Bearcat (BEA-C) & Stampede (STF-C) Message Board

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Gold/Mining/Energy : Bearcat (BEA-C) & Stampede (STF-C)

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To: Jim P who wrote (346)	2/27/1998 6:15:00 PM
From: Dale Schwartzenhauer	Read Replies (2) of 2306

As for the financings, this isn't the first time we've seen these companies structure something of this sort. The rationale is two-fold: funds will be required for land sales on April 1 (nothing on Mar 4 is relevant); the warrants are optimistically priced with a short time fuse so that great results will generate built-in financing which in turn will finance more wells. The longer the expiration dates, the more overhang on the market. Also, if results aren't that great, why have the warrants hanging around; the prices would be preposterous (they might be anyway). BTW, until CWQ finances, the new price ratio for BEA:CWQ is about 3:1. Thus, BEA = $0.69, CWQ S/B $0.23. Indeed, the last trade on CWQ today was $0.23. So these markets are very efficient. Dale

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