I beg to differ.
Do you realize how many penny stock companies make those very same risks every day? Most penny stock companies are scams on some level.
There is a lot of money to be made by taking that risk.
Let's just take the two biggest shareholders in the company.
Anthera West Capital Inc and Massey Asset Management Ltd with something like 20,000,000 shares each. At 50 cents a share that's $10,000,000 each. $10,000,000 is not chump change.
I happen to think that it is no coincidence that they are both set up as offshore business entities in Panama. Plenty of reasons to run this company as a PR scam. You don't pay somebody $500,000 to do promotions for you unless you stand to make much much more than $500,000 by doing the promotions.
This is a company that was broke in the spring and owned nothing. They provided nothing in their filings to prove that they even own the Barlevskoye and Vynohradiv Gold mines. A statement saying letter of intent or definitive agreement is not proof of ownership.
The recent 43-101 report and press release were obvious lies.
I don't know what to tell you if you really believe that people won't take risks of breaking the law when it can mean millions of dollars in their pockets. Stick around penny world long enough and that sort of behavior will no longer surprise you.
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