OK, here is what I got as a summary of the DD on ORXX.
(Man what a day of verification.)
Stock Structure according to the TA and company:
No warrants/options
21,942,500 Outstanding Shares which consists of the following:
4,989,000 Restricted Shares (2 years from March 4, 1999)
1,600,000 DTC/ADP (Available for Trading)
250,000 stopped cert captured and in company hands
250,000 stopped cert captured and in company hands
250,000 in the process of being captured
4,000,000 Shares held in Cert Form *
4,000,000 Shares held in Cert Form *
20,000 Shares held in Cert Form *
250,000 Shares held in Cert Form *
1,060,000 Shares held in Cert Form *
2,000,000 Shares held in Cert Form Enroute from Escrow
1,000,000 Shares held in Cert Form Enroute for correction
* is being faxed to Shell Searcher
This leaves unverified:
1,100,000 Shares that were in Cert form but deposited on July
23, 1999 into a Prudential Brokerage account . However, because the
company feels this is the stock being shorted against the cert is
being called for today by the shareholder.
1,173,500 Unverified as of this post. Told this cert will be
available shortly because they could not get in touch with the
shareholder. However, the shareholder is long on ORXX so this should
not be a problem.
Ok … worse case scenario … 1.6M + 1.1M + 1.17M = 3.87M in brokerage
accounts, which are available for shorting even though strongly
held. Most of the other Certs are available and have been for a
while because the company and long term shareholders were trying to
stop the shorting on the stock. Most of this stock has a value to
the shareholders somewhere between $3.38 - $4.125. Selling at this
level is totally absurd.
Now as the DD comes together please note I always take the
information and build a information time scale of the stock which I
have posted but I need to add the 1,1M shares that went in on/around
July 23, 1999. Note the volume change once that hit the broker.
Message 10734288
Man if you think this type DD is easy … try it. But the company is
livid on the fall and the massive selling regardless of what they
do. What ticks them off is it is not shareholders selling. They
have shot straight with me since the beginning and have assisted me
in every point to prove they are telling the truth.
I have expressed to them I will verify everything because #1 I do not
trust mining stocks and #2 I hate being lied to or a convenient twist
on the truth by the company. They have not hesitated in providing
the information I have requested, of which, none is consider inside.
However, if this stock is held so strong then it would be in the
best interest of the large shareholders to prove they are not selling
the company out. This is beneficial to both future long-term
investors, existing ones and the company's capitalization.
OK the following has been verified, which means the real world is
looking seriously at this stock.
The Part of the Article in Business Week of April 19, 1999 is in the
header of the SI thread Created on May 21, 1999 By Goldloaded
Subject 28465
On May 24, 1999 Financial Sentinel Investment Opinion
Message 10746548
The Mining Stock Newsletter of July 15, 1999 (had to OCR it from a fax)
Message 10737176
Note: Unable to get the slated time of this appearance on CNBC.
Orex's Website (Note: the press releases have not bee updated as of yet )
orexgold.com
Yahoo News
biz.yahoo.com
As far as being in compliance the company is in the process of doing
the audits in accordance with GAAP to file a form 10 sometime around
the end of September. Plus they are looking to close on the
acquisition sometime in the first week of August since the Due
Diligence has been completed as of July 30, 1998
Basically, that is about it and I appreciate anyone who has talked or
done some verification please let me know.
Hope this helps but this is why I am accumulating this stock. I know
why I am buying it do you?
GB
PS I have not been compensated nor have I discussed compensation. |
