There is ZERO re-selling going on from the 20 mil shares placed at 1.25 cents. Any such selling is all from TIRED smaller shareholders, taking back what they can ... A common occurrence in these situations when a stock recovers from such a low price as EXC was not long ago.
Rather, IF you study the Annual Report just released by EXC, note the top 20 shareholders as at 12 October, 2015 and compare same to the top 20 in the 2014 EXC Annual Report. The following is very evident:
20,000,000 share placement at 1.25 cents was as follows:
Ranguta Ltd(# 1 EXC shareholder ) took up 8,900,000( now owns 25.18 mil EXC shares )
Seamus Cornelius (# 9 EXC shareholder) " 4,400,000
Cheung Shun Res ( # 6 EXC shareholder) " 6,000,000
Not sure about the remaining
( probably a wife/girlfriend !) 700,000
TOTAL20,000,000
All kept tightly in the family so to speak and all counselled by Seamus Cornelius as are several other high net worth Chinese top 20 holders of both EXC and MZM.
Seamus Cornelius is the Chairman of Duketon Mining ( #1 shareholder of MZM )
MZM own 14 mil EXC shares ( # 3 EXC shareholder ) - Chairman is Seamus Cornelius
Justin Brown is executive director of MZM + director of EXC + large shareholder of MZM and EXC.
Seamus Cornelius is a director nd shareholder of KONGMING Investments who own 14.3 mil EXC shares and is # 2 EXC shareholder
Seamus Cornelius is also Chairman of BUX and DNK
Assuming EXC get this deal over the line with Pitt and PORTAL and commence production, both EXC and MZM will surely merge, as the top 20 in both are practically identical with MZM top 20 owning 70% of MZM and EXC top 20 owning 65% of EXC..
Definitely a game plan in place here and will benefit EXC shareholders considerably over the next 9 months.
END
EXC Price at posting:
2.3¢ Sentiment: None Disclosure: Held
