RE: NextWhy the 3 dollar level? Personally I do not think Mitsui will convert the shares and sell them. I think Mitsui will convert the shares and keep them. I think they will push the stock over 3 bucks, how high above 3 I do not know, but probably high enough so that it will come back and settle in the 2.50 ish range. There has been some historically massively high volume over the past several months, cumulative volume that is higher than I have ever ever seen Cline trade before. Someone with pockets is accumulating. I have been in this stock many years. That said, being in it for many years does not make me right, after all, these are just my thoughts. I have seen people be burned from the pumpers on this stock time and time again. So I will say as i have consistently said in the past, TAKING PROFIT NEVER HURTS and do not leave all your cards on the table if you have been in this stock for a long time. Back to why they will push up the shares. For Mitsui to convert the shares the powers that be that are obviously controlling this stock will want the shares to be above the conversion price. Makes it for an easier sell to the MItsui powers that be for them to convert. I believe I read in filings as well that Mitsui has the option to convert the entiire debenture to shares, so thusly perhaps no need for another PP anytime soon.
Take a look at the officers and directors of this Company and look at their ages. Ken Bates the CEO (who coincidentally used to be the president of Mitsui Canada is OLD. Other directors may be leaving due to health problems. I am sure Bates wants to retire soon. Cline financed cheap several months ago, the powers that be got their cheap shares, Cline issued its options to officers and directors. Read the newspaper article that just appeared on Clines website about its recent meetings in Trinidad with the local politicians.
There are some mining companies who got burned recently by the US government. It is going to be increasingly difficult for companies to make new coal mines in the US. What a perfect way for some other mining Company to get a new previously producing met coal mine into production fast.
Mitsui runs an underground mining school. Cline hired Dennis Mraz to head up New Elk.
Will report back on the timing of the bidding submission for the added coal lease once I get a call back from the person in charge of the bidding. Lots more to say, will contine this before monday am.