From Goldrush: "Sophisticated investors... Spoke to the MD, they are not in the position to confirm who they are."
Before placement to sophisticated investors, there was ~86mil shares on issue. Friday alone there was almost 84mil shares traded. so it's obviously the sophisticated investors selling i'm sorry to say. there is no other place the supply can be coming from.
the selling pressure isn't going to stop. another 85mil shares issued today.
The company has placed to sophisticated investors who are dumping on market and driving price down. simple as that. the volume spike has got a lot of people's attention, and those poor people have bought thinking something good is coming, and been caught in selling (i'm in this boat).
I'd speculate the company has broken the placements up to different parties so that each party has less than 5% and doesn't have to release a substantial holder notice, and they can just sell on market undetected.
It's a disgusting scenario. I'm sorry to people who have lost money, i just dumped my last shares today at a loss which i bought in the last week at a higher price.
EYM Price at posting:
1.1¢ Sentiment: Sell Disclosure: Not Held
