Replies to post #2259 on Bryn Resources Inc (BRYN)

[investmentventures]

I did due diligence and it seems like this company has switched names and exchanges?

Also, it's been at .02c for months before the current run which seems like it's been fuled by multiple pumps from penny stock news letter issuers, which is why i turned around and went short.

[JIMLEWIS]

Did anyone bother to do some DD on this company?
Their June financial statements show virtually no assets and at 19 cents, they now have a market cap of about $21,000,000. What exactly is it you're buying for 19 cents a share?
Also, it says they exchanged $24,000 of debt for 24,000,000 shares last December. So whoever got those shares now has $4.5 million worth of stock for their $24,000 investment.
There's no way this stock could be anything other than a scam. No company trades $24,000 of liabilities for $4.5 million of stock. I don't care if it was 10 months ago; they would have had a clue back then what they might be worth in a year if they were onto something (ie. gold).