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Gold/Mining/Energy : Zen Resources -- Ignore unavailable to you. Want to Upgrade?

To: fishweed who wrote (12)	2/7/1999 11:06:00 PM
From: keith massey	Read Replies (2) \| Respond to of 26

Anyone still following this company. It has traded as low as .06 in the past couple of weeks on low volume. I have been picking up shares between .06 and .08 for over a month now. Some Stats on the company taken from the most recent Sedar documents. Cash - $4.6 million (.115/share) Short and long term debt. $130,000 Burn rate/ 3 months - $200,000 minus interest income of $63,000 Shares issued 40,043,121 Insiders own 68% (28,000,000) of the shares issued. Back in November 29, 1996 a private placement for 7.5 million shares at .75 was taken down mostly in large chunks by several connected individuals and insiders of the company. 40% of the warrents issued with this private placement (2.9 million shares) were exercised at $1.00 on October 21, 1997 and 3.75 million of the private placement were released on Oct 21, 1997. The other 3.75 million shares from the private placement were released on April 21, 1998 (1.9 mill) and October 21 1998 (1.9 mill). This stock has been on a steady decline from $1 in Oct 97 to its present price today on low volume with no noticable distribution cycle. Since April, 1998 only 2.3 million shares have traded hands with Canaccord being the largest net buyer (700,000) and Haywood being the largest net seller (600,000). After tracing this all back it looks like the people that helped fill up the treasury are still holding a large number of shares. With the share structure and the large treasury I highly doubt this company is going to roll back their shares any time soon. This leads me to the conclusion that the company needs to go through one more promotional/distribution cycle before the current treasury is used up. They currently have several grassroots projects in the works (see next message). Best Regards KEITH