Agree. I bought the shares in 2015 with lot of promises from...

First 3 Last

Share
Profile

Follow
Mac.k

132 Posts.

2

30/08/18

09:07

Post #: 35283245
Share

Originally posted by ohmygod ↑

Whiterock is first and foremost a mineral explorer. It isn’t a developer.
July 2015 Issued shares 226M Cash 0.6M shares at 2.2c M Cap $5M
September 2016 Issued shares 441M Cash $0.3M shares at 2c, MCap $8M
August 2017 Issued shares 870M, Cash $3.2M shares 1.5c, MCap $13M August 2018 Issued shares 1.7B, Cash unknown but maybe $2-3M? shares at 0.08c M Cap$13.6M
Normally if a junior does a deal with a larger established producer there is a lift in the shares because of the perceived value recognition of the assets. This hasn’t happened here at all. Why?

In july wrm did a placement to Sandfire at 1.2c. the shares popped immediately and about 80M shares went through at between 1.2 and 1.5c. The very next day before the market opens WRM places the shortfall of a previous rights issue at 1.0c. I would like the asx to look in to this. I want the asx to look at the list of shareholders that sold on the day of the sandfire announcement and compare this to the list of investors that took up the shares in the placement the very next day. I am concerned that there may have been some market games played. The fact that the shares have never recovered suggests that investors and brokers have largely tuned out. It wasn’t smart investor management at all. The new loan from sandfire just looks like the costs in Alaska have been far higher than expected and they are running out of money and need urgent cash.

In July 2017 the company released a research report saying the shares are worth 6cents. Nice one except on the same day the company issues 6million 2.0cent options to the MD. So what was the message then – The board endorses a research report which says the shares are worth 6 cents and we are now going to issue the MD a truck load of oppies at 2c. Not smart. That sort of stuff dooms small companies.
Sadly this is more and more looking like a lifestyle company.
I had hoped the sandfire deal would restore some confidence but right now it isn't looking good.
Time to clean out the rubbish within the board and management.

Expand

Agree. I bought the shares in 2015 with lot of promises from McGill. He delivered nothing except his salary.

WRM Price at posting: 0.9¢ Sentiment: None Disclosure: Held
2 Upvote

0 Great analysis

Reply

Top Stories

AII

Inside the depths of Panasqueira: A legacy carved in rock

Listen: HotCopper Wire Podcast 016 – FY25 ended up not so bad... but Trump unpause is coming

A junior miner unlocking high-grade potential in British Columbia

TMK

TMK Energy brings Canadian drill partner back for one last Gurvantes XXXV pilot well

Building value through discovery in Mexico’s silver heartland

First 3 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

Agree. I bought the shares in 2015 with lot of promises from...

Top Stories

Inside the depths of Panasqueira: A legacy carved in rock

Listen: HotCopper Wire Podcast 016 – FY25 ended up not so bad... but Trump unpause is coming

A junior miner unlocking high-grade potential in British Columbia

TMK Energy brings Canadian drill partner back for one last Gurvantes XXXV pilot well

Building value through discovery in Mexico’s silver heartland

Featured News