Not much to post about lately as we wait until we see what inquiries Blair Franklin receives.
In the meantime, Wega is losing patience with trying the sell the balance of their shares at 5 cents. Yesterday there were only takers for 320,000 of those shares, so today they lowered the bar by dumping over a million at 4.5 and 4 cents and by moving the ask down to 4 cents.
The more selling by RBC, the less likely that Wega had sold millions of shares through Canaccord. It's looking more likely that one or both of the other two major institutional shareholders, Scion and Ingalls and Schneider, shorted the stock while the MCTO was in place. We'll never know.
At 4 cents our market cap drops to $6.7 million. That's about $1.37/ounce. Sounds like a K-Mart blue light special. To get some context, check out this MineWeb article:
http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=57751&sn=Detail
RBC has sold just over 9 million shares since Wega's last insider trading report. If all of their sales are through RBC, that would leave them with just over 6 million shares left. At today's pace, that's about 4 days worth of selling.
21 comments:
Total sales by RBC/Wega today were 2,150,000 shares.
At that rate, they'll be done in 3 more days.
Carib. Is it possible that no one
is interested in merging or buying out Century Mining because of the
impending lawsuit from SUE?
Roxy, I doubt that. I notice from a posting on the SUE board today that Sulliden is now negotiating with the drug dealers at Algamarca, lol! There were named in the SUE lawsuit filed in Ontario too.
Why would Sulliden negotiate with Algamarca if they own the property as claimed in the lawsuit?
I think the only issue to be resolved between Century and Sulliden is who pays the legal fees incurred so far.
Optimusprime(D3) and his other aliases are hard at it on SH. Good to see that they are fully loaded and have turn to the promotional phase. This stock needs all the help it can get. So go for it D3. Even though you are the scum of the earth, lets see if you can get me a double on my spec purchase.
Rhump, there is only one optimusprime and he is not one of D3's aliases, at least not on this blog. Carib knows who I am and will vouch for me. Any increase from here will not be due to D3; you're giving him and his gang far, far too much credit. There are wheels in motion; keep your fingers crossed.
Rhump, Dec3 has a multitude of aliases, but rest assured that he is not posting as optimusprime on this blog.
Optimusprime is a member of this blog - something that Dec3 or any of his aliases will never be.
Dec3 has tried his best to infiltrate this board with his "agenda" posts but he has not met with much success as his posts have been rejected.
apologies to Optimusprime. Your writing styles are so much like D3. Why don't you sign in when you post?
Anyway, I apologize for offending you with the Dec3 tag.
Best wishes and best of luck from here. I backed the truck up at the 4.5 cents. Lets hope for a turn around.
Rhump, I've read way too many D3 posts if you think we have similar writing styles. -lol- I have my reasons for posting as optimusprime. I am on your side though. There is interest in some CMM assets. PK is being her usual stubborn self. With her out of the picture the company's chances of a turnaround would improve immensely. When WEGA's selling is spent it will help. Those buying at these prices will be looking to sell and take their doubles though.
High River just announced that they raised 286.4M with Russia's largest privately owned bank. Other companies are still having success raising money also, but of course much less amounts. The bottom line is that there is still money out there. PK needs to get her act together real fast. She can't continue blaming everything on market conditions. Anyone that has a substantial asset is still receiving financing from the market.
By the way, what's the deal with Anonymous buying? Good to see though. Looks like it's going to be a crazy day today. Let's hope we can finally eliminate Wega today.
Wega is close to becoming a spent force. Twice today they sold a million shares at market and have sold over 2.8 million shares so far. I figure they only have about 1.7 million shares left.
They used to have the power to drive the share price down to no bid, but not anymore. There are over 7 million shares on the bid at 3 cents and up which is a significant turnaround from yesterday when we closed with a bid of 3.5 cents.
Any positive news now could have quite an impact although there will be a lot of flippers re-selling the Wega shares.
Be nice to see house number 2 disappear from the ask soon.
Hope they finish today.
Carib. If you get a chance, can you post today's trades.
Carib, I think you are right. It looks as if the MORONS at Wega will be a spent force soon (not soon enough!).
My prediction is that very soon some new player(s) [individuals &/or institutions] will come out of the wood-work. Folks who loaded up on cheap CMM shares during the last several weeks, recognizing the inherent value of this company. The new player(s) will have the upper hand, and they will demand/force management changes. And we'll be heading for the moon!
I dare not dream on. I'll go and have a gin & tonic instead. GLTA.
Roxy, today's trades and this week's summary has been posted.
As of July 4 Wega had 15,355,146 shares left.
Since then RBC/Wega has sold 14,885,277 which, if they were all Wega's and if Wega hasn't sold any through another brokerage, would leave them with 469,869 shares.
They can't have much influence on the stock price from now on.
Thank you very much Carib. I imagine most if not all were Wega.
Was planning on picking up another
wack of shares at .04 once I figured they were almost out for a flip. Guess I missed it. At least
once they are totally gone, hopefully, the sp will have a chance to run on rumors, news etc.
Lot of games being played with this stock. Wouldn't be surprised at all if Scion and others shorted
as somebody mentioned earlier.
Forgot to mention. Seems Cannacord
has stopped selling lately too.
As a matter of fact they were a buyer the last 2 days. So perhaps
the shorts are done as well.
Does anyone know if the original deal that Century made with Algamarca had anything in it to compensate (give money back that Century had paid) if Century terminated the agreement and Algamarca sold the property to Sulliden?
Wishful thinking?
Maybe she was smart enough to put some kind of clause in the contract that would keep Sulliden from following her footsteps.
More wishful thinking?
Nino, legal agreements in Peru are aren't worth the ink that it costs to type them! If Algamarca is now under investigation - are they(?); I'd be worried that the Peru gov't could seize the property from new owners and sell to another company who are completely unknown to us now. Regardless, in Peru the impossible is nothing if CMM, Sulliden, or Algamarca are involved. :)
Check out the following story - could Friday's unusual trading mean anything? Someone was trying to create a rumour on the SH board about Tuesday news but failed to post details. I've heard my share of CMM rumors, conspiracy theories, and potential deals over the last 10 days. Until I read an official press release I won't believe anything. Ignore the bashers ->pumpers-bashers-> now pumpers on SH.
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The Stockscores Approach Through Gold Eagle Mines
Stockscores.com Perspectives for the week ending August 1, 2008
The Stockscores Approach is based on the idea that abnormal market activity tells us something about what will happen in the future. We reason that stocks that are doing abnormal things do so because there is significant fundamental change coming and that those who know the most about the company create the abnormal trading activity in the stock in anticipation of that change.
In the July 11th edition of this newsletter, I featured a stock called Gold Eagle Mines, T.GEA and included a brief reason for why I featured it:
"Breaking through a very long term line of resistance this week, T.GEA has support at $8.50 and not much for resistance to slow it down. And, it is in a good sector of the market."
That Monday, I received an email from one of our readers. His email made some very good arguments for why the stock should not be bought:
"I always read your newsletter with great interest. However, I sometimes wonder why your approach completely ignores the basic underlying fundamentals of corporations. For example GEA is in exploration phase and have not even submitted an NI 43-101 yet. The only reason why its stock is trading so high is that a "major" has bought significant share of the company because of the geopolitical location of the property. This company will not make a red cent for many years to come. The stock price will likely decay with time until production is started up. Wouldn't it then be more appropriate if company fundamentals were part of your stock analysis?
I will appreciate your thoughts."
At the time, the stock was trading at $9.87 a share.
I replied b &
"My feeling is that the market does all the work of analyzing the fundamentals and I would rather trust their opinion than my own. Keep in mind that the market moves on what the fundamentals will be, not on what they are or have been. All of the information you have outlined is public knowledge that everyone who does that kind of analysis knows. However, despite the seemingly bearish argument, the stock is breaking to new highs. Now, maybe the market is wrong to do that but I have found that the market can be wrong longer than most traders can be liquid. I prefer to trust the market's opinion, it is not infallible but I have made a lot of money doing so."
The point that I wanted to make was that it is the future that matters and that the market was predicting something positive was likely to happen soon. While most gold stocks were seeing profit taking, T.GEA was breaking to new highs and trading abnormally.
It appears that someone could not keep a secret because this past week Goldcorp announced that it was buying the outstanding shares that it did not already own. Here is an excerpt from the news:
"Goldcorp Inc. ("Goldcorp") (NYSE:GG, TSX:G) and Gold Eagle Mines Ltd. ("Gold Eagle") (TSX:GEA) today announced an agreement whereby Goldcorp will acquire, through a friendly plan of arrangement, all outstanding shares of Gold Eagle b & the transaction values each Gold Eagle share at C$12.62 and C$13.39, respectively. On this basis, the consideration received by Gold Eagle shareholders represents a 19% premium to closing prices and a 36% premium to the 20-day volume-weighted average prices for each company."
Here was a case where a rational investor looked at the fundamentals, the publicly available information, and determined that T.GEA shares were over valued. Based on what was in the public realm, he was probably right.
But the market does not price stocks based on what is in the public realm. The market looks ahead and this stock was breaking to new highs because some investors knew that a deal to buy the company at a premium price was imminent.
In short, the stock market is not fair, some people get better information than others.
I spent a lot of years investing in companies that I knew a lot about and I have to say that I really did not make a lot of money doing it. But, when I started letting the market tell me what to do, I began to succeed. The market will be wrong some times, but it will never lie.
Any news expected soon ? Anyone talk to IR as to why the record volume on Friday ? Hopefully we will see some follow thru tomorrow.
Baystock, IR assured me that PK keeps him completely in the dark about important issues related to Century's future. Is he dumb like a fox? Friday's trading was stage managed by traders to make a few bucks ahead of Canada's long weekend. It appears that it worked. Great to know that even at 5-7 cents someone can earn some coin. PK has some sharks interested in Century. Pray that a deal materializes that forces her out. Goodness, is that too much to ask for?
Guess Wega has more ammo left.
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