This is going to be long winded and purely conjecture on my part but I'm just trying to get this to add up. Please correct me if you think I'm on the wrong track. Especially you MR. METALS, I want your opinion, preferably one from both corners. All information from recent press releases be your own judge make your own decisions.
a. June 3,1998 Prodigy acquistion complete OS now 39,042,116
bank balance unknown
b. June 18,1998 assett list:
River Valley, Ontario site (garnet mine)
Raglan, Ontario site (3500 acres 100% owned)recent sampling revieled 2.27%copper, 0.59%nickel, 0.10%cobalt,0.42gm/tn gold, 0.21gm/tn palladium,& 0.20gm/tn platinum.
Isaac's Harbor, Nova Scotia (possible >500K oz gold)
c. June 26,1998 $1 mil USD private placement for 8 million shares ($.125)proceeds used $200K admin. $800k drilling program (not yet done to my knowledge money must be in bank) OS 47,042,116 my own math
d. July 9,1998 letter of intent for sale of 1K metric ton per month for $418/mt.( estimated annual rev. $5,016,000 my own math)
e. July 20,1998 Isaac's Harbor results (I'm no judge of assay results I'll have to leave that to someone else)
f. July 20,1998 $4 mil private placement for 10 mil restricted shares ($.40) $1 mil earmarked for drill program (not yet done)
OS should now be 57,042,116 I don't think this matchs earlier reports by Sojourner Smith and others
g. July 24,1998 planning to begin bulk sampling @ IH, still haven't started to drill (drilling money must still be in bank)
h. July 9,1998 10 mil buyback plans announced (IMHO with all this money in the bank they expected the stock to run up when it slumped instead they figured they could buy back the 10 mil shares they had just issued out of the float and most of the money left over, remember the PP was at $.40 and the price fell to $.06, with a tighter float the stock should also run up easier IMHO)
i. Aug. 12,1998 CMI Capital and Partners offer $.375 per share on all or none basis.
MY THOUGHTS if they were the $4 mil PP they already hold 10 mil shares out of 57,042,116 shares. They only need to buy 47,042,116 shares ($17,640,793.50) consider that there should still be $4.8 mil in the bank, so they only need $13 mil roughly. And they have 3500 acres at the Raglan site that could be sold for something I'm sure. So for $13mil + $4mil = $17mil minus whatever they can get for Raglan they have the whole enchilada instead of the 17% they were getting for $4mil. And they were suceptible to dilution the same as you and me when they only part owner. In other words it makes some sense to me for $17 mill they get:
garnet mine potential $5 mil ann. revenue
3500 acres
and a potential gold mine
What do you think, biggest question is the share count.
RD
all information taken from recent press releases be your one judge make your own decisions
And I know there is some misspelling tough. |
