Well, Pepper57 said it in his post of Sept. 17:
"RS is determined to acquire PAT".
It appears RS is continuing on that path.
Well, RS would probably tell you that he's got to do something with the money (the millions of profits), and once the price of gold goes over $1000 again, PAT shares will go to new highs (they hit $1.29 2-1/2 years ago).
I hadn't heard about any pending agreement back in August for UMJ to purchase more PAT shares.
Couldn't RS have terminated the agreement, now that the share price of PAT was between 0.13 and 0.17 for the last 2 weeks? (i.e. wasn't there a clause about the SP staying within a specified range at the time the agreement is finalized?)
It appears to be a 1:1 purchase (they acquired the same number of shares as they issued), so they could claim that since UMJ's SP is also way down, the agreement is for roughly the same value as in August.
And why is RS issuing more UMJ shares to buy PAT shares? - there are now 38,225,911 UMJ shares out.
I guess what I wrote above is wrong - UMJ's money wasn't used for the purchase - UMJ still has the money. The money hopefully is at least collecting interest.
Comments anyone?
From today's NR:
"In consideration for the common shares of Patricia, Ursa Major issued a total of 6,206,804 common shares from treasury to the five vendors. The purchase price of 41 cents per Patricia common share was the average trading price of the Patricia common shares for the 20-day period immediately preceding Aug. 8, 2008, the date of letter agreements, plus a 15-per-cent premium."