Ascot Resources Ltd T.AOT

Ascot price down a lot today after production report

[UNBResearcher]

Ascot's share price opened up way down follow the company's new production report. At the market open today a whale came in and sold (or bought).250,000 of the 260,000 initially traded, at a price ofv$0.45. So After skimmimg the report I bought another 50% amount at $0.48 a share. The share price is $0.49 as I post this. I can't explain the motivation behind short selling, but the company is beginning production , albeit with small amounts, at world record prices.

[wildhorse65]

They are going to raise more money which means more dilution. I wonder if they are going to use the genius strategy agains of raising a large amount at the lowest price and then a smaller amount if they are ever able to get this thing off its back? With this team, highly unlikely. Their goal is not to help shareholders but to help themselves to shareholders. 

[UNBResearcher]

I get your point. The reason for the continued downswing in AOT's price has to do that they are in a "technical noncompliance" of the covenant of the most recent financial package. On June 30 Ascot had $12 m in the bank, and spent $35 m during the second quarter. From my stock broker's report this afternoon, concerning the need for additional financing (by Brian Quast): "

[wildhorse65]

Who went to the agm? Anyone here?