Virgil-- I have been going over some of Alta's sec fillings, and came across this--
--In connection with the New Loan, the Company is required to
sell 100% of its gold production to Gerald Metals through March
31, 1999, and to enter into a hedging program covering the
Company's projected gold production from June 1997 through
December 1998. Pursuant to this hedging program, the Company, on
March 21,1997, purchased put options for 108,500 ounces of gold
at $335 per ounce, and, to partially offset the cost of the put
options, sold call options for 45,000 ounces of gold at $390 per
ounce. The put options mature with respect to 3,500 ounces of
gold each month from June 1997 to December 1997, and with respect
to 7,000 ounces of gold each month from January 1998 to December
1998. The call options mature with respect to 3,750 ounces of
gold from January 1998 to December 1998.--
Possibly a big holder did not like the way they are locked to Gerald Metals, or maybe we are just seeing forced mutual fund selling due to redemptions. Comments?
WJ |
