Back to the Money Well ?
For more $$$ ? In July 2016, COP closed $10 million PP (100 million shares @$0.10) with funds for Marimaca, Berta and additional working cap. (WC). In Aug. 2016, it announced the purchase of the Rayrock/Ivan plant for $6.5 million and paid $250,000 as good faith down payment on the Letter of Intent (LOI)...On Dec. 30, 2016, COP announced it had closed another PP for $5.25 million for Berta, exploration and WC...So, in essence, COP had raised $15.25 million since July 2016...In the last F/S, the Company has over $3 million in cash plus the $5.2 million raised & injected in Jan. 2017, cash balance on hand would be around $7/8 million now - give or take $$ spent... Greenstone has the pre-emptive right or the right to invoke its "anti-dilution" clause for first right of refusal to subscribe for any and all financing. That it did in taking up the majority of the PP shares under the above offerings in order to maintain its interests...Presumably, the last $10 million PP raised would have been sufficient to buy the Ivan plant, but COP might have used the funds for Exploration and Expenditures ( E & E) as $6.2 million (E & E) have been capitalized under its fixed assets on the latest Q3 financial statements...The current downdraft could be related to a new round of PP or loan to complete the Ivan purchase...Under the TSX's PP rule, it would make sense to drive the stock price down so the Company can price or set the PP's at or below the "the last" traded price...I do expect the stock to rebound shortly to push it back up after the "dog and pony" show in Toronto is over...Stock is rigged for some thing or other.