MicroCapital Fund Ltd...No idea how many shares they purchased but it sounds like these guys participated in the $10M PO and have since sold half their position at double or near double (i.e.they have their initial investment back and are sittign on a 'free' position). Normal fund activity. Can't findany similar fund reports detailing similar action... yet. Given the immediate positive performance and the opportunity for funds such as this to recoup all of their 'risky' initial investment, one would think GGN has somewhat 'moved up the ladder' quite a bit in terms of building a positive reputation with this group. Probably why it was easy and maybe contributed to why GGN choose to raise more funds now with a 40 cent warrant exercise price.
red911
https://newadvisers.com/wp-content/uploads/2011/08/MicroCapital-Fund-Ltd_3Q11-Report.pdf
Gryphon Gold (GYPH) was the most positive contributor to the Fund’s performance in the third
quarter. While precious metal mining companies don’t typically represent an attractive investment
opportunity to us, the enormous run up in their product prices in recent years has created opportunities
that merit consideration. Gryphon has acquired gold properties where the reserves had been proven out
by major exploration companies in years when it would not have been economic to extract the ore. In
particular, we are impressed with the high caliber of mine development management Gryphon’s
properties have since attracted. We have already taken profits on nearly half of a participation in a
financing (priced at half the stock’s current price), the proceeds of which Gryphon is using to develop
its Nevada property. Plans are ahead of schedule and under budget, and we anticipate extraction (and
revenue) to commence in the fourth quarter.