I'm with you Buckland. Patersons track record means nothing but the potential for a lot of pain. As I have said I have marked down my expectations of this company. I bought in at 1.8 and I do expect to double my money but back when they kept announcing that they had enough money to get to production I was anticipating 3 times or maybe 4 times my money 6 months after first pour. Not now. I may change my mind in 3 months eg. good drill result or the reserve increases significantly but right now caution needs to prevail. This CR has diluted the share worth. $1.00 divided by 1.9 = 52.6 x 8,100,000 = 426,000,000 more shares. And that just for this year. I had the same argument with someone over the same sort of CR in FML where the total shares went from 3 billion to 4 billion. I argued that the increase/dilution was to large and plenty of people were all for it saying that it didn't matter. Well, have a look at FML's chart. What have we to look forward too; THE GOOD - upcoming production, that's it for now. THE BAD - dilution now, more dilution in 12 months and to top it off 1,500,000 options to come into play. YUK! There is going to be a spike in the share price some time in the short term and then a long, dragged out, painful decline with the sweet icing of promising annoucements smeared all over it.
Yes, you're right I have lost faith in this lot and I'll be out before first pour because that will probably be full of hype too.
Good morning everybody.
MOY Price at posting:
41.8¢ Sentiment: Hold Disclosure: Held
