Roulston refreshes Galway Resources buy Roulston refreshes Galway Resources buy
Galway Resources Ltd (C:GWY)
Shares Issued 131,295,621
Last Close 10/25/2012 $2.185
Friday October 26 2012 - In the News
Lawrence Roulston, in the Oct. 19, 2012, edition of Resource Opportunities, refreshes his buy of Galway Resources Ltd., recently $2.15. Mr. Roulston said buy eight times between April 17, 2006, and June 21, 2012, at prices ranging from 63 cents to $1.50. A $1,000 investment for each of the eight buys is now worth $16,860. Galway jumped when Brazilian billionaire Eike Batista, through his company AUX, made a takeover offer. What he really wants is Galway's California project in Colombia, located immediately beside the La Bodaga gold deposit, which AUX acquired by buying junior explorer Ventana in March, 2011. Mr. Roulston is pleased with himself for predicting that Mr. Batista would set his sights on Galway next, but he is not a seller. For each Galway share, holders will receive $2.05 in cash, 0.9 share of a company that will hold Galway's other Colombian gold project, Vetas, and one share of a second company that will hold the Victorio tungsten-molybdenum project in New Mexico. The spinoff companies will have 13 cents and 10 cents a share in cash, respectively. Mr. Roulston sees "considerable value" in both Vetas and Victoria, and says the spinoffs should trade "considerably above the cash value once the deal is completed."
© 2012 Canjex Publishing Ltd.