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Walter,
I agree with you Walter. Caledonian is probably lower than it should be even in the current market. As for my friends and relatives, some of them are still adding to their positions, but at much lower prices. Others have enough Caledonian in their portfolios and will not participate again on the buy or sell side until CDM has a significant event, (such as receiving its funds).
Most of my associates bought in at C$0.25 the first time (pursuant to the February 1997 financing), then either bought a few more or sold a few in the initial run up to C$0.45. We bought another substantial block of shares in late 1997 when the price ran up to C$0.32 on decent volume. However, since early 1998 most of my "friends and family" have only been willing to sit on the bid and wait to be hit (it turns out they have been correct in doing so).
Many of the investors who made an investment in Caledonian while I was a broker still keep in touch with me and appear to continue to be attracted to Caledonian's strong points (unique land position, strong geological focus, management that always finds a way to finance). However, many are little disappointed at Caledonian's "promotional" efforts, especially those who bought with average cost in the C$0.40 range.
In 1998, Caledonian has focused its manpower and resources on getting financed without diluting shareholders, and on expanding its land position on New Caledonia, and on identifying drill targets on its Meretrice property. The Company felt that it would have been wasting money launching a major investor relations campaign when most people did not want to listen. In addition, geophysics and non-conventional financings do not excite the current market.
Caledonian is preparing to improve its exposure after it receives its funding from Base Metals. Caledonian will then have a compelling story to tell, backed up with the funding to keep the drills turning on more than one property. At that point I expect that my friends and family will be only one of the many groups who have an interest in Caledonian.
Best Regards,
Kim Oishi |
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