Aamas Resources fifth most active conference
THIS IS OLD BUT A GOOD READ.
Adamas Resources Corp
AMS
Shares issued 7,617,989
1999-05-28 close $0.16
Monday May 31 1999
Week ended May 28th
by Stockwatch business reporter
This is the first review of Adamas Resources in Forum Watch, grabbing fifth place
among Canada Stockwatch's most active conferences for the week. As a junior
miner, Adamas Resources did not have much success; all of its mineral properties
have been abandoned and the consolidated financial statements for the year ended
Dec. 31, 1998, show assets of $5,673. That dismal reality was not entirely reflected
in the share price, which hovered at a generous three cents early in the year. On
Feb. 5, Stephen Doppler resigned as president and Mike Skopos resigned as a
director; Richard Silas joined the board and was appointed president. On Feb. 10,
Adamas issued a release hinting at the possibility of an Internet acquisition. That
sparked some modest interest and on March 8, Adamas followed up with another
release, declaring that "the company has narrowed its business and acquisition
opportunities to the Internet and e-commerce." On April 14, Michael Dearden joined
the board. On April 19, the stock jumped to a 52-week high of 26 cents, prompting
another release which indicated that there was no material change in the company's
affairs and that Internet and e-commerce acquisition opportunities were still being
evaluated. Meanwhile, the company has granted 1,065,000 stock options exercisable
at 15 cents and a further 1.2 million options exercisable at 16 cents.
Among the personal attacks, false allegations, and comical ego preening by
anonymous posters, there were a few posts which actually addressed issues related
to Adamas. Gandolf levelled a rather scathing indictment of management: "Look at
who's behind this company now. The same folks that were involved in the infamous
Maymac pump and dump in January of 1997. The same incestuous relationship with
a certain major Canadian brokerage house...All these stooges are trying to do is
mine the market for their paychecks. They for damn sure are not paying off the
company's considerable debts." That seemed to be quite acceptable to Gord:
"Gandolf, you have brought up some excellent points for AMS. I wouldn't hold AMS
for any length of time...if I can double my money and bail why not?" Toward the
end of the week, Tequila contributed a brief post: "I spoke with Richard yesterday
for an update. They have filed their C.O.B. prospectus with the VSE, (from mining
to Internet) which will take four weeks to complete. They are currently undergoing
due diligence on a couple of their prospects, but nothing can be released until the
C.O.B. has been completed." Adamas closed out the week at 16 cents. |
