(last Quarter)

GC.T – 60.8M - $34.09 - $26.7 Mil CAD Profit - $0.43c
GH.T – 27.7M - $9.94 - $4.2 Mil CAD Profit - $0.16c
ITX.T – 19.5M - $11.73 – ($210 Mil CAD Loss) – No Earnings
NYX.V – 108M - $1.13 – ($21 Mil CAD Loss) – No Earnings
IGG.T – 20M - $2.49 - $266K USD Profit – Takeover At $2.50 Currently
LOTO.C – 63.5M - $0.375 – ($6.9 Mil CAD Loss) – No Earnings
JP.V – 337M - $0.05 – ($804K CAD Loss) – No Earnings
TNA.V – 124.7M - $0.13 - $1.05 Mil USD Profit – $0.01c eps when converted to CAD
PYD.V – 35M – $0.30 - ($1.38 Mil USD Loss) – No Earnings
CNS.V – 81.9M – $0.02 - ($187K CAD Loss) – No Earnings

- Numbers Are Based On Most Recent Quarters Announced
- Financial Numbers Taken From Sedar 

*Evergreen Gaming Corporation Q2 Results(Ending June 30th 2017)*
All Information Can Be Found On SEDAR 

Price: $0.13
Common Shares: 124,716,865
Insider/Institutional Holdings: 95,967,855 or 77.51%
Retail Shares Available: 28,749,010 or 22.49%

Financials + MD&A – All in US Dollars 

Financials

ASSETS - USD
Cash: $4,499,410
Restricted Cash: $2,283,216
Other Assets: $176,317
Accounts Receivable: $116,259
Inventory: $176,643
Deposits: $10,551
Game License: $63,267
Trademarks: $1,185,000
Goodwill: $6,435,481
Property & Equipment: $10,549,240
TOTAL ASSETS: $25,495,384

LIABILITIES – USD
Notes Payable(Mortgages): $6,673,081
Trade Payables: $4,616,249
Notes Payable: $389,357
Deferred Tax: $348,000
TOTAL LIABILITIES: $12,026,687

Asset/Debt Ratio: 2.12:1

Quarterly Sales Results

Year - Sales - Net Income – EPS (Earnings Per Share)
2014 - $30,555,757 - $2,720,669 - $0.02c EPS - Not converted into CAD yet
2015 - $33,338,543 - $3,933,883 - $0.03c EPS - Not converted into CAD yet
2016 - $33,326,624 - $1,909,408 - $0.015c EPS - Not converted into CAD yet
2017(Q1) - $8,229,974 - $337,347 - $0.003c EPS – Not converted into CAD yet
2017(Q2) - $8,513,288 - $1,047,878 - $0.008c EPS – Not converted into CAD yet

MD&A Highlights

Evergreen is in the business of overseeing the gaming operations of its principal U.S. subsidiary, Washington Gaming, Inc. (“WGI”).
Net revenue for the quarter ended June 30, 2017 was $9,411,453, an increase of $1,025,705 compared to the same period in the prior year. Gaming dollars dropped were 5% higher than the prior year quarter and the hold percentage increased .7%. The income from operations was $1,654,640 compared to $1,134,414 in the prior year quarter. This increase was due to the increase in net revenues offset by an increase in operating expenses of $505,479. The labor and benefit expenses increased due to an increase in the minimum wage and marketing expenses increased to generate more revenue.

Net income before taxes was $1,564,515 compared to $1,003,841 in the same quarter of 2016, a $560,674 increase. The increase was due to the higher income from operations and lower finance costs due to paying off outstanding indebtedness.

Working capital at June 30, 2017 was $2,246,239 compared to working capital of $1,744,546 at December 31, 2016. With sustained healthy revenues and ongoing game protection and expense controls, management expects continued profitable operations sufficient to exceed the cash demands necessary for the company to meet its future obligations.

The Company’s assets at June 30, 2017 totaled $25,495,384 compared to total liabilities of $12,026,687. At December 31, 2016, total assets were $23,922,129 compared to total liabilities of $11,838,378.

The Company’s cash at June 30, 2017 was $6,782,626, compared to $4,563,587 at December 31, 2016. These amounts include “Restricted Cash” balances of $2,283,216 and $914,071 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities for the quarter ended June 30, 2017 was $2,212,808 compared to $892,469 for the quarter ended June 30, 2016.

The operating results for the quarter ending June 30, 2017 showed a substantial improvement from the quarter ending March 31, 2017. Net revenues increased to $9,411,453 compared to $8,229,974 in the prior quarter. This increase was attributable to an 11% increase in gaming dollars dropped and a .6% increase in the hold percentage. Income from operations increased to $1,654,640 in the second quarter compared to $609,385 in the prior quarter. This was due to the increase in net revenues offset by a $136,224 increase in operating expenses. This was primarily due to an increase in gaming taxes as a result of additional gaming revenue.

Historically, the Company’s sources of funding have been debt and equity financing and cash flow from operations. As of June 30, 2017, the Company had arm’s length debt of $7,062,438, all related to mortgages, including the acquisition of the Lakewood property. Related party debt totalling $832,553 which was owed to Michels Development for the note from Goldies in Shoreline was paid in full in the second quarter.

At June 30, 2017, the Company had cash of $6,782,626 and net working capital of $2,246,239. Total debt payments of $926,451 were made during the second quarter. The monthly debt service cash requirement is just under $58,000.


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## MrsPartridge (May 15, 2016)

I thought all casinos in Ontario are owned by OLG or the Natives. Isn't Vancouver casinos run by their provincial lottery office? I would imagine stock in casinos would be a good bet since the house has to win. The way they're raking in the dough over at the casinos at Niagara is stunning. Now you're telling me that I can have a piece of the action.


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## EPS_Investor (Sep 7, 2017)

MrsPartridge said:


> I thought all casinos in Ontario are owned by OLG or the Natives. Isn't Vancouver casinos run by their provincial lottery office? I would imagine stock in casinos would be a good bet since the house has to win. The way they're raking in the dough over at the casinos at Niagara is stunning. Now you're telling me that I can have a piece of the action.


That's what I figured as well. Makes sense to why there are so few casino & gambling listed companies. Most of the ones I screened for like PYD, CNS, JP, those companies just make games and machines, they don't physically own casinos and commercial real estate.

I think TNA is an exception just because the casinos are located in Seattle rather than in Canada.


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## OnlyMyOpinion (Sep 1, 2013)

Forget TNA-CVE unless you need a capital loss.

Go with GC or GH-TSE if gaming stocks turn your crank.


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## EPS_Investor (Sep 7, 2017)

OnlyMyOpinion said:


> Forget TNA-CVE unless you need a capital loss.
> 
> Go with GC or GH-TSE if gaming stocks turn your crank.


I already own a bit of those companies and I will likely add more to my position during tax loss season. But what I would like to know is why a company like IGG would get taken out when their profits are a fraction of what TNA earns, and then TNA doesn't trade at a higher price given it's earnings over the last few years?

How can TNA create a capital loss if it's making money, assets are increasing and the stock price isn't even at a 52 week high? Sorry I'm not trying to go against your comment, I'm just perplexed by the price given the assets. The other CVE/CSE plays on that list I totally understand as they are as risky as you can get. 

The large cap stocks are great for safety, but lets be honest here. TNA isn't your typical micro cap with those numbers.

Back in 2014 I was told to by CTZ at 2.5 cents a share as my friend did research on them and said this will go to $1 in a few years. I got in, chickened out and sold at 5 cents for a nice quick profit. But now it's actually close to $1 a share. He just said to me if a company makes money and the assets keep growing and bills keep getting paid, it's hard to lose no matter what the market cap is. I don't know whether to believe that just yet.

So there has to be a line somewhere when small caps can be de-risked to a certain level and the risk/reward becomes much higher than your typical penny exploration play. Does TNA have the ability, that's what I want to know. Casinos and commercial property are pretty vanilla, so it makes sense. If someone is good at analyzing balance sheets on here, that's what I would like to hear, do they see this going anywhere if TNA can add $3-4 million US dollars every year in net income.


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## EPS_Investor (Sep 7, 2017)

*Re: Casino Stocks*



OnlyMyOpinion said:


> Forget TNA-CVE unless you need a capital loss.
> 
> Go with GC or GH-TSE if gaming stocks turn your crank.


I already own a bit of those companies and I will likely add more to my position during tax loss season. But what I would like to know is why a company like IGG would get taken out when their profits are a fraction of what TNA earns, and then TNA doesn't trade at a higher price given it's earnings over the last few years?

How can TNA create a capital loss if it's making money, assets are increasing and the stock price isn't even at a 52 week high? Sorry I'm not trying to go against your comment, I'm just perplexed by the price given the assets. The other CVE/CSE plays on that list I totally understand as they are as risky as you can get. 

The large cap stocks are great for safety, but lets be honest here. TNA isn't your typical micro cap with those numbers.

Back in 2014 I was told to by CTZ at 2.5 cents a share as my friend did research on them and said this will go to $1 in a few years. I got in, chickened out and sold at 5 cents for a nice quick profit. But now it's actually close to $1 a share. He just said to me if a company makes money and the assets keep growing and bills keep getting paid, it's hard to lose no matter what the market cap is. I don't know whether to believe that just yet.

So there has to be a line somewhere when small caps can be de-risked to a certain level and the risk/reward becomes much higher than your typical penny exploration play. Does TNA have the ability, that's what I want to know. Casinos and commercial property are pretty vanilla, so it makes sense. If someone is good at analyzing balance sheets on here, that's what I would like to hear, do they see this going anywhere if TNA can add $3-4 million US dollars every year in net income.


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## EPS_Investor (Sep 7, 2017)

*TNA Financial Chart Comparison 2012 to 2017*

6 Years of financials from TNA.V. It's not posting right below so here's the summary:

From 2012-2017 Sales went from $26 million to $33.3 million. This year after 6 months, TNA is almost $1 million in sales higher over last year. 

Assets have gone from just under $16 million to $25.5 million with liabilities dropping from $13.5 million to $12 million. TNA also has a pending sale of a casino in Washington for $2 million with a $1 million mortgage that will help clean up the debt. It's been closed since Feb 2017 and did not affect sales which is encouraging.

Overall for a company that most consider just some whatever small cap, it's actually an established and very profitable company. Company made over $11 million USD since it resumed trading in 2012 and the stock price went from $0.01 to now $0.13, still very undervalued. 


Year	Revenue($USD)	Profit/Loss $USD)	Assets ($USD)	Liabilities ($USD)	Asset/Debt Ratio
2012	$25,958,829	-$445,775 $15,736,142	$13,561,034 1.16 
2013	$28,341,631	$1,344,683	$15,870,890	$12,351,098 1.28 
2014	$30,555,757	$2,720,669	$18,143,126	$11,902,666 1.52 
2015	$33,338,543	$3,933,883	$19,613,905	$9,439,562 2.08 
2016	$33,326,624	$1,909,408	$23,922,129	$11,838,378 2.02 
2017 (Q1/Q2)	$17,641,426	$1,384,946	$25,495,384	$12,026,687 2.12 


Notes:	
1) 2017 Revenue Higher Than 2016 Revenue Over 6 Months 
2) 124,716,865 Common Shares With 77.51% Insider Held


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## EPS_Investor (Sep 7, 2017)

Forgot to add that in June one of the insiders took $1.44 million US worth of debt in shares at a major premium to the price. Even though TNA had more than enough cash to pay this debt off, why did he take shares at a premium? Most likely because he will get more value from it on a later date. These guys aren't stupid, they turned a company from dire straits in 2008 into a cash flow machine and the only way they can get their money out is selling this company off. Based on the last 5 years of earnings, it looks like they want to clean up the balance sheet, pay everything off and then sell it all.


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## steve41 (Apr 18, 2009)

Have you been following the latest Casino scandal in Vancouver? It will probably morph into a full scale disaster.


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## EPS_Investor (Sep 7, 2017)

steve41 said:


> Have you been following the latest Casino scandal in Vancouver? It will probably morph into a full scale disaster.


Is that the one with the laundered money? Yeah it's pretty bad. I can't remember if those are owned by GC.T or GH.T, but whoever it is, man that's a headache.


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## EPS_Investor (Sep 7, 2017)

Nice article from Simply Wallstreet. Looking forward to seeing TNA's Q3 results end of November and by then their $2 million Tukwila property sale (currently pending) should be completed. I am estimating that the company will earn at least $500,000 US profit. Their Q3 is always a bit slower and I am being very conservative on the earnings, especially after making over $1 million USD last quarter. Their Q1 profit $377,000 net income but that was also hurt by Tukwila still in operation at the time.

I would post the link, but I know we aren't allowed to do that, so below is a copy/paste of the content. It's very brief but at least it gives a general idea about the company indicators.

Evergreen Gaming Corporation (TSXV:TNA)

Evergreen Gaming Corporation engages in the gaming operations in the United States. Evergreen Gaming is run by CEO Dawn Mangano. With the company’s market capitalisation at CAD CA$17.95M, we can put it in the small-cap group

TNA’s shares are currently trading at -22% beneath its true level of $0.17, at a price tag of $0.14, based on my discounted cash flow model. This mismatch signals an opportunity to buy TNA shares at a discount. In addition to this, TNA’s PE ratio stands at 7.2x compared to its hotels, restaurants and leisure peer level of 19.4x, indicating that relative to its comparable company group, we can invest in TNA at a lower price. TNA is also in good financial health, with short-term assets covering liabilities in the near future as well as in the long run. It’s debt-to-equity ratio of 52% has been diminishing for the past few years demonstrating TNA’s ability to pay down its debt.


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## EPS_Investor (Sep 7, 2017)

TNA.V released their earnings a couple weeks early. $630,000 US profit and just over $2 million US profit over 9 months. For a small cap it sure has some great numbers. Balance sheet is good with asset/debt ratio better than 2:1 now and insiders still own 78% of the stock, total of 124 million shares. Trading at a major discount compared to it's peers.


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## EPS_Investor (Sep 7, 2017)

Forgot to post this, but TNA.V did sell their Tukwila casino. Cost was $1.45M(book cost) and it hasn't contributed to revenue all year. So this will help make their balance sheet stronger.


Evergreen sells Tukwila property for $1.95M (U.S.)

2017-12-13 15:48 MT - News Release

An anonymous director reports

SALE OF TUKWILA REAL ESTATE

Evergreen Gaming Corp. has sold real estate located at 14027 Interurban Ave. South, Tukwila, Wash., 98168. This was the location of the casino that ceased operations in February of 2017. No revenue-generating use was found for the property after the closure, so it was listed for sale. The sale of real estate closed on Nov. 30, 2017, for $1.95-million (U.S.). The mortgage and a note attached to the property were paid off from the proceeds of the sale.

© 2018 Canjex Publishing Ltd. All rights reserved.

I went through the liberty of adjust their Q3 results with the Tukwila sale.



Numbers adjusted for completed Tukwila Sale:
- Evergreen Gaming Paid $1,434,184 USD for Tukwila in 2014
- Selling Price: $1,950,000 USD
- Remaining Mortgage (Page 21 of Q3 Financials): $1,054,956 USD
- Estimated Realtor Expense: $30,000 USD
- Estimated Return After Mortgage Paid Off: $865,044 USD

What has changed in their financials:
- Property, Plant, Equipment has been reduced by $1,434,184 (cost not selling price)
- Notes Payable has been reduced by $1,054,956
- Cash has increased by $865,044

The $856,044 would be added to assets while liabilities will be reduced by $1,054,956

Financial Results (All Numbers In USD)

ASSETS
Property, Plant & Equipment: $9,096,827
Goodwill: $6,435,481
Trademarks: $1,185,000
Game Licenses: $60,667
Deposits: $27,110
Inventories: $168,011
Accounts Receivable: $37,196
Other Assets: $224,477
Cash, restricted: $2,758,138
Cash: $6,309,554
Total Assets: $26,302,461

LIABILITIES
Deferred Tax Liabilities: $348,000
Notes Payable: $5,518,629
Other Payables: $5,460,159
Notes Payable: $393,858
Total Liabilities: $11,720,646

3 Month Results USD
Revenue: $8,554,697
Net Income: $627,304

9 Month Results USD
Revenue: $26,196,124
Net Income: $2,012,248

9 Month Revenue convert into CAD and Earnings Per Share
USD-CAD-1.27 as of November 16th 2017
$2,012,248 X 1.27 = $2,555,554.90 CAD
$2,555,554.90 / 124,716,865(common shares) = $0.0205 over 9 months

14. SUBSEQUENT EVENTS
The company has entered into an agreement to sell the real property where Palace Tukwila was located for $1,950,000. The buyer has made a $50,000 earnest money deposit and the sale is supposed to close on or before November 30, 2017. The company has mortgages on the property with balances of $1,054,956 as of September 30, 2017 which would be paid in full if the sale is completed. The book value of the property being sold is $1,434,184 as of September 30, 2017.

**NOTE** - Tukwila was closed February 4th and has not generated any revenue since then. 

Evergreen Gaming Corporation Q3 Results (Ending September 30th 2017)
All Information Can Be Found On SEDAR – www.sedar.com
Previous Closing Price: $0.16
Common Shares: 124,716,865
Insider/Institutional Holdings: 95,967,855 or 77.51%
Retail Shares Available: 28,749,010 or 22.49%


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## EPS_Investor (Sep 7, 2017)

TNA is still floating at a multi year high as year end results are only 5 weeks away. Should add at least $800K USD in profit, then another big profit a month later for Q1 2018. Trumps new tax plan will offset the small wage increase expense and this casino group will still keep going up. It's not exciting, but very safe in the realm of small caps. Do your own research, SEDAR will show you exactly what I mean. Keep in mind too that there has been one house buying all the stock over the last four months(Scotia), perhaps they know something we dont? When insiders own 75% of a casino company, odds are they will sell it in due time in order to get out.


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## EPS_Investor (Sep 7, 2017)

TNA Earns $1.5 Million USD In Q1 2018

TNA.V Q1 2018 Results (Ending March 31st 2018)
All Numbers Are In US Dollars. Information from SEDAR

Price: $0.20
Common Shares: 124,716,865
Insider/Institutional Holdings: 95,967,855 or 77.51%

Financials

ASSETS (USD)
Property & Equipment: $8,916,932
Goodwill: $6,435,481
Trademarks: $1,185,000
Game License: $55,467
Deposits: $36,678
Inventories: $170,905
Receivable: $19,963
Other Assets: $93,404
Restricted Cash: $3,326,656
Cash: $8,431,973
Total Assets: $28,672,459

LIABILITIES (USD)
Deferred Tax: $279,000
Notes Payable: $5,504,185
Trade Payable: $6,013,996
Current Note Payable: $275,647
Total Liabilities: $12,072,828

Q1 2018 Performance
Sales: $10,174,943
Net Income: $1,482,979

Earnings per share in Q1: $1,482,979 * 1.30(CAD) / 124,716,865 = $0.0155c EPS
Prior Quarters - Revenue Breakdown per quarter

Date – Sales – Net Income
2014 - $30,555,757 - $2,720,669 USD
2015 - $33,338,543 - $3,933,883 USD
2016 - $33,187,853 - $1,909,408 USD
2017 - $35,609,459 - $3,032,901 USD
2018 - $10,174,943 - $1,482,979 USD

Management Discussion Highlights

Net revenues for the quarter ended March 31, 2018 were $10,174,943, an increase of $1,944,969 compared to the same period in the prior year. Table games revenue increased by approximately $1,381,000 as a result of gaming dollars dropped being 21.1% higher than the same period last year, and the hold percentage was up slightly by .1%. Poker revenue increased by approximately $456,000 as a result of making the Palace Lakewood all poker tables effective February 1, 2018. Operating expenses were $8,245,859 in the quarter ended March 31, 2018 compared to $7,620,589 in the prior year quarter. Labor and benefits expenses decreased slightly by approximately $11,000. This decrease was primarily due to the closure of the Palace Tukwila that took place on February 4, 2017. The decrease was offset by the increase in the minimum wage that went from $11.00 to $11.50 effective January 1, 2018. Marketing and administrative increased approximately $356,000 which was primarily due to marketing expenses increasing approximately $420,000 offset by a decrease in management fees of $75,000. The increase in marketing expenses consisted of $207,000 at the Palace Lakewood and $213,000 at the other locations. The Palace Lakewood increase was the result of promoting the location as an all poker facility. The management expenses decreased as the result of terminating the management agreement with Michels Management Services effective December 31, 2017. Gaming taxes and license expenses increased approximately $215,000 as a result of the increased gaming revenue.

The Company’s cash at March 31, 2018 was $11,758,629, compared to $10,043,965 at December 31, 2017. These amounts include “Restricted Cash” balances of $3,326,656 and $2,975,946 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities for the quarter ended March 31, 2018 was $1,838,039 compared to $1,250,501 for the quarter ended March 31, 2017.

The Company’s assets at March 31, 2018 totaled $28,672,459 compared to total liabilities of $12,072,828. At December 31, 2017, total assets were $27,062,630 compared to total liabilities of $11,945,978.

Net revenue increased to $10,174,943 in the quarter ending March 31, 2017 compared to $9,413,335 in the quarter ending December 31, 2017. Gaming dollars dropped increased 3.4% in the current quarter and the hold percentage increased 0.7% compared to the quarter ending December 31, 2017. Operating expenses in the quarter ending March 31, 2018 were $8,245,859 compared to $8,394,959 in the prior quarter. Labor and benefits expense decreased approximately $112,000 in the quarter ending March 31, 2018 compared to the prior quarter. This decrease was primarily due to labor and benefits expense at Palace Lakewood decreasing approximately $154,000 as a result of converting the location to all poker on February 1, 2018.


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## EPS_Investor (Sep 7, 2017)

Looks like resistance has hit this stock over the last month despite decent earnings. Starting to unload my position and take the 100%+ gain and purchase AXM.V and CAF.V since they are half the price with more potential than TNA.V. Getting two stocks for the price of one is always a good deal and great diversification strategy. What the market has taught us is despite the venture at a three year low, earnings based companies continue to go up. The losses are coming from Marijuana/Crypto and speculative companies that have no capital to work with. Thus buying small caps that generate free cash flow cannot lose in these turbulent times. But AXM being in gold and CAF in coking coal used for steel, these two metals are highly sought after right now.


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## james4beach (Nov 15, 2012)

Are you paid to promote or write about these stocks? This site does not allow paid promotions or stock pumping.

I realize that you might just be an enthusiastic penny stock investor, but I wanted to check.


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## Spudd (Oct 11, 2011)

james4beach said:


> Are you paid to promote or write about these stocks? This site does not allow paid promotions or stock pumping.
> 
> I realize that you might just be an enthusiastic penny stock investor, but I wanted to check.


As if he would tell you the truth if he were a pumper?


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## humble_pie (Jun 7, 2009)

james4beach said:


> Are you paid to promote or write about these stocks? This site does not allow paid promotions or stock pumping.
> 
> I realize that you might just be an enthusiastic penny stock investor, but I wanted to check.




he's a pump. The usual way they're compensated is the company gives them warrants. Then they drive up a promotion, as this one keeps doing here in cmf forum. Except usually a good number of pumpz are given warrants & they infest all the far corners of the internet at the same time.

strictly because of the promotion hype, the share price rises. Then the pumpz exercise their warrants & sell the resulting shares for a gain.

the share price then falls. As price scrapes bottom the pumpz might even repeat the cycle with the same company.


jas4 please don't ban this guy. He's a walking illustration of how a clever criminal pump works. It doesn't hurt to hear about fairy-tale kingdom gold mines in tiny african countries where revolutionary armies have already seized the mines, as long as cmffers understand what's going on & refuse to believe the fiction.

plus this dude is a lot more literate than most pumpz. One could even say that his spelling, punctuation & grammar are superior to the average cmf investor! PS do you think he might secretly be working on his CFA?

each:


.


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## james4beach (Nov 15, 2012)

I don't plan to ban him. But wow, these are some really terrible stocks. Some of these venture stocks are so obscure that I can't even pull up tickers for them.

You could pick 10 random stocks out of the TSX Composite list and you'll end up with a better batch of stocks than anything mentioned in this thread. I'll do it right now: SJR.B, ENF, MNW, EXE, WPK, NWC, GTE, GC, RBA, GWO

That's funny, look at this. One of my random picks happens to be a gaming stock (Great Canadian Gaming Company). That really just happened by accident!


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## humble_pie (Jun 7, 2009)

james4beach said:


> I don't plan to ban him. But wow, these are some really terrible stocks. Some of these venture stocks are so obscure that I can't even pull up tickers for them.
> 
> You could pick 10 random stocks out of the TSX Composite list and you'll end up with a better batch of stocks than anything mentioned in this thread.



they need totally obscure stocks w low liquidity. These often trade for a few pennies.

these are where the pump campaign can make the biggest difference. A few good stories to make it look as if there's a positive spin going on & boom, that stk is up 1000%.


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## EPS_Investor (Sep 7, 2017)

Sigh, both of you don't understand what growth is for the small caps. I bet you two would love to buy PHO.T right now that it's up 2000% compared to when I owned it back in 2013 when it was a quiet stock. But it's an example of a company where it's proven the growth concept and then people want in after the party started and have to pay a premium. I try and find stuff before the party starts because then you get the best deal. 

You want to invest $1 to make five to ten cents profit per year, go for it. If your into liquidity and day trading, makes sense. But to do that over the long term, what a waste of time. 

Unfortunately you also both fail to see what is going on here and believe the stigma of a stock price and maybe makes you feel broke or some strange thing. I studied this in University and it's all mental. Forget what the stock price is, if it makes money and trades at a low multiple, bills are paid and balance sheet is good, it's very difficult to lose. But yet you can get hurt on large caps just as fast. 

But im sure your older investors where you got hurt in the past and won't buy small cap because of fear rather than actual consideration of company performance.

I give clear examples of why the company grows and fact with numbers yet you still hate on it.

If your playing with $500K+ at a time per stock, yeah maybe a small cap or medium cap stock isn't for you and won't be liquid. But like 99% of investors, most people don't have that kind of money to flip around.

Liquidity is IRRELEVANT if your in a growth stock for the long term. If I bought TNA last year at $0.10 and sold now at $0.25, what's the problem? It's liquid enough to get out. If your both savvy traders, look at the level 2 on it, more than enough bids even for six figure orders. So where's the problem? 

Stop hating on me and treating me like pumpers on here that only have spec stocks with NO GROWTH OR PROFITS. It's not right!


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## EPS_Investor (Sep 7, 2017)

If you guys don't like small caps, then put in clear writing, "No posting small caps" on here and I will be gone faster than Jack the bear. But don't treat me like a pumper when I put serious time and effort into this.


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## EPS_Investor (Sep 7, 2017)

You know what James, just delete my account please. I'm trying to look for the deactivation button but can't find it. There are better forums and threads where this hostility doesn't exist and if I get rid of my account, then there's no chance of me coming back here. So please point me in that direction and I'll have my account removed shortly here.


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## humble_pie (Jun 7, 2009)

EPS_Investor said:


> If you guys don't like small caps, then put in clear writing, "No posting small caps" on here and I will be gone faster than Jack the bear. But don't treat me like a pumper when I put serious time and effort into this.



i agree you do serious time. IDK if the global effort is serious though.

you don't like when i joked that you are possibly rehearsing for the CFA exams? believe me, that was the highest compliment you will ever receive each:


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## humble_pie (Jun 7, 2009)

here's another paid pump on cmf forum from a few years ago

this author was an amateur, ie he was posting here as a genuine retail investor some of the time & he was posting here as a paid pump the rest of the time.

he's not telling readers, but his precious little asian O & G is nothing more than an exploration concession somewhere deep within the jungles of Vietnam :biggrin:

notice the language. Always, without exception, the future earnings, royalties & other revenues that will definitely accrue to the benefit of the touted VSE penny stock are spectacular. SPECK. TACK. OO. LARR.




> I am quite high on this one right now. Asean Energy Corp. Highly speculative. I own a lot of shares in it. ASA.CSE
> 
> ASEAN ENERGY ANNOUNCES LETTER OF INTENT WITH GLOBAL OIL 57
> 
> ...


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## Moneytoo (Mar 26, 2014)

EPS_Investor said:


> You know what James, just delete my account please. I'm trying to look for the deactivation button but can't find it. There are better forums and threads where this hostility doesn't exist and if I get rid of my account, then there's no chance of me coming back here. So please point me in that direction and I'll have my account removed shortly here.


Hey c'mon over to RFD Investing: http://forums.redflagdeals.com/canadian-small-caps-penny-stocks-1751425


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## james4beach (Nov 15, 2012)

EPS_Investor said:


> You know what James, just delete my account please. I'm trying to look for the deactivation button but can't find it. There are better forums and threads where this hostility doesn't exist and if I get rid of my account, then there's no chance of me coming back here. So please point me in that direction and I'll have my account removed shortly here.


I can delete your profile if you really want, but you can also just abandon it if you don't want to post any more.

All I asked was if you are paid to promote these stocks. I then observed that you've found some very obscure stocks that don't seem to perform well. TNA.V for example seems to have been trading for 22 years (according to yahoo finance) and has returned 3.4% annualized. It crashed 99% a few years ago so this is obviously one heck of a dangerous stock. Just a crazy roller coaster ride and nothing to show for it.

How would that appeal to an investor?


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## nobleea (Oct 11, 2013)

james4beach said:


> TNA.V for example seems to have been trading for 22 years (according to yahoo finance) and has returned 3.4% annualized. It crashed 99% a few years ago so this is obviously one heck of a dangerous stock. Just a crazy roller coaster ride and nothing to show for it.


I wouldn't assume that it's been the same company or line of business those 22 years. These tickers are usually shells that small companies (private or pink sheets) will do reverse takeovers on to get a public listing. Obviously the venture is a small market, but its way bigger than the private or pink sheets they used to be. Wouldn't be unheard of for that ticker to have represented 3-5 different companies/industries during the 22 years.


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## humble_pie (Jun 7, 2009)

james4beach said:


> All I asked was if you are paid to promote these stocks. I then observed that you've found some very obscure stocks that don't seem to perform well. TNA.V for example seems to have been trading for 22 years (according to yahoo finance) and has returned 3.4% annualized. It crashed 99% a few years ago so this is obviously one heck of a dangerous stock. Just a crazy roller coaster ride and nothing to show for it.
> 
> How would that appeal to an investor?



obscure & illiquid is heaven & earth for a pump. The more illiquid, the less effort it takes to raise the price.

it's too bad he's gone off in a snit. CMF forum might have had its 4th top-notch Class A-1 penny stock pump.

only 3 other certifiable stock pumpz in nearly a decade of continuous cmf forum operation. This shows what tough investment hardhats we are. If cmffers were "easy" to sell pumper stocks, they'd be all over us like july blackflies in northern ontario.

meanwhile our current friend is pumping his little stable of penny stocks on reddit. Same stable, same horses. Find him as username Loopy1984.


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## EPS_Investor (Sep 7, 2017)

Evergreen Gaming in talks to sell itself

2019-01-09 07:56 MT - News Release


Mr. Clive Forth reports

CORPORATE UPDATE

Evergreen Gaming Corp. has entered discussions with a third party that has expressed an interest in buying the company. No definitive terms have been agreed to, no formal agreements have been executed and there can be no assurance that the discussions will be concluded, any definitive agreement will be entered into or any transaction will be consummated. The company does not expect to provide further information or updates until a definitive agreement has been entered into or discussions between the parties have been terminated.

© 2019 Canjex Publishing Ltd. All rights reserved.


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## EPS_Investor (Sep 7, 2017)

Wow, four haters in this chat have to put their foot in their mouths after all that smack talk about me.

Posted this at $0.13 and today it trades at $0.38, almost 200% increase in 15 months? With proven numbers and evidence to support the price. Just goes to show how ignorant people are on here. 

What's my motive? I get in at the price I post at and I believe in the stock so much that I like to share it, along with my research. But I understand that lots of you have been burned and are jaded to postings, despite mountains of evidence that the stock was going to move up. You saw that post on RFD, I have many followers on a few other sites and they like to post my information too. 

It's a profitable casino company, not a rocket science experiment. I don't know why people hated this so much. Use common sense, not emotion when buying stocks. SEDAR and Google are all you need to prove or disprove my posts.

If you four think your so good, match me and give this board a better ROI, especially given the garbage crypto, weed, and lithium stocks that have flooded the market, along with the collapse of oil plays.

I hope you take my AXM thread a lot more serious now, I'm not a pumper and I'm not an amateur.


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## EPS_Investor (Sep 7, 2017)

EPS_Investor said:


> Sigh, both of you don't understand what growth is for the small caps. I bet you two would love to buy PHO.T right now that it's up 2000% compared to when I owned it back in 2013 when it was a quiet stock. But it's an example of a company where it's proven the growth concept and then people want in after the party started and have to pay a premium. I try and find stuff before the party starts because then you get the best deal.
> 
> You want to invest $1 to make five to ten cents profit per year, go for it. If your into liquidity and day trading, makes sense. But to do that over the long term, what a waste of time.
> 
> ...


Plus if you guys that promoted GC.T a while back had any sort of research skills, you would of seen last year that GC bought card rooms in Tukwila. Isn't that where TNA is? Bingo!


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## EPS_Investor (Sep 7, 2017)

Still holding over 200% gain over the last 18 months when I posted here. Year end results are out in April and Q1 in May. But a deal will be announced earlier than that. My guess is it's in between 45-50 cents, around 10X earnings which is a steal for a clean casino company like TNA.V

Someone under Anon has been cleaning up stock up to 41 cents, odds are they know more about the deal than the rest of the market.


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## EPS_Investor (Sep 7, 2017)

New multi year high on TNA. Still trading at less than 10 times CAD earnings though. Financials on Sedar look real good.


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## PeterM (Feb 23, 2021)

This is definitely good news because my friend from Canada told me about how he lost money from scammers in online casinos from Beijing or Singapore more than once. It seems to me that now Canadians will be able to increase their income from gambling more than to lose their money. Personally I have not played poker for a long time and replace this hobby with such an occupation as Buy rocket league items because I managed to find more interest in this game than in the casino


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## EPS_Investor (Sep 7, 2017)

I'm back! looks like TNA was a good call in 2017. Over 500% gain, call it 100% per year and that's with covid causing a mess. Next play that I feel could do this is East West Petroleum EW.V

*Evergreen to be acquired by Maverick for $68M (U.S.)*

2022-09-08 15:18 ET - News Release

Mr. Steve Michels reports
EVERGREEN GAMING CORPORATION ENTERS INTO DEFINITIVE ARRANGEMENT AGREEMENT TO BE ACQUIRED BY MAVERICK GAMING LLC

Evergreen Gaming Corp. has entered into an arrangement agreement with Maverick Gaming LLC and its subsidiary Maverick Acquisition Canada ULC, which contemplates a plan of arrangement under the Business Corporations Act (British Columbia). Pursuant to the arrangement agreement and the accompanying initial purchase agreement, defined hereafter, Maverick will acquire all of the outstanding common shares of Evergreen.

Under the transactions contemplated in the arrangement agreement and the initial purchase agreement, Maverick would acquire 100 per cent of the outstanding common shares of Evergreen for cash consideration of 55 U.S. cents per Evergreen share, subject to adjustment as referred to hereafter. The transaction was unanimously approved at a meeting of the Evergreen board of directors, and the Evergreen board of directors unanimously recommends that Evergreen shareholders vote in favour of the transaction. The transaction provides total consideration, subject to potential adjustment, of approximately $68-million (U.S.).
Transaction highlights:

The transaction is the culmination of negotiations with a number of third parties expressing an interest in acquiring the company, beginning in late 2018, with the offer price per share represented by the transaction being the highest price offered for 100 per cent of the outstanding shares of Evergreen. The 55-U.S.-cent cash consideration offered for each Evergreen share equates to approximately 72 Canadian cents per share at the current exchange rate, representing an 18-per-cent premium to Evergreen's 30-day volume-weighted average share price and a 28-per-cent premium to Evergreen's 60-day volume-weighted average price on the TSX Venture Exchange for the period ended Sept. 7, 2022.
The consideration is all cash and is not subject to a financing condition.
The consideration secures immediate value for Evergreen shareholders.
Shareholders who collectively hold or control approximately 78 per cent of Evergreen's outstanding shares have entered into support agreements pursuant to which they have agreed to vote their shares in favour of the transaction.
Evergreen is entitled to terminate the arrangement agreement to enter into a definitive agreement with respect to a superior proposal, in which case Maverick is entitled to a termination fee of $2.5-million (U.S.).
Evergreen is entitled to a reverse break fee of $2.5-million (U.S.) in certain circumstances upon the termination of the arrangement agreement.
The arrangement agreement contains customary deal protection provisions, including that Evergreen is not entitled to solicit third parties or engage in negotiations or discussions with third parties regarding a potential acquisition of the company, except as expressly provided in the arrangement agreement, and that Maverick has a right to match any superior proposal received by Evergreen.

Evans & Evans of Vancouver, B.C., is acting as financial adviser to Evergreen. Evans & Evans has provided an opinion to Evergreen's board of directors that, as of the date of the opinion, and subject to the assumptions, limitations and qualifications on which such opinion is based, the consideration to be received by Evergreen shareholders is fair, from a financial point of view, to the Evergreen shareholders.

Transaction details

The transaction will be completed in a two-step process, anticipated to occur on the same day. To comply with certain Washington State gaming regulations, Maverick will first acquire seven million common shares of Evergreen from Michels Development LLC (MDL), a private company wholly owned by Steve Michels, the chairman, chief executive officer and a director of Evergreen, under a share purchase agreement between MDL and Maverick. Under the initial purchase agreement, MDL will receive consideration per share for the seven million shares subject to the agreement that is identical to the consideration received by all other shareholders of Evergreen under the arrangement. If the sale contemplated by the initial purchase agreement is completed and the arrangement should subsequently fail to close for any reason, the sale under the initial purchase agreement will be rescinded.

Subject to satisfaction of all conditions for closing provided for in the arrangement agreement, the arrangement is intended to close immediately following the closing of the sale under the initial purchase agreement. Under both the initial purchase agreement and the arrangement, the Evergreen shareholders will receive 55 U.S. cents for each Evergreen share held, subject to adjustment as follows. The arrangement agreement provides that if the company's closing cash, as defined in the arrangement agreement, is less than $26-million (U.S.), then the total consideration payable to the Evergreen shareholders under the transaction will be reduced proportionately, provided, however, that, if closing cash is less than $20.6-million (U.S.), there is no further reduction in the total purchase price beyond $5.4-million (U.S.). If the total purchase price is reduced pursuant to the foregoing (the amount of such reduction being the shortfall), the price payable for each share is reduced from 55 U.S. cents by the amount that results when the shortfall is divided by the number of Evergreen shares outstanding.

In the event that the consideration payable per share to Evergreen shareholders is reduced in accordance with the foregoing and in the event that the company subsequently receives one or more payments of a U.S. federal tax refund as a result of employee retention credits that the company has applied for, the amount of any such refund will be paid pro rata to the Evergreen shareholders in one or more subsequent payments, provided, however, that such payment will not exceed the shortfall.

The transaction is subject to approval by the Evergreen shareholders, court approval and other closing conditions, including closing cash being not less than $28-million (U.S.), receipt of required Washington State gaming approvals and the TSX Venture Exchange accepting the arrangement agreement for filing. Full details of the transaction will be set out in Evergreen's management information circular that Evergreen will prepare in respect of the meeting of shareholders to approve the transaction, which is expected to occur in the fourth quarter of 2022. The transaction is expected to close by the end of 2022.

The arrangement agreement includes customary provisions, including non-solicitation of alternative transactions, a right to match superior proposals in favour of Maverick and fiduciary-out provisions. Evergreen has agreed to pay a termination fee of $2.5-million (U.S.) to Maverick upon the occurrence of certain termination events. Maverick has agreed to pay a termination fee of $2.5-million (U.S.) to Evergreen upon the occurrence of certain termination events.

Certain directors and officers of Evergreen that are shareholders of Evergreen have entered into support agreements with Maverick pursuant to which they have agreed, among other things, to support the transaction and vote their Evergreen shares in favour of the arrangement. In total, shareholders holding approximately 78 per cent of the outstanding shares of Evergreen have entered into such support agreements.


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