Remember 21 June?That day Elk shares closed at 20.5 cents and...

Remember 21 June?

That day Elk shares closed at 20.5 cents and had put on over 100% since the illustrious BOD and management of Elk decided to flog shares at 9 cents...........

Well the next day we had that neat 'cleansing' statement (Maybe they should have called it something else to do with a colonic..) and the shares have been on a one way trip downhill ever since.

That little stunt managed to forego some $400,000 in capital given away to the 'mates' club. Now what is so interesting about that is they only managed to raise around $500k from the shareholder part of the farce cap raising.

It also has led to the shares being sold down to the current price of 14 cents or a rough loss in value to the shareholders of around $5,000,000 plus or minus.

Yep, folks, since that 'cleansing' statement was released we have seen the value of the company lose over 30% of its value. Gone....flushed down the toilet.

Kinda reminds one of the same thing that happened before the cap raising on the trip from 16 cents to 9 cents.

So, I guess the next question to ask is how many more of those 9 cent shares will be sold and how low will Elk go as they are sold down...........

Sentiment: .....