I've just posted today's trades and a summary of this weeks trades and verified that the link works. It looks like Wega dropped over 5 million shares this week through RBC and possibly another 1.5 million through Canaccord. At this rate we should be rid of them in another couple of weeks.
After the Q1 financials are posted (promised for no later than Monday), the MCTO should be lifted and there should be a frenzy of insider buying, right? Those shareholders that voted 60 million shares to keep PK should burn through the Wega shares in no time. It would take less than $1,000,000 (edit)at existing prices - PK could easily manage that herself.
Seriously it is going to take a long time to repair this damage. Some buyers are looking for a quick flip. There is one buyer that uses Woodstone that has bought 888,000 shares in the past 3 weeks at an average of 7.7 cents and has sold 731,000 shares at an average of 8.1 cents. When you add trading commissions, the profits are pretty slim. There will be others looking for a quick double or even a 50% gain is pretty good coin.
Any suggestions for the next poll?
4 comments:
How about which mine to focus on?
Lamaque or San Juan?
Was the statement in her Sept. 1/06 Business Edge interview below true?
From Business Edge:
10. Which of your properties has the greatest upside potential?
"We believe the greatest upside potential is at San Juan (mine) in Peru. Again, it was my insolvency experience that allowed us to get this deal done. The family who had the property ran out of working capital in the late nineties, had never gotten back on their feet and owed a bank in Peru a lot of money. I walked into the bank and offered $2.5 million for $14 million worth of debt. That gave me control over the concessions and then I was able to cut the deal I wanted on the concessions. If I had never been involved with Royal Oak, we would never have this property today.
"The property is a district in Peru that is extremely mineralized geologically. We're currently only producing about 12,000 ounces (of gold) a year from two out of 35 known vein structures. We think we can get the main San Juan mine up to 60,000 to 80,000 ounces a year. The upside is that we're sitting on three absolutely fabulous exploration properties, one of which has the signature to be a very large porphyry copper (property) that's a company-maker. The second one is a gold property and the third one is a mixed gold/copper vein structure property."
Someone will be coming along soon to pick off the Pegster using her own tactics? Who put her in control of Century Mining? The only thing scaring buyers off is PK. How ironic!
Carib, for the next poll, how about a question about the prospects and possiblity of a class action lawsuit for misleading (possibly fardulent?) corporate disclosures & reporting. Some of the evidence is well documented in your latest letter to the "new" BOD. I am pretty sure that some statutes of TSX and securuties regulations have been violated by CMM's management. Who knows, we might even get some testimony from former CFOs if there was a lawsuit. And I would not be surprised if Wega and maybe Scion too were mislead. That would in part explain why Wega is so angry.
It would be useful to have an idea how many Blog members & visitors would be willing to join such a venture (possibly with up front money). Sure we are angry, but formost, we want justice. We want to sue not because our investment has become worthless, but because we could not make informed decisions based on the false & misleading information we were fed. And also because we were repeatedly lied to. Such honest expression of our indivvidual and colelctive indignation might get the attention of the independent members of the BOD. I'd be surprised if CMM was not monitoring this Blog.
With the current state of affairs I don't know if it would make sense to have someone new come in and take over from PK especially anything that might derail the financing negotiations.
Would like to find out opinions as to
what are considered the critical steps to get CMM off of life support and on track to trading at a fair market value?
Bigjohn, they know about this blog because they've been told about it. Whether they monitor it is another story. They probably view it similar to the Gong Show on Shockhouse. haha
The best thing most of us can do at the moment is get the venting over and done with, then start to plan for the conference call. The standard 3 caller (with one angry guy) routine won't be good enough this time around. We need some callers to come on with hard hitting and penetrating questions. No way do we allow BJ and PK dictate the one question per caller crap or time us out. If the CC takes 5 hours so be it.
The Q1's are supposed to be out on Monday which means the CC can't be far behind, perhaps Tuesday or Wednesday.
I don't expect any positive news to help us out. We thought that Century tapped into the $7.5 million lease line to begin ramping up the Lamaque in late Q1 but turns out they didn't get that facility. That set back Q2 no doubt.
The MRI debt is critical. We need to know immediately if CMM has the debt? The spin is incredible ... is it approved and a cheque is being written, or does MRI have a few more approval steps before it closes? CMM originally announced it was a bridge loan for Lamaque operations but now it is for the Lamaque DD. Did MRI recommend this alternate arrangement or they wouldn't finance CMM? Why didn't MRI finance $10 million? What good is $6 million if CMM needs $10-$15 million working capital?
So many potential questions ... this is going to be one of the best sideshows to have frontrow seats to.
As much as I have zero use for PK it pains me to suggest that she may be the only way out of this horrible mess. :(
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