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Gold/Mining/Energy : Royal Oak-RYO

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To: JCgold3 who wrote (983)	5/16/1998 2:31:00 PM
From: stuffbug	Read Replies (1) of 1706

There is a news release. Share dilution is minimal. RYO will pay the bondholders a 6.4 % fee, payable in stock at a conversion price of $US 1.125. Total amount of bonds is $US 175 million. So, doing the math in my head, it looks like RYO will issue another 10 million shares. There is a massive amount of RYO shares that have been sold short (approximately 30 times the average daily Toronto volume), so we may get a nice pop in the next few weeks if they decide to cover and the price of gold rises.

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