RE:RE:I have a new beaten down stock! yesiam
Here is the back story on this one. So a few months ago this on had a take over offer at a 60% premium to the shares of the acquirer. It went to a special meeting for a vote. While they had the boards support not enough shareholders approved the vote. There were rumors that there were other potential suitors but the board failed to look at as they supported the existing buyout. When the buyout offer was rejected the share came under pressure as the company needed a financing pretty quick to continue the program so they did a pretty cheap financing. A group of shareholders got to together to call a special meating to dump management and current board and to take a look at what went down.
At any rate the company in relatively short time put together 1/2 ounce resource in Nevada with a positive PEA. They want to get drilling.
So company name is Viva Gold. I grabbed just a small amount 50k between 15.5 and .16 a share. It was double that just a couple months ago when this went down. Should return to that level once the special meeting is complete.