I called Galway on the phone today. They informed me that they are in fact sitting on $12 million in cash, and are determining their next course of action. The recent sale and spin-off of galway resources has taken up most of their time and occupied their plate, and they are beginning to make decisions on galway metals and what direction they will be taking; there is likely some time before any news is announced.
THERE ARE UNLIMITED AUTHORIZED SHARES FOR THIS STOCK. This could be dangerous, but I was told by the Galway representative that the company is adequately funded for the time being and that there is no plan for selling new shares. She acknowledged that shares were trading considerably below their cash value. I was an early investor in Galway Resources, and while it took longer than expected, the wait was well worth it, as Galway made me a lot of money and gave me shares in two new spin-off companies, including galway metals. This fact gives me the confidence that Galway is eager to make investors money and not rip them off, so I am willing to invest despite the unlimited share authorization. As a side not, I would be greatly surprised if Galway even considered selling more shares until their current shares are equal to or greater than their cash assets; otherwise they would be losing money and it would make little sense to sell shares.
I am expecting big big things within the next 6 months; possibly sooner. I think investors have some time to investigate this stock and push for an entry point closer to .04 than .05; but when this thing hits, I believe it is going to hit big.
