Operating Partners, Investments and Cash Deployments Affected
PLANO, Texas, November 19, 2024--(BUSINESS WIRE)--Mentor Capital, Inc. (OTCQB: MNTR) reported a closing share price of $0.056 per share in its quarterly Form 10-Q filing for the third quarter ended September 30, 2024, filed with the Securities and Exchange Commission. After the third-quarter end, Mentor received a material subsidiary divestiture cash payment equal to an added $0.048 per share, resulting in today’s net debt-free cash and equivalents holdings of approximately $0.121 per share. The Company calculates that today’s value of the existing net cash and equivalents per share of the business, is over 200% of the market price of the Company's stock price.
Also subsequent to quarter-end, the November 2024 national election results were substantially announced. Mentor Capital’s emphasis on the classic energy sectors of uranium, coal, oil and gas are, in the opinion of management, consistent with the incoming administration’s energy philosophy and focus. Mentor is looking to partner with interest holders and operator(s) that wish to continue to operate their business, could benefit from up to a $2,000,000 cash addition to their balance sheet, and would profit from the liquidity, valuation multiples, and ability to raise capital that may be found when operating within the public market.
On September 30, 2024, the Company had 21,830,393 common shares and 11 Series Q convertible preferred shares outstanding, plus 4,250,000 Series D warrants outstanding with an exercise price of $0.02 per share, and 413,512 Series H warrants that an investment bank holds at a $7.00 per share exercise price.
No equity was granted to directors, insiders, consultants, or investor relations firms during the quarter ending September 30, 2024. A 3,000,000 share repurchase plan was authorized, and on November 18, 2024, a total of 95,788 shares remained to be repurchased under the plan. For the nine months ended September 30, 2024, a total of 2,855,712 MNTR common shares were repurchased and retired at an average price of $0.058 per share.
The Company's shares finished the quarter at a closing price of $0.056 per share, representing a market capitalization of $1,222,502 compared to a 2023 year-end closing price of $0.062 per share and a corresponding market capitalization of $1,540,413. The Company finished the quarter with a book value of $2,955,184 or $0.135 per share, compared to a book value of $3,915,717 or $0.159 per share at 2023 year-end.
The Series Q Convertible Preferred Stock, for accredited investors, first valued at $10,000 per share on September 30, 2018, was valued at $20,843 per share on September 30, 2024, which is an approximate 13.87% average compound annual rate of return over each of the last six years.
The Company is managed by Chairman and CEO Chet Billingsley who founded Mentor Capital first as an acquisition partnership in 1985. Mr. Billingsley's interest is reported at 8.33% on a fully diluted basis as of September 30, 2024, with other directors and officers holding an additional 6.06% on a fully diluted basis.
About Mentor Capital: The Company seeks to come alongside and assist private companies and their founders and investors in meeting their liquidity, equity financing, and acquisition objectives. Mentor is currently focusing its new efforts on adding assets in the classic energy sectors of uranium, coal, oil and gas.
This press release is neither an offer to sell nor a solicitation of offers to purchase securities.
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of federal securities laws, including statements concerning financial projections, financing activities, corporate combinations, product development activities, and sales and licensing activities. Such forward-looking statements are not guarantees of future results or performance and are sometimes identified by words of condition such as "should," "could," "expects," "may," "intends," "seeks," "looks," "moves," or "plans" and are subject to a number of risks and uncertainties, known and unknown, that could cause actual results or direction to differ materially from those intended or anticipated. Such risks include, without limitation: delays in finding and purchasing suitable investments at favorable prices, nonperformance of investments, partner and portfolio difficulties, potential delays in marketing and sales, problems securing additional financing, the potential of competitive products, services, and technologies, difficulties experienced in program development, in recruiting and retaining key and knowledgeable personnel, in protecting intellectual property, and the effects of adverse worldwide economic events, such as government regulations, energy regulations, and inflation. Further information concerning these, and other risks is included in the Company's Form 10-Q and Form 10-K filings, which, along with additional very important details on the Company, can be found here: https://ir.mentorcapital.com/all-sec-filings
The Company undertakes no obligation to update or revise such forward-looking statements to reflect new information, events, or circumstances occurring after the date of this press release.
