Elray Resources Inc (ELRA)

[anon13333]

Guys. I would be very careful with this stock. Obviously there has been dilution. No one knows the exact number (I know what the transfer agent said, but I don't believe the share structure is only 42M outstanding). The buy of 43K with 10K listed on the ask should have moved the ask; however, another 75K appears at the same price of .04. That ask volume and price suckers you into thinking a buy of 10K at .04 will move the price; however, due to dilution, the price stays the same and they load more shares on the ask. If there was no dilution, the ask would have moved. When this stock was rocking and rolling (i.e. before dilution) that 10K buy would have moved the ask to at least .041. Again where are shares coming from if not from continual dilution. The 8K was ok, but the lack of transparancy on the share structure was a red flag for me. I know they did not say that dilution has occurred; however on the other hand, they also did not provide the share structure to calm investors fears and to provide the exact number of shares outstanding. This dilutive effect is what is killing the stock! Everyone can do what they want their own money. As for me, I will remain on the sidelines for now until the company reports the exact number of shares issued and outstanding. Nothing short of reporting this information will induce me to purchase shares.