future financingsI bought into PGX a while ago because of management's previous success with Richfield Ventures. I was in Richfield but unfortunately I sold too early!
Word on the street is that Toronto brokers don't want to have any more to do with PGX because of this mess.
Unfortunately, future financings without broker support is very difficult so without money a company with the best property isn't going to go far in this market. Raising money in this market is very hard and one requires conections but unfortunately it looks like PGX has lost a lot of these!
Good luck. If this bounces at one point I wouldn't hold on too long because once they run out of money and if they need to resort to toxic financings then this will be the end for shareholder value. In my opinion, they may need a glory hole to be able to win back broker support because of the change in their reputation. They easily raised $3 million in a bad market but I wish them luck on their next one. Even Bullmarketrun which has been a big supporter of PGX isn't impressed with management and ehat happened even though they believe that results were promising.
I sold PGX and bought more DBV. If they do manage to raise a substanial amount without too much dilution (ie not at these prices) I will buy back as I do believe the property haa good potential!