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Afri-Can Marine Minerals Corporation V.AFA



TSXV:AFA - Post by User

Post by duediligencedoneon Feb 02, 2013 1:25pm
323 Views
Post# 20929289

Share price looks way too oversold now...

Share price looks way too oversold now...I know that everyone who posts here already pretty much hates this stock right now. However, as a non-shareholder currently, it looks way oversold and a definite buy down at these levels for a few reasons. The stock has already consolidated and almost basically come down to the pre-consolidated share price and thus the company has one-quarter the marketcap as it did before the 4 for 1 consolidation. I'm not sure what everyone expected from the latest results. The intent of the sampling was to confirm that EPL 3403 was diamondiferous and to better understand the geology and techniques that will be employed to develop the resource. As the news release stated, based on the confirmation of the diamondiferous nature of the deposit the company will follow through with the acquisition of EPL 3403. I've watched the trading in the stock closely since the news release and it looks like it is at absolute bottom. I expect confirmation of this bottom (and that's when I'll buy) and a bit of a bounce back starting Monday as the share price will re-trace some of the loss it has seen since the news release. The AGM is on Tuesday, February 12th (and a quick look at the proxy on SEDAR shows that another rollback is not on the table.) If the share price holds 6 cents then a quick bounce a few cents higher will come in short time. As I said, everyone in the stock already hates it now, however, as an outsider looking in it appears to be way oversold. We shall all see Monday morning.>
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