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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM
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To: Richard Mazzarella who wrote (8281)5/13/1999 10:31:00 AM
From: Larry Brubaker  Read Replies (1) of 11603
 
Richard, I'm afraid the lack of price movement on this announcement may be a case of the technicals disputing the fundamentals.

One thing to ponder. The $30 million in financing amounts to approximately 3X the entire market cap. of the company. I would guess when we see the precise terms of the financing, we might find that Maxam has heavily mortgaged its future income to raise this money. Which shouldn't be a surprise considering the amount of the loan in comparison to the market cap, and Maxam's "immediate capital needs."

But I'd also guess they had little other choice if they wanted to hold onto the company and realize some value for shareholders. At a minimum, it appears they've convinced somebody with some real money that their property and technology are worth a $30 million investment.
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