Timmins & Beardmore - Northern Ontario
Focused on becoming a near-term Gold Producer
Message: cisco
Further to my post below... upon further investigation my originally stated warrant expiration data of April 13 may be a little off... can't confirm... either way they definetly expire in April 2008... exact date inconsequential re: explaining recent price movement/action.
FACT: There have been significant number of shares issued as of late due to warrant exercise. Total shares out now +146M versus +144M just 1 month ago. FYI... Tresaury Adjustment section of tsx site very useful and invaluable source of free DD... very old site and design but effective... See applicable SGX entries...
http://infoventure.tsx.com/TSXVentur...
There has been significant number of shares issued as of late due to warrant exercise... as I have said, big warrnat holder is Anglo Pacific... IMO SGX sp may be constrained right now due to relatively large Anglo position they are trying to gradually unload as to re-coup their warrant exercise cost... they have done this in the past to re-coup exactly $ amount they subscribed to PP in 2007... Good news though... IMO they can't have many left to churn through. Also really like the support and swift replenishment of bids at 23.5 cents.
This will all be posted on sedi.ca eventually... but typically takes some time for official paperwork to be processed. The exchange knows forst because they are involved in issuance of the 'new' shares
red911
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Re: "i believe they were in Europe last week".... Anglo Pacific's head office is in London. They participated bigtime in a couple of cheap SGX PPs last year to total 9.8 million shares at 10-15 cents I believe. They virtually immediately (after hold expiry) sold a bunch but just enough to re-coup their initial invesment. They still hold ~7 million shares of SGX. BUT... In addition to the PP shares they also have ~5 million warrants @ 20 cents... 2.5 million expire April 13, 2008 (coincidence?!)... the remaining 2.5 million expire March 30, 2009. SGX might going to give corporate update to Anglo Pacific mgmt so they can determine whether to exercise warrants? Maybe? JMHO. Might also explain recent walls placed at 24 cents... Anglo Pacific may have exercised their 2.5 million warrants @ $0.20 ($500,000) and then plan to sell ~2.1 million shares @ 24 cents to re-coup this cost... thus leaving them with ~400,000 free shares?! They may have actually pre-sold some shares short leading up to exercise... No way to tell exactly what is going/has gone on but can guess... either way... 2.1 million shares is nothing to churn through here given SGX relatively high average daily volume. Or... maybe not :D. red911 |
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