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Strategies & Market Trends : Natural Resource Stocks

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From: ItsAllCyclical	4/5/2005 10:02:59 AM
	Read Replies (4) of 108704

DROOY to issue more shares. reuters.com Nothing like diluting at the bottom. According to their late Feb presentations they had plenty of liquidity. Now they are saying they're raising cash due to their auditors belief that they are liquidity strapped. Or could it be that they're raising cash in case they can't find a buyer for their NW mine and they get stuck pumping water for the foreseeable future? Stock is up currently, but I'm guessing we'll get another late day fade. Seems like the longs need another higher volume reversal day to squeeze out the final sellers or we'll continue to drift lower. No position currently. Management is rapidly losing their remaining credibility in my eyes.

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