You raise some interesting points about SRGE here -
You have to admit, NITE isn't known for making a market in the shares of any company to allow the price to appreciate, they are indeed notorious and infamous for shorting any OTC stock as long as it can be traded, if they so choose to do.
It seemed like NITE was on the rocks when they got into financial trouble but some fool company saved them! That's a shame. I honestly believe private investors trading the pink sheets would be considerably wealthier if NITE didn't exist! That includes all of us posting here, regardless of which side we are on.
The documents showing Kinross had signed a binding contract with SRGE were posted here by someone clearly showing that the contract had been signed by Kinross.
Momoraptor already posted the documents showing that SRGE owned Cinco Minas and Gran Cabrera in September last year.
I think as a result of Kinross denying the transaction took place, SRGE decided to just transfer their assets back to MSJ instead.
After all, it seems clear to me that the only reason SRGE was formed, was to transfer the assets of MSJ that were in dispute with BGL to a completely separate legal entity to protect them from any judgement against MSJ that BGL might win in the Mexican courts. If that is not the reason why SRGE was formed, why didn't MSJ transfer all of their assets into SRGE and list on the NYSE or NASDAQ instead of the OTC? Instead MSJ only transferred the assets in dispute with BGL into SRGE. Funny that!
By March this year, MSJ had decided to move ahead with a floatation on the MSX and couldn't see the point in wasting time negotiating the sale again with another third party. Taking Kinross to court would have cost a lot of money and would not have been settled for some considerable time - months at least if not years even. I'm guessing SRGE decided to transfer Cinco Minas and Gran Cabrera back to MSJ instead of negotiating the sale with another third party again, as they had only transferred the two mining assets to SRGE, to protect them from Bandera Gold in the first place. SRGE had served its purpose, now was the time for MSJ to move forward.
The job of needing to protect the ownership of the mines was over. BGL had lost. I do honestly think that the case against BGL might have been dismissed in the Mexican courts with a judgement handed down as being "with prejudice" or the Mexican equivalent? After all, if this is not the case - why haven't BGL filled a new legal action against MSJ? Maybe they have run out of money, or maybe they tried to hire another legal firm on a "no win no fee" basis and were advised, after the Attorney's reviewed the papers, that the likelihood of success was remote, if not to say way less than 50%!
The SEC suspended trading in SRGE's shares for a fixed length of time. After that trading resumed on the grey sheets.
To the best of my knowledge, the SEC has not formally reported back its findings? It is not important. However, I thank the turn of events which allowed me to buy in at these levels.
So why is NITE still making a market in the company's shares? It seems to me that they are doing all they can to keep the price low so that all the shorters who were shorting can cover and save themselves from financial ruin.
There are three possible reasons why the trading volume has risen in recent weeks.
1) As rjbluesky has suggested, maybe MSJ are buying shares to cancel?
2) The stock has been promoted by someone on multiple boards which might be another explanation as to the rise in volume.
3) Maybe the sorters have realised that news could come at nay time and have been buying as cheaply as they can?
It doest matter, I will be here till everything becomes clearer ans we can see whose hypothesis is correct.
Long and strong go SRGE!
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