I own Pinetree as a proxy for Canadian mining and Canadian O&G. I don't have the time to research these smaller, niche, higher risk companies. But, Pinetree does. It is their expertise. All through the depths of the US financial crises PNP kept buying shares and investing in these business when prices were cheap. So, I kept buying PNP shares. It appears, from the substantial losses PNP has booked, that some of these investments didn't pan out.
I read an article the other day that said a large number of these junior Canadian companies have less than 13 months cash on hand. Many of these companies have not been able to produce because of low commodity pricing. Still, many will not make it, or will need to sell equity to people like PNP in the coming months just to stay in business. And, these "rescuers" are like vultures circling a dead animal. They only by cheap. Real cheap. That process could continue for another year depending on PNP's cash.
However, I think PNP NEEDS TO WORK HARDER to get their own share price on par with NAV. I'm getting tired OS waiting for someday.
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