Ruby mine for sale, cheap! I don't know the deep history of this stock, but for as long as I have followed it, for a few years now, the 8-10 cent range was a pretty solid buy.
I bought in again in the last two days of August during that two day sell-down. It seems reasonably likely that at least some of the big sellers on the last two days before the halt had some sort of inside scoop, but we will never see those trades reversed. I've held those shares through this, and have picked a few more at a half cent. If I were to speculate, I would say this is more about brinksmanship than financing. This is a voluntary bankruptcy of the TGX unit, and there is an asset in play here. Disaster, or opportunity? Time will tell.
The curious thing for me is the statement from management that they had worked "relentlessly…in an attempt to secure the necessary financing". Oh really? For example? That is pretty much like saying the dog ate my homework, but trust me i did it.
So what did TGX management and Endeavour Capitol get up to in their relentless efforts to secure financing? Who knows? Who knows.
Now I'm no professional, but I'm willing to spitball a few ideas here. And these are just ideas--
How about back a few months when the share price was in the teens and the Venture was on a 60% tick to the upside trying this? Maybe a non-brokered PP for 100 million shares @.12, or 120 million shares @ .10, or 150 million shares @ .08. Some might say, oh the dilution! But really, generally speaking, only three financial choices are available: Sell PP shares. Borrow money.
Or, how about this one for a bright idea? Fail to finance, tank the share price, come in at the end like heros, and make out like bandits!
Mind you, these are just a few ideas, and I'm no professional.