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That LGR is still halted pending the release of the news that came out a few weeks ago?
(At least on the Canadian exchange - according to TD Waterhouse)
Who is the one "not on the ball" in this case?
Doesn't give me a good feeling at all! (about LGR)
My TD quote shows 152M (or so) as the volume bid on PEM this AM
This is 152,338 lots (at 1,000 shares per lot)
<this is slightly more than the entire float - which is around 147M shares!>
What gives?
The bid is only at $0.02 - which would be a "buyout offer" for the whole company at about $3M (CDN)
Talk about "putting a floor under"!!
I notice that the daily volume is also way up...
Average volume used to be about 180K per day.
Now we are getting 500K to 800K days
Somebody is sure motivated to dump these shares at their long-term lows!
(All the while the actual value of the company is just going up as they find new resources)
Just a thought - maybe nothing to it....
I wonder if skier's estate is also liquidating his position?
That can also cause this kind of "sell at any cost" kind of pressure.
And the bigger the position he held, the larger the pressure would be
Well, here we go...
As some of us investors have feared, the issuance of new shares and warrants have occurred just as PEM hits long-term lows.
I do NOT blame the company for this, but I DO suspect some market manipulation by some parties who stand to benefit by this. It is too bad that the company is also at the mercy of this market in this situation.
This will dilute the share base (of course).
The problem is two-fold, though.
1. A whole new batch of shares (sold at or around this price) causes overhang on the market.
2. A much larger number of shares needed to be issued, causing much more dilution.
e.g. - assume the shares were trading around .80 (which is still a little lower than they really should be) - share dilution would be approximately (disregarding the warrants): 10 million shares or around 6.66%. On the other hand at 0.20 per share, the dilution is lilely to be around 40 million shares or around 26.6% - that is a whopping difference!
(I am using around 150 million shares (fully diluted) prior to the new issue)
I strongly suspect market price manipulation by those involved in this financing, although it could be very hard to find the evidence.
I wonder if there is a link between Cormark and any of these parties?
It really is too bad that investors are at the mercy of this kind of shenanigans.
I bet fairly big on this puppy, based on good strong fundamentals. I still hope to make some profit, but it is not looking to be very big at this point.
Almost makes one want to go and join the "Occupy" movement.
I even wonder if this type of manipulation (even if provable) would even be illegal.