RE:Stock action
Retiredgeo wrote: "Fast money" has been bailing. Shorters have been shorting and everyone else is sitting on the sidelines watching how far down the share price will go. I'm one of the latter. Sept 6 is only two weeks away.
When NFG closed a similar charity deal it traded much the same as Snowline. They drove it up close to the financing price and afterwards it came right back down. Like you mentioned Sept 6th is the closing date for the financing so will they take the stock back up again. I honestly don't know with these types of charity financings. It seems the actual share price doesn't have to be anywhere close to the financing price. I guess with the tax advantage somewhere between $5 and $6 is the value the market currently puts on Snowline. Nothing would surprise me in this weird market. Not much retail investors these days. Everything is controlled by a select few funds and larger investors with deep pockets. Hopefully things improve in September for the mining sector. SGD has been one of the best performers but It could be another year or two before this one gets bought out so it could go much lower between now and that time. Who knows. Hard to believe the price of gold isn't doing better.