Cracking post.
Some background to FTF that may disgust many of you.
FTF organized & managed via Pear Tree Securities in NY and Canada, its NOT a 24hour process. A company, Wr1/LLI/PMT must apply so donors are available and then as part of Due Diligence the on sell/block trade
MUST be assured, I am lead to believe its a least a 2-3week process and once started it cant be stopped.
Ergo companies like Argonaut may or may not be aware that a CR is happening.
I believe wr1 were ~1.40 when this process started and the purpose was due to an unknown FTF rule for Quebec residents under a Canadian Corporation act.
A raise at 1.40 for this cash component would mean the first rollover would have been from cash raised at 2.10 and ~1.30. I belive the plan had been for a strategic to come on board after Renard studies were completed to assist with the C$15mil Renard "Call" cost etc.
Currently the Disclosure notice is for X shares to forfill the Renard Option at 87c. Looks like the raise for the next two options is at 85c, so the first C$8mil is accounted for until 28 Feb 2025 when then 3rd option expires. The Option continuation is to fund C&M while wr1 completes due diligence.
Wr1 now has until 28 Feb 2025 to bring on Strategic for the C$15mil along with Wr1 being allowed to utilize 2023 FTF throughout the remainder of this year, and continue into 2025 with this FTF 12mil CAD ~ 30k of drilling.
But.....while i ranted about that issue, Wr1 in that 2 week period in which brokers would have been contacted.
Wr1 - 27/5 - 08/6 (full screen hot below)
Loyal from 10 -20 May - Biggest seller Argonaut
Pmt - May 10 - 25 - Not argonaut, why, because they were the broker for their CR along with UBS.
Last September, same thing. Samson Li leaked something on X but didn't understand FTF and just assumed 1.20. Along with UBS who dumped a few funds also dumped.
I have spent some time going over data last 12months. Unfortunately, there is a common theme, certain brokers dumping after being informed that a FTF is going to happen that wont be stopped once started.
(20min delay)