RE:A tiny bit of insider buying today
Mr. Inwentash controls 3 accounts under his SEDI name. The 3rd account is an Indirect Self Directed RRSP Account. He sold 59,500 Northair shares from this account yesterday (May 29th). He still has 4,276,627 Northair shares remaining in this account. To recap, in total, Mr. Inwentash still controls (even after all the recent sales) about 12.9 million Northair common shares - about 11.7% of the company. The breakdown is as follows: 8,097,000 in the Pinetree Account, 4,276,627 in the RRSP Account and 500,000 in his Direct Ownership Account. These figures are after the 900K or so Northair shares (between the 3 accounts) he has sold on the open market over the past 4 months. Northair is a company that receives almost no investor attention. It is a low trade volume Venture Exchange stock, especially in such extremely difficult times for junior mineral exploration companies. Northair`s share price just simply cannot handle this type of sales volume without a significant breakdown, hence we see this pathetic $.08 price. In my opinion, anyone that controls 11.7% of this type of company needs to see the project through to the end to reap the benefits. There is no turning back in the middle, otherwise one would be shooting oneself in the foot, as well as shooting all other shareholders at the same time. The only way out is to find a buyer for the remaining shares and perform a private sale transaction. What has also contributed to the $.08 share price is there seems to be another seller downsizing at the same time. It`s not clear if someone brought the share price down to $.08 to perform a cross. Silver has been money for 5000 years. It also has industrial uses, and will be prominent in photovoltaic solar panel production in the future (1 solar panel uses 1 oz of silver and 1 house likely needs 10 to 20 solar panels, while I guess a building may need hundreds of panels, depending on the size). Silver will have a use in society for as long as humans exist on the planet. Our La Cigarra project has the potential to be useful in any economic times. It has both high tonnage low grade ore for high silver price periods, but it also has higher grade wide width zones that can be supportive during difficult silver price periods. In addition, this new RAM zone is showing very early potential to have some high grade areas. With the $4 million financing Northair should now be funded for the next couple of years (depending on speed of exploration). An $.08 share price is not justified for a company like Northair, in my opinion.