Geologix Explorations - Announced a small private placement. Through last Friday, I had recently purchased approximately 500k shares between .10 -.15. A brokerage firm run by two friends of mine and who I believe hold more shares than anybody else, just bought 400k shares Friday at .15. I’m certain they didn’t enjoy having to tell that client their down 30% in a day.
I own about 3.2 million shares and hope to acquire another million in the pp and/or in open market. I then will cross toes, fingers and anything left on my body that I can cross without too much pain and hope for a share price of $1 in the next 1-2 years. Such a miracle would equal about what my junior resource portfolio has declined in last 18 months.
The key to the reasoning behind such a financing at this point may be in the last line of the news release:
“…I look forward to communicating with shareholders about both these major milestones in the near future.”
My experience strongly suggests that they are nearing a finish line to something quite significant and have decided to take a small hit on dilution now in order to make sure their horse doesn’t break down and run out of gas before the finish line. Time will tell.
My #1 Albatross of all-time (A.K.A. as Oromin Explorations). Having thought I could never be so deeply involved in a company that would cause me so much stress again, OLE has far surpass what NDM had caused. Its like carrying a ball and chain every day
Again, let me point out until such time TGZ makes its intentions known via an actual offer, all the rest is just noise. I do think that if their offer hasn’t changed much from whatever they were thinking the day they announced their intentions, Its D.O.A.
Because I was once a “legend in my own mind” and have been wrong many times and loss millions of dollars more than once, I feel qualified to note when I see someone else who fits the mold. Dennis Gartman is without a doubt one of “the” best marketers I ever known, bar-none! Anyone who can get himself so much coverage despite a poor track record; while belittling a group he’s been two-faced with, is certainly a master of something. But when it comes to gold, I think he’s little more than a contrarian indicator. Combine this with TOUT-TV continuously featuring him without any explanation of past forecasts gone wrong, well, I’ll take my chances and remain aggressively long gold thank you. I do think however, that western governments have been behind much of the take down in gold and with the FED possibly softening its QE position tomorrow, gold can make a new low. Such a low would actually be a positive as there are many positive divergences but we will need to live through all sorts of bearish rhetoric.