New all-time high trading volume (twice)
I had fun watching Pretium Thursday all day long on the screen. You could see bidders trying to power through the "ceiling" of stock that kept on appearing at $16.80-$16.83, which kept the price from rising past that point for the last 80% of the day after the stock had jumped 38 cents in the first 40 minutes. I don't know why nobody else has pointed this out, but the 926,000 shares traded in Toronto on Thursday 2/23/12 is an all-time record for Pretium, well above Wednesday's 735,000 shares traded which was also an all-time volume record. You could literally see the tug of war going on, and IMHO - all things being equal - when this extra few hundred thousand shares of determined selling/dumping thins out the stock price will move up. Remember this -- every share of dumping at $16.80 was met with buyers buying those shares. I trust that these shares are going into stronger hands, and some new hands too as PVG now trades on the New York Stock Exchange.
I am also surprised not to hear any congratulations for Pretium working so hard to get the preliminary economic assessment (PEA) done far ahead of schedule. Expectations were for the PEA to be completed by the end of Q1 (the end of March) and I didn't expect it to be released on February 22. Superb job, Pretium, getting the PEA done ahead of schedule. This company gets a lot done, and gets it done on time or ahead of time. That isn't my experience with other companies. Not to mention that the PEA itself was stunning.
Why am I watching the price of PVG so carefully? Same as you. Or have you already sold/exercised all your warrants? Every 1% move up in the PVG stock price results in an approximately 4% move up in the warrants. Some warrant holders were waiting for the PEA before selling their warrants. With the PEA released six weeks before the warrant expiration date, warrant holders still have some time to decide when to sell or exercise the warrants. (I thought the PEA would be released closer to expiration, but now I have some extra time I did not expect to have.)
TC
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