Hey guys, I've been lurking for about six months on this forum. I bought in a while ago when it was about 14 cents a piece. Factor in the reverse split and you can do the math at how much I'm down.
To be honest, this mine is way off in the future from ever being developed. I've been researching heavily into the potash industry, and in my opinion, I believe that this mine will be developed, but not for many, many years. It's good that they have eliminated debt, but with the price of potash depressed from the highs it saw over two years ago, there's just no point in developing the mine, regardless of who owns it.
Long story short, I'm getting out before the next public offering. I've heard from a few sources that it should happen in mid-March. I'm setting a drop dead date of March 14th. Either I sell at $2 or at that date regardless of the price.
I truly believe that the public offering will bring the price down to $1.50, and then it'll drive down even more. Eventually, it'll be a penny stock again and then PGRX will reverse split again to make it a viable stock to institutional investors. Generally, I've found that all the public offerings that PGRX have been to insiders who get the stock in exchange for help in developing the mine. They've already sold off enough stock to get paid, and I'm not too sure how this happens, but they still make money by selling at a price lower than they get the option at (I'm a pretty novice investor if you haven't noticed yet).
Again, I can really see the stock tanking after the public offering to the pennies, and then a reverse split to bring it back into the dollars. Then it'll stay there until the market rebounds and the price of potash returns. At that point, PGRX will find the money to develop or entertain a buyout, and it will be at this point regular Joe Schmoe investors like me will finally make money.
I'm not waiting around for that. However, I will be back to buy the stock for pennies on the dollar.
Just my two cents. Good luck everybody!
AI
