ibuybulion - you bought into Summit??? Did you do any research before buying?
Summit almost doesn't exist - it is owned 82% by Paladin, and 10% by Areva, the French corporation. So, there are only 8% of Summit shares out there to be traded. And of course, that figure may be significantly less by now, as Paladin and Areva have no doubt been snaffling up more shares as they come onto the market.
Once a deal is done between Paladin and Areva, and Paladin reach the 90% ownership, they will do a compulsory takeover of all remaining SMM shares. No offers or auctions - they will just name the price they will pay for your shares and that's it.
The uranium deposits at Skal and Valhalla, which were owned by Summit are now totally controlled by Paladin.
You would have been FAR better off buying Paladin shares for many reasons, the Summit resources at Mt Isa being only a small part of the reasons to buy Paladin (PDN)
Of course, if you only bought SMM shares for a quick trade, then you may get lucky and make a small profit. But there's no way that buying SMM shares now would give you any exposure to the uranium resources.
WMT
western metals limited
