So i just called them to ask about this selling ...
They can't understand it either, I suggested perhaps it's people thinking they need a CR given the way the quarterly reads ...
There is a trade here IMO
They are to receive an additional $400k under the previous placement / CR this week. They have also forward sold $600k of stock already this quarter. Couple that with the $1.4M cash at bank + other revenue, they will easily meet this and next quarter's cash requirements
The application to appeal against their Gold tenement is now 90 days in. They generally take 90 days, so they are expecting a decision any day now. If they rule in CIO's favor, they will sell this in a heartbeat. Red 5 are in acquisition mode, and supposedly CIO have already received verbal offers on it
They really need a fund who see's this growth story to soak 5-10% on market
