Viking has surprisingly good Private Placement
posted on
Jan 30, 2010 05:35PM
(PRESS PROFILE TAB FOR FACT SHEET & UPDATES)
Not exactly off topic, because the surprisingly strong PP of Viking relates to the winter drilling program. See http://vikinggold.ca/viewnews.php?id=54
They raised another $700,000, of which $616,000 is flow through (exploration). So they will have enough to complete the "earn in" of the 60% interest in the claims adjacent to Tyhee's Ormsby deposit by spending about $500,000. This may not be a lot of drill holes, and it may not generate enough data for an NI 43-101, however, if they do make a discovery, then from Tyhee's perspective "good for them".
Note that these 14 million added shares takes Viking to about 54 million shares. One quarter of what Tyhee has issued, and share price at about 11 cents. Far too high in my opinion, as I have them pegged at 8 to 12 cents this entire year. So why is Viking so high? I think because so few shares are trading that any interest moves the share price quite a bit.
IT bodes well for tyhee that such a small, early stage junior can raise money. Tyhee is 20 times more advanced, had real discoveries which will soon enough be reserves, and owns all of their claims 100%. So the valuation should explode at some point.
Still it was nice to see Viking explode from 6 cetns to 15 cents last 2 weeks. Tyhee will have several such days this year, I am certain.
I expect that both companies will have press releases out soon when winter drilling starts. http://jvtcwinterroad.ca/ does not give update on the RTL line to Tyhee, but shows that the general progress on the main ice road system is going well.
February looks good for us.
SKELEG
SKELEG