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37,911 Posts.
828
19/04/11
15:05
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it is probably a sell down by those who will participate in the capital raising
the price has probably been set, as I posted last week or so, when i said there was a huge buyer at $2.30
once the market knows the issue price, probably around $2.15 to $2.25, then the share price will bounce again
a wonderful example is WGO
WGO was $1.85 then was sold down to $1 and then bounced to $1.30
shares were issued at $1.20 or 30 cents (after share split)
i was a buyer of 31,000 yesterday at 32.5, first in after the announcement
WGODA share price today is 40 cents, so 20% gain in one day
BTW...ELMers
WGO is in Congo with ELM
targeting 1 - 2 billions, all high grade hematite (not mostly magnetite like SDL)
market cap less cash is only $70m
get on board
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