Oromin Explorations Ltd OLEPF

terenga

[topoftheridge]

the positive on a terenga buyout would be that eventually you figure Randgold would buyout the OLE/Terenga combo, which would be more time but would hopefully see a $3 to $4 end result for todays OLE shareholders.

does that sound about right?

[tony1969]

That is the whole idea Top. Build it (Tgz/Ole) then have a major buy them later. Hey Gf, estimates a little high but I will take them.>

[topoftheridge]

TGZ down 7% today, new 52 week low, on large volume, almost all of the volume in the last 30 minutes.

[tony1969]

That is very heavy volume for Tgz. Interesting decline because they are doing well and have projected good production numbers for this year and next. Gold holding up also. Very strange. Cannot do much research from my phone. I have enough trouble sending these messages. Was there any news from Tgz today? If not then something is up. Not necessarilly with ole but again it looks interesting.Top the

[tony1969]

There was no news I could find on Tgz today. Latest news on May 30th was very positive saying the probability of resource expansion and production for 2012 and more good drill results. Thanks again for pointing this out Top. Someone wanted out quickly for some reason. MaJor dilution maybe along with some debt financing. Like you said Top the decline was all at the end of the day. Extremely

[Roro1]

No way Santa Rosa was sold for $5K. There has to be more to it than that. The legal fees alone to close such a transaction would exceed $5K.  Then the buyer turned around and sold it for $1 million? Who is absolutely sure about this?

[caliche]

i guarantee you the sale was done at 5K.. the re sale is just what i have seen here..   as for chets options you can bet if the deal is done at a dollar they will issue themselves 10 million new options at .50.. i would think a re pricing of options is a clear signal the deal is close and at a terrible price..to us ..    caliche

[caliche]

most likley a capital raise..the shares were up in australia by 13 cents.. then to have them fall here.. wierd..they tracked pretty even till yesterday .. then a big divergence..short the aussie shares or buy in NA?   caliche

[caliche]

most likley a capital raise..the shares were up in australia by 13 cents.. then to have them fall here.. wierd..they tracked pretty even till yesterday .. then a big divergence..short the aussie shares or buy in NA?   caliche

[caliche]

with the fx the aussie tgz is 2.05 cdn

[goldn1]

  Based on Oromin's filings, Caliche is right, the gave away all the rights to Santa Rosa for 5K. I am sure James Stewart, Oromin's legal counsel charged a heack of a lot more than 5K for his work, so they probably should have just kept it as it would have been free for 5 more years.   I have been trying to track down who now owns Cynthia Holdings, LTD as it is a corporation

[Roro1]

Goldn1, I appreciate your inpt, and maybe you are correct. However,  I still have to beleive there is more to it. Chet would expose himself and OLE  to major litigation without some logcal  explanation, It just doesn't work like that. IMHO.

[goldn1]

  RORO:   I am as frustrated as anyone, but it doesn.t get much clearer than their AUDITED financials. See below... They took an impairment charge of $1.4+ million, and then sold for $5K, actually showing a $2,216 gain on the sale.   This obviously smells fishy, for some reason Oromin didn't consider this a material event as the property was written down to Nil. Chet has never

[goldn1]

  I am not sure how much clearer it can get. Shareholders got screw*d, again!!!  

[goldn1]

https://www.oromin.com/i/pdf/2012-05-28_AIF.pdf ---(Page 14) https://www.oromin.com/i/pdf/OLEFS111130-Q3.PDF --- (Page 19) G1

[RottenEggS]

Although the transaction on the surface looks like a stinker, it would seem to me that they are trying to clean up the company for a sale, JMHO  

[goldn1]

  Rotten:   Setting yourself up for a sale could have meant moving the asset into another entity, not giving it away for someone else to flip for a quick million. Also, they sold it back in December. Who would sell something they already lost $1.5 million in if they could hold it for 5 years and not invest another penny?     G1  

[Roro1]

Thanks goln1. Would be really nice to hear what managment has to say abot it.