Back in Janaury 2018 he bought 500,000 shares at an average price of $1.58. This time its "only" 250,000 shares.
Perhaps he is now 50% less confident of WGX's prospects compared to what he was thinking back then.
But I do agree he has spent a lot of money buying WGX shares on market this year.
All he has to do is actually deliver da goods. So far WGX is burning a lot of dough and the concern is that it will need some sort of capital injection given the burn rate, its debt of around $18.6m (payable at the rate of 1,250 gold ounces over the next 9 months) and cash/liquid assets of only $57m.
The quarterly report indicates that Cookie is hoping to raise some more cash by again selling assets. He is clearly aware of the sticky position the company is in but is putting on a brave face for the market - I hope it works and the share price does not collapse. I am hoping that WGX can become investment grade and provide us with another opportunity to invest in goldies. At present its a bit too hot for me to handle, but I will keep it in my sights.
loki
WGX Price at posting:
$1.49 Sentiment: None Disclosure: Not Held
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