RE: It was $2.1 in 2008. Now, let's see whetherA very impressive day for Phoenix.
The lightweights , expecting a sure deal , sold out along with most of the momos.
Yet, we closed unaltered in share price.
And, most of the cheap paper has been blown out.
A few calls might have garnered what is happening here.
First, the new name gives a decent perspective.
Its Elgin MINING.
We are not going to be an exploration company , but a mining company.
Second , new Management . Effective immediately, Robert M. (Bob) Buchan will begin serving as Chairman, President and CEO. Previous CEO, David A. Wiley, will serve in an advisory role on an "as needed" basis to facilitate the Company's transition out of the coal industry.
Third , just look at the BOD..a who's who of distinguished mining including members of companies such as Kinross Gold Corporation; Allied Nevada Gold Corp.; Sprott Resource Corp.; RAM Power, Corp.; Gabriel Resources Ltd., Algonquin Power Fund, and others.
This divesture process has been ongoing for nearly 6 months during which management have been searching for just the right project.
All indications point to disclosure of that choice before the special AGM on April 28.
In the interim, I fully expect that the share price will be progressively moved forward to already deternined levels.
Cline tripled in on news event.
Expect the same here.