Globetech Ventures Corp GTVCF

new update from ragingull.com

[windmere0]

Globetech Ventures (GTVCF:OTCBB) $0.92 - $0.16 on 510,300 shares. The stock fell down to $0.73 in the first 30 minutes of trading, consolidated around $0.80 for 3 hours and then started to move higher. I think I found the source of some of the constant selling the last two days. I don't have all of the details, but this is what I do have. A money manager in Vancouver is in some hot water, I am hearing it is civil and may become criminal. The financial institution that held his clients accounts want out of the holdings in the accounts and get the money back into the clients hands. This is known as a sellout. Much of the stock for sale the last two days was coming from this firm's market maker. They were hitting the bids and nearly always the low offer. This lasted until early Thursday when they were finished selling an estimated 350,000-400,000 shares. Now normally that would have not been a big deal with the kind of volume that the stock has been trading. Taking a few days to sell off that amount of stock would have hardly made a ripple in the market, but the constant pounding of the bids just feed other selling and shorting from others, especially when they know there is a large seller. I looks like that is cleared up as several other stocks that were also under selling pressure has also firmed up in price. I now expect things to get back to normal and concentration back on the new deal at hand. This weekend I will bring you information on a gold property in the same area that Globetech has contracted that an American Stock Exchange company paid $150 million in $25 million in cash and $125 million in stock. The property is more advanced than Globetech's but Globetech is paying $6 million in stock. I hope to have a conversation with the geologist next week and get his estimate of market value of the property. Again I want to say that the acquisition of Globetech's gold property is done for stock and all of that stock is RESTRICTED STOCK. The sellers are limited to registering 200,000 shares each every 6 months starting in September of 2004. The stock used in the purchase was valued at $1.50, which was more than twice the price of the stock when the contract was agreed to. Normally such deals are done at a discount of 25-50% to the current price. For Friday trading above $1.00 should bring on more buying and above $1.20 and 1.35 should take us back above $1.50 and then higher as we get more news and the larger buyers come into the stock. The pressure on the stock is over and we should return to the upside trend we have has since the second half of November.