The insider who has been doing the selling is Ian Slater. He sold a large block of shares at 36 cents. He did this same thing in December at about the same price (36.5 cents). Last month, I noticed that another director, Jay Surjir, exercised some options and sold them on the very same day. His holdings are now zero. Certainly insider selling doesn't convey confidence in investor sentiment. But there may be many good reasons for selling one's shares.
However, the CEO and most other corporate insiders seem to be keeping their shares. I contacted Joe Hebert, Outcrop's CEO and he told me that he has never sold a single share. Other members of the Board and Management, have apparently, been doing the same.
Ian Slater, the Chairman of the Board still has over 20,000,000 shares of the company. So it might not be surprising, that he might consider selling a few of his shares, for some personal reasons. Maybe he wants to go on a vacation?
Other insiders don't seem to have so many shares. Joe told me that he has around 2 million shares and he paid for them out his pocket with his hard earned dollars. He never has exercised any cheap options.
So although some insider selling may be creating some minor friction at company headquarters (my supposition), I wouldn't consider this to be a major insider selling effort. This may be just the actions of a couple of company directors, who are hard up for cash!
Times are tough these days! I know that I could use a few extra dollars myself.
I really do expect that this investment will reward me well! But, I don't expect it to happen overnight or tomorrow!
Once the independent analysis of the company's resources have been completed for the preliminary 43-101 estimate, then we will have a more reliable source of information on which we and others, may use to make a better investment decision!
The insider selling was done at much higher prices than today's closing price.
Our shares our presently being heavily shorted by savy market traders. But remember when any shareholders stop their panicked selling, these same astute individuals will have to buy back in. And when they do, they will buy back, in a panic, or they will lose much of their profit, or even take some, very considerable loss. They all are forced to act at once in unison.
Up goes the price!
Once the market becomes more convinced that Outcrop really has the goods, then those shorting our shares, may choose to look elsewhere, for the better profit potential.
Once a more reliable resource estimate has been made, the company's shares may start to look more attractive to a wider investor base. Outcrop needs to better confirm, to a larger market, that they really have something, solid to sell.
As an explorer, Outcrop wants to appeal to the retail crowd but also they want to appeal to any potential mining acquirer. Those miners have the bucks, to make such a purchase!
In the interim, a higher share price makes for a better private placement price. Future dollars are needed for exploration! And the better objective is to minimize stock dilution.
Even so, Joe says that the company is well financed, for the remaining of the year.
The long term goal is to sell the company outright!
The daily volume of trades of Outcrop, is really pretty low. It doesn't take much of a volume of trades to move this company's shares in either direction. Bids and asks are very unpredictable!
This company is better regarded as a longer term investment!
Today's down dip in price seemed to be significant. But really only a few shares traded today (56.59,000). That really represents almost nothing, in terms of the overall float. Many individual shareholders hold a position, much larger than that!
I think that we may be poised for another spike in the share price. If not, this is just another buying opportunity, to increase our holdings, at a much better price!
It appears that Joe Hebert feels that this company, is one of the best exploration bets, that he has ever seen!
It remains for him to convince others to feel the same. And it appears that he is doing his best to succeed!
Kudos to him!
Here are the company insiders(Directors and Managers) and any recent sales:
https://outcropsilverandgold.com/corporate/directors/ [url=https://https://outcropsilverandgold.com/corporate/management/][/url]
[url=https://https://www.canadianinsider.com/company?ticker=OCG][/url]
| Jan 6/23 | Jan 6/23 | Slater, Ian | Direct Ownership | Common Shares | 10 - Disposition in the public market | -500,000 | $0.362 |
| Dec 8/22 | Dec 8/22 | Sujir, Jay | Direct Ownership | Common Shares | 10 - Disposition in the public market | -500,000 | $0.384 |
| Dec 8/22 | Dec 8/22 | Sujir, Jay | Direct Ownership | Common Shares | 51 - Exercise of options | 500,000 | $0.100 |
| Dec 8/22 | Dec 8/22 | Sujir, Jay | Direct Ownership | Options | 51 - Exercise of options | -500,000 | $0.100 |
| Dec 2/22 | Dec 2/22 | Slater, Ian | Direct Ownership | Common Shares | 10 - Disposition in the public market | -1,000,000 | $0.365 |
| Nov 22/22 | Nov 18/22 | Vasquez, Ana Milena | Direct Ownership | Options | 50 - Grant of options | 400,000 | $0.260 |
| Nov 4/22 | Nov 1/22 | Sharma, Sunil | Direct Ownership | Options | 00 - Opening Balance-Initial SEDI Report | 500,000 | |
| Nov 22/22 | Oct 17/22 | Vasquez, Ana Milena | Direct Ownership | Options | 00 - Opening Balance-Initial SEDI Report | | |
| Oct 17/22 | Oct 13/22 | Taggar, Paul | Direct Ownership | Options | 51 - Exercise of options | -100,000 | $0.160 |
| Oct 6/22 | Oct 5/22 | Taggar, Paul | Direct Ownership | Options | 51 - Exercise of options | -100,000 | $0.160 |
Everyone is trying to make a buck. But some want to get there, sooner than others.
All the best! Java