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Still a HUGE number of shares on the sell side. Should fall about another 50% while that unwinds.
The stars are aligning but not how you think. If any of the entities that looked at Hay Mountain months ago thought it was a big deal and were going to do something you would have seen that reflected in the share price by now. That has not happened. Other than the usual bagholders and some flippers piling in, NOTHING. And that matches the RS being done with no announcement of a deal.
So get ready for a long, long stretch of dilution, grinding the price lower and lower.
Money will be shifting to REAL mining companies with REAL discoveries not virtual discoveries that only exist in the heads of the carnival barker's followers.
Hay Mountain is only a mountain because of Indian bones piled high, millennium after millennium.
Run the numbers for copper at $50,000 per lb. They will be more believable.
The State of Arizona on their MINING SCAMS web page specifically make mention of fraudulent promoters hyping nearby big mines, like a Bisbee.
"Statements, for example, referring to the attractiveness of a deposit because of its close proximity to a famous producer or the historically proven improvement of ore grade with depth in the mining district may have the ring of authority but are often pure speculation. Such reports frequently speak glowingly of questionable assets that may be virtually worthless..."
BIG, BIG SELL SIDE VOLUME AGAIN. Most are voting that the RS was a sign of no deals in the works and just non-stop dilution ahead. They are the smart ones.
Charts show a quadruple Hindenburg pattern and a triple Death Cross.
Closing BID was .0016 PRE-RS.
That leaves the other half to go.
So what happens if they use their Class A shares for any deal?
Occam's Razor . . . .
The only "reasonable" conclusion at this point in time is that the share structure was an impediment to more long term dilution since no deal was announced.
.0010 JUST TRADED PRE-RS!!!!
Massive number sell orders stacked up compared to buy orders.
The smart bagholders see the handwriting on the wall and are getting off the Titanic while there are still some lifeboats.
The money quote:
Soros right this minute is focusing his entire enterprise to short LBSR and drive the price down. You nailed.
ROFLOL! Yes, someone does not understand. Those shares now have eternal life. Will never change, for good or bad.
25 MILL (pre-RS) on the ask, 1.6 MILL on the bid all the way down.
Huge Bid volume dwarfing ask volume. Looks like a lot of bagholders see this RS as a very bad omen of things to come.
The news is the current prospects all must have shown no interest in doing any deals, and those were their best shot, so that means the had to prepare for a LONG, LONG period of issuing toxic stock and the ensuing dilution, to keep the lights on.
So a RS to setup for that.
A BID of .51 - That's exciting.
1 penny, a drop of 60%.
They should have at least made it trade above $5/share so it would be out penny land and those restrictions would be gone.
Class A shares issued, they have all the votes they need.
Exactly. The shareholders who have been paying the bills for years were cynically tossed to the curb as USEFUL IDIOTS and now have no say about anything. And not even a whimper from any of them.
Toxic shares are coming due.
Wasn't this supposed to have a shareholder vote?
Now the price will open at 2.5 cents and it will be easier to dilute downward without having a natural limit.
Common tactic used on hyper diluted penny's.
That's actually VERY BAD! Easier to dilute when the price is not near triple zeroes.
But we've seen insane types do that on the ask many times. So they exist, unlike space aliens at Area 51.
A 3 MIL share dump would drop the price to .0012.
Someone with coding skills
You could do that in about 10 lines of codes. Simple basic logic that many 10 year old budding computer programmers could do.
The chart just made a quadruple Hindenburg, double death cross pattern. You'll have to Google if that is good or bad.
To what end? Try this
It's an amateur tape painter that probably has a commission free account, and is trying to keep the last trade price at the ask. Since you say the bid/ask doesn't change, that means they are trading under 100 shares, the number needed to show on the tape, that's also your tip off they are an amateur newbie at that.
Or, someone who is testing an automated trading system and wants to minimize the P/L cost of doing each trade by trading a tiny quantity.
I have not looked at any of the time and sales and so am just guessing from your comments on what was happening and can't give you more informed guess.
Did they say that Hay Mountain might have a big vein of Game Stop shares yet? Expect it.
If we raised a few hundred thousand to do as you suggest and miss, we'd be toast.
And why is that when true believers would keep throwing money at this anyway? Oh yee of little faith.
No, the more is not merrier for investors. Why would they invest billions in a new mine when there is a new HYPER MINE in progress in the same area, that will depress copper prices when it's huge output comes online?
Great post reminding everyone how Freeport has passed on this over and over again. In their own backyard! I WONDER WHY? (No,I really don't)