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Reconnaissance Energy (Africa) Ltd V.RECO

Alternate Symbol(s):  RECAF | V.RECO.WT | RCNWF

Reconnaissance Energy Africa Ltd. is a Canada-based oil and gas company. The Company is engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana. The Company holds interest in a petroleum exploration license no. 0073 (PEL 73) in northeast Namibia and an interest in petroleum exploration rights in northwest Botswana over the Kavango Sedimentary Basin. The Company's exploration license covers an area of approximately 25,341.33 square kilometers (km2) (6.3 million acres) of oil and/or gas exploration properties comprising Blocks 1719, 1720, 1721, 1819, 1820 and 1821 situated in the Kavango Basin of northeast Namibia (the Namibia Licensed Property) and approximately 7,592 km2 (1.88 million acres) in Botswana (the Botswana Licensed Property). The two licenses together comprise over 32,933 km2 (8 million acres).


TSXV:RECO - Post by User

Post by Oregonduckon Aug 17, 2022 11:04pm
308 Views
Post# 34903900

Naked short-selling Ban

Naked short-selling Ban

SEC or IIROC have banned naked shorting since 2008. The naked shorting is still going on with one-eye open and one-eye-close. As long as the brokers say they have shares available for borrowings. In the case of Reco, at an interest rate of some 20 percent. For instance, GameBoy shares were short 140 percent in 2021 - more than the total float. How the hell did that happen ?!

I believe the Co founder and key insiders were shorting Reco against the box. Since they own the shares, it is not considered naked shorting. Both IRS and CRA however deemed such shorting as "constructive sale" meaning it is considered an outright sale and taxes are due. Why they do it ?? Well, so they don't spook the market that the founder may have dumped millions of 4 cents stock or the key officers have dumped shares after exercising options granted at 25 cents. Since they are shorts and not reported on Insiders Report. The shorter names are not known.

Shorting is the least of investors worries. It is those insiders 
dumping a large amount of shares while touting the inflated stock with misrepresentations that constituted a fraud on the public.



 

 

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