Mr. Metals and ALL:
I personally don't question your motives. In fact I believe you thought your were doing others a service by posting what you did. In other words, looking out for your fellow investors. So I don't have a problem with your motive! Got that?? Capiche??? However,,What I do have a problem with, is the posting of something,, BEFORE you checked it out! Tis the same as being in court, making a statement,, that you know will be objected too,, and the judge tells the jury to disregard and has the comment strickin from the record. The damage is already done. Gee, the more I think about it, the more pissed it makes me,, and now I am beginning to question your motive.
Let me put this company into proper perspective for all. In simple terms it is just another resource play. Only difference is, it happens to involve timber rather than the typical oil & gas or mining deal, which often take several months or even years to materialize. Most resource plays I have seen will start out with a shell being acquired vs forming a new company. Once the controlling parties have the shell, they will begin to look for a project they can put into the company. Many times they already have such a project lined up before the shell is actually acquired. They then fund the company with a PP to make the acquisition, then often fund again with another PP for the exploration phase. They then drill and hope they hit something. If they do, then all the better, the company comes into play with investors. From then on, the drill results dictate how high the price goes till its determined IF they have an exploitable asset of commercial value. Finally the company decides to either go into production for themselves, JV with a major, or get bought out by a major. Of course, to get to the later stage, they have to have a PROVEN commercial resource.
Now, occasionally, there are unscrupulous promoters who put together a scam and suck in the masses. These scams have always been around and always will be. To that extent, one has to always be on the lookout.
Caveat Emptor is the rule. Thus Due diligence is so critical. Having done mine in the case of MYGD, I am convinced the company is a real, honest to goodness, legitimate, startup, resource play. What do I like about it??
Their resource is timber, exotic hardwoods. It grows ABOVE ground, you can count it, don't have the typical expense of drilling and waiting to find out if you hit something! In this case the company knows if there is something there of value even before they agree to JV with Veamco. Now it's just a matter of getting independent verification from an official source to VALIDATE, to you the investor, what they, the company, already know! Next, permits are already in place to both harvest and transport. I would think the capital costs to begin harvest, are far less than an oil or mining deals. Finally, there are buyers in the wings who want the timber.
To my way of thinking, these ingredients provide for an excellent risk reward opportunity, therefore I am not concerned if the PR is tomorrow or next week. I am confident it will justify a substantially greater value than where we are trading today. And that my friends, is why,, I own the stock.
FWIW, Steve |
