Good News
posted on
Sep 24, 2015 03:18PM
Combining Classic Mineral Exploration with State of the Art Technology
I am again impressed with the notes from JB and IR over the past few days. Very informative to those of us curious about the fine nerdy details. And pictures always help put things in perspective. As usual it all sounds great from a technical and feasibility standpoint. Having just caught up with the past couple of weeks of posts on here, I noticed that there weren't too many thoughts on the recent quarterly report put out on the 9/14. I try not to get bogged down with much of the accounting part of it, because its basically just managing expenses and limiting long term debt (which still looks amazingly good), without any revenue coming in. The thing that REALLY caught my attention, which from my 25 years of financial industry experience is by far the best news we as individual investors could have at this point, other than actual drilling commencement, is the amount of insider buying by JB and three of the directors dated 7/31. In January there were just under 60 million warrants outstanding, with 11 million expiring so far. 44 more million were distributed over the past quarter to those insiders, with exercise prices higher than where the stock is right now (.0021-.0048). Brett Gross got the most (33 m), with his placement being two warrants for every one share bought which is different than the other 3, including JB's placement which is a one to one ratio. So if I do my math correctly, it looks like four insiders bought around 28 million shares and can exercise for 44 million more over the next 3 years. Especially for a company without revenues or a deal in place at this moment, this is by far the best sign of things to come that I've seen from this company in a very, very long time. Can't help but feel positive about a CEO that buys stock in a company that still owes him about half a million in deferred salary. And the timing of the investment, leads me to believe that something is going to happen by the end of year hopefully, and within 6 months definitely. GO TEAM! And thanks again JB and Tracy for your continued attention to this board.