RE: Private Placement?Agreed there are no fundamental issues with the company to explain today's drop.
We have to look else where to explain it. At any other time when this update would have seen a positive reaction, the most likely culprit has to be general market sell off in reaction to the U.S. job report. Markets had sold off in Asia and Europe on the report.
Gold jumped considerably early in the day and major producers gained but when the gold retreated briefly around 11 a.m. and recovered its gains later in the day the majors fell back but did not rebound with gold. All the juniors fell back and the TSX Global Mining Index was down and TSX Diversified Materials and Mining Index pulled back. Here are the indexes:
https://stockcharts.com/freecharts/gallery.html?$SPTGM
https://stockcharts.com/freecharts/gallery.html?$sptmn
This sell off had nothing to do with Orvana. The big players are playing the whole market now irrespective of the quality of any individual issue.
Don't expect this to last long. Now that the Japan, Europe, and Libyan situation are fading to the background the U.S. situation is going to take centre stage for the next while.
Today's market turmoil demonstrated gold value as a safe haven.