AUMY dumped over 2,600,000,000 shares in 10 months!
At this rate of dilution, the A/S limit should be hit by mid next year. As such, expect to see a Reverse Split in the cards for AUMY versus bumping up the A/S limit and potentially jeopardizing future potential funding ability.
As indicated on page 12 of the Sept. 2012 Financial: “As of September 30, 2012, the Company had not yet achieved profitable operations, had accumulated losses of $30,475,504 since inception and is expected to incur further losses in the development of its business, which cast substantial doubt about the Company’s ability to continue as a going concern.”
Based on the above, I’d say AUMY might be good as a trading vehicle, but with a No-Bid that doesn’t look to be in the cards. Being a longer term hold is also highly questionable. Nope, AUMY looks to be just a shareholder pocket mining company ... not a gold mining company. lol
Good luck to those already committed to this stock.
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