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What a boring day. Only 5 trades all day, of which 4 came in the final 15minutes of trading. Anyone remember the last time less than 100k was traded?
Where are you seeing those levels? My L2 shows a bid of .0051 and ask of .01 @ 7:37 central time.
Agreed that it doesn't matter. Reading up on Mercer though is quite interesting. They are currently suing Rahim Jivraj, the former President, CEO and director who resigned at the same time as James. I should point out that they are NOT suing Mr. Stonehouse though. If anybody is interested, I have gotten this information from last couple of 8k posts on Sedar http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001348788&owner=exclude&count=40
Mr. Stonehouse is no longer a board member of Mercer (Possibly could have rehired him). He resigned in May. http://www.sec.gov/Archives/edgar/data/1348788/000118374011000348/f8k05162011ex99.htm
Bios for all of the Board Members
http://sierraresgroup.com/uploads/sierra-pre-14a-final.pdf?PHPSESSID=13727790cb9ca142b15c859e0084948b
Michael Rowland
Member #225364 of the Australasian Institute of Mining and Metallurgy (Ausimm) and
Qualified Person (Q.P.) for the form 43-101F1; Private consultant in mining geology
including photo geology, geotechny, and hydrogeology. He served as Project Manager in the
Dynasty gold field, exploring and drilling for gold, silver and copper. Prior to 2004, he
worked for companies such as COGEMA from France, RUMICURI from Ecuador,
ECUASAXON and Minera Australiana from Canada and Australia, Vicente Coronel
Compania from Ecuador, Petro-Canada, Fougerolle from France, Coyne et Bellier from
France, and the Department of Commerce of France. He received a Geologist Engineer
degree in 1973 from Escuela Politécnica Nacional, Quito, Ecuador, a Master degree in
Geology from Dijon University, France, in 1961, and a Bachelor degree in Geology from
Paris University in 1960. His skill and extensive experience in exploration and exploitation
phases of mining operations qualify him to serve as a director
I am encouraged to see the move up with REAL purchases, none of that 1000 share BS that often dropped the price significantly.
It looks like it is that stupid Auto Trade that will adjust to .0001 below the asking price.
NI-43101 can take quite a bit of time to prepare. If they are simply updating the report and have all the data on hand take a month or so. If they have to start from scratch the process is quite long and would likely take several months to complete if not a full year.
Someone bought 6.1mil shares shortly after close @ $.0059. Last time we saw a big after hours buy like that the stock went on a 5 day tear.
On August 12th 4.7mil shares were bought a $.0053- see referenced post.
Odd trades possibly explained. Looking at the L2 there is often a bid from MPID "Auto" on both the buy and sell side. Often the bid will be .0001 less/greater than the next lowest/highest bid. If the closest bid changes the Auto bid will adjust accordingly. Some people might be using these small orders to knock out the auto bids. Not sure if this has anything to do with the odd trades but it seems logical.
It certainly does appear that there is some manipulation. Last order at 10:56 1000 shares @ .012 = $12 plus commission. So why would someone sell $12 worth of stock when the very least you are going to pay is a $4 commission and most brokers $8-$10 commission?
Last 5 orders
10:28 3 orders each 100 shares @ .011
10:25 118000 shares @ .012
10:10 500 shares @ .01
There might be a scaling factor issue. It appears that the last order was 13,100 @.012 @ 13:33 Eastern Time we did have a sale however of 100 @ .012 at 13:27 Eastern Time
I like the fact that someone bought $11.60 (800 shares @ $.0145) worth of stock at the close to bring the price up to $.0145
Just hit a penny, not sure the volume though.
Not Quite above a penny. $.0099 on 121k shares.
You are incorrect in the amount of copper that they have. They have closer to 27mil pounds of copper. They have 4.4Tril pounds of ore at .62% grade copper. Which translates into about $81mil at $4 copper and $1 cost.
The newsletters really hurt the stock price in the long run. Based on previous pumps by newsletters, I wouldn't be surprised to see a significant fall this afternoon or in the next couple of days. Really depends on the size of the newsletter's audience.
Bolivian Gold Mine I don't recall this article being referenced on the boards. I imagine that this would clarify their future intents a little bit. Santa Cruz, Bolivia and Quito, Ecuador are not all that close to each other (about 1600 miles).
http://www.prnewswire.com/news-releases/sierra-resource-group-confirms-strategic-alliance-with-bolivian-mining-concern-114824099.html
An interesting thing about the 150mil additional shares. If you look at the purchase agreement with Harmony they will get the bulk of these shares (I should point out that I could be totally misinterpreting this agreement). According to the agreement posted on Edgar http://sec.gov/Archives/edgar/data/1076966/000110801711000145/sierrra8k.htm
Harmony will get 40mil class B stock which is essentially equal to 120mil Class A stock (See section (f) which state that 1 Class A stock is worth 1/3 class B stock) which is the current traded stock.
So the troubling thing to me is that Harmony will get roughly half of the company for essentially brokering this deal. That seems quite absurd given that they are bringing very little to the table.
If the "bank" is so reluctant and forced to do their own due dillegence to provide the financing, it is obvious that Harmony does not have the cash/assets on hand to actually secure the loan. So again I ask the question what is Harmony bringing to the table that justifies them getting half the company (120mil/239mil (119mil as of record date plus additional 120mil to Harmony)
I should point that I have a substantial position in Sierra and am asking these questions simply for discussion purposes.
If anybody is interested I have put the Patrick Champney interview with Stu Taylor from a couple of months ago at
https://rcpt.yousendit.com/1194015733/6636094926f9fa2a3a14886f0be8416b
looks like the file will be available until August 19th