There are two sides to any story. Saracen sold their holding but...

There are two sides to any story. Saracen sold their holding but Canacord facilitated investors to buy 149 million RED shares at 30 c for a total of $44.7 million.
The size suggests institutions or sophisticated investors who must expect a sizeable return on their investment.
The low cost, open-pit KOTH mine with its large,3.1 m oz and perceived to be growing, high quality resource seems to me to be the most plausible reason. We will see in September.
In addition, the ***** gold chart shows price steadily increasing since May 2019, giving support to their expectations.
It looks to me that there is a pole and pennant in the chart that suggests an already started breakout of $500 (pole height) from $2150 to #2650.
The flight to safe havens such as gold in the last week, due to the Coronavirus outbreak, already very serious and threatening to become a pandemic, has accelerated the gold uptrend.
I think RED is a buy right now, and not just a speculative buy.
Working out what the RED sp might be if this happens is left as an exercise for the reader - too hard for me.
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