DD Anyone? Read the INTERIM +ADDSome things may not be very apparent if all you do is read a board.......especially this one.....
Wonder how many (as mentioned below) have been sold? More importantly, how many will be unloaded? With such light volume recently, even small sales could further dampen stock price increases. Also from the same interim filings: as of Sept. 30/10 there were about 57 MILLION shares out (Chapleau deal sure added!!)...add that to the recent PP (AMENDED Form) of about 17 MILLION and you have about 74 MILLION SHARES....good thing MNM has about 12 mil. bucks....the next one and a half months will tell the tale....MNM better hit better widths and similar grades than those few relatively small widths that were reported within larger ones... they may look great, but there weren't enough and the market is telling you this. The pumping here is for a reason...Do you think it is to make YOU money???
Could be some upside leading to the drilling at Cuiu.... just watch out for the subsequent dumping....
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Magellan Minerals Ltd.
NOTES TO THE UNAUDITED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
(Canadian Dollars)
Nine months ended September 30, 2009 (Unaudited)
A total of 700,000 common shares were issued to the owners of the traditional surface
rights over the Cuiu Cuiu property in July 2009 pursuant to the surface access agreement
dated February 19, 2006.
A total of 7,800,000 common shares controlled by directors of the Company were
escrowed at the time of the Company’s initial public offering (pursuant to National
Policy 46-201). Ten percent of the securities were released from escrow on February 15,
2008, the date which the Company’s common shares were listed on the TSX Venture
Exchange, and a further 15% was released on each of August 15, 2008, February 15,
2009 and August 15, 2009. The remaining escrow securities are to be released in
tranches of 1,170,000 shares every six months commencing February 15, 2010.
A total of 3,550,000 common shares controlled by a former director of the Company that
were issued on November 14, 2005 are subject to resale restrictions (pursuant to National
Policy 45-102). Ten percent of the securities were released from resale restriction on
February 15, 2008, the date which the Company’s common shares were listed on the TSX
Venture Exchange, and a further 15% was released on each of August 15, 2008, February
15, 2009 and August 15, 2009. The remaining escrow securities are to be released in
tranches of 532,500 shares every six months commencing February 15, 2010