I have never understood why someone who wants out of a stock, sells right at the end of the day, when buying support is vanishing. I mean, even if you have a loss, you want to get the best price you can. Of course, it could also be someone who had a stop loss activated. Even with that, with the way they play with this thing around closing, it would be dangerous to keep that stop loss active.
As far as the proposed reverse split, I voted no. The company needs to raise money. However, it just doesn't serve investor interest to reverse the stock, raise the share price so they can dilute again. I might be amenable to this, except they have diluted in the past, only to sit on assets for years without any return on investment. I give you the Peru mine as an example. They diluted for it in 2016-17 and still we haven't seen an ounce of production.
If they are delisted from NYSE American, they can list on the OTC. At this point, the company is being ran and traded like an over the counter stock anyway. Further, if production increases like they are projecting, the share price should be able to break above .20 long before December rolls around. I say, " get your fingers out of your asses, start running the company efficiently, and stop using shareholders as your piggy bank."
They need cash. In my opinion, they need to sell the Peru mine, take that money and pay down debt and use the rest to finance their Tucana operation. You simply cannot keep soaking shareholders for money with diminishing returns.
I also voted against 3 of the board members. My reason was simple, they have 0 shares of common. How can I vote to have someone make decisions on my money, when they have no vested financial interest in the company. the fact is, I have almost as many shares as all the insiders of this company.
At this point, I wouldn't be opposed to the entire business being sold. Management has been shown to be thoughtless, when it comes to shareholders. I have lost much of my confidence in them, and their lack of company ownership indicates they have little confidence in themselves.
I am hoping that Hair can produce the results he is forecasting in the second half of this year. At this point, hope is all I have.
Wolf
