CormarkStefan passed along the updated research repot to me. Some interesting notes.
1) Fully diluted share count 207M (assuming Rio up)
2) Cash = $85M
3) Following close of said financing - Cormark no longer research restricted and is increasing WRN target --- and Copper from $3.85 to $4.25 and Gold from $2000 to $2200 which increasing NAV/8% discount to $4.1B
I did ask Stefan - based upon his experience, when firms like his participate in an offering like this and they do NOT currently cover the company they are investing in, is it logical for those firms to start covering. For example, Eight Capital, Raymond James, BMO, Canaccord, CIBC, and a handful others do not cover WRN but they participated. If those have research coverage, you'd think they would also initiate coverage. Stefan would even speculate on that on others intentions. Pitiful, at least he could say, "yes, in my experience at our firm when we participate in an offering like that we would initiate coverage". ....but nope.
Anyway, i wish Cormark and our current analysts covering WRN were more accurate --- their history doesn't seem to be that great. However, with more analysts covering...perhaps that will drive more investors and get to Sandeep's goal of driving up share price and market cap with more natural buyers than sellers.