....then today's evidence makes it clear to anyone with a working IQ level. This morning, ECU silver (ECU.to) announced its inevitable private placement, with the intention of raising $10.8m by placing 13.9m units made up of a share at 72c and a half warrant at 90c (that adds to the mountainous warrant overhang already at that price).
Ok, fair enough, we knew that it was going to happen. But the brass neck of these people is astounding once you keep reading this morning's PR: Here's an extract:
Ok, fair enough, we knew that it was going to happen. But the brass neck of these people is astounding once you keep reading this morning's PR: Here's an extract:
ECU Silver Mining Inc. (TSX:ECU) ("ECU") announces its intention to issue 13,900,000 special warrants ("Special Warrants") by way of private placement at an issue price of $0.72 per Special Warrant for aggregate proceeds of $10,008,000. A number of large shareholders of ECU plus certain institutional investors have agreed to subscribe for all the Special Warrants.
Stephen Altmann, President of ECU, stated that "This financing is fully subscribed, in large part with existing key shareholders, which is testament to the confidence of our loyal shareholders in ECU's focus to grow the company.
Errr, no, Altmann...it's testament that the company is a scam and rapes retailers for all they're worth. What this scumball is saying to the world is that "a whole heap of shareholders had inside knowledge that we were going to run a placement at 72c, so we gave them ample time to unload their shares on you poor innocent saps and then reload the same positions (with an extra half warrant) at a much lower price." Here's the last 10 days of action in the stock...
...and we can see how the stock has been sold down and down to the PP level by those who knew what price ECU was going to raise cash at. Not only that, but if we look back at the most recent pump move to the upper 80s to 90c range, between November 9th and November 18th (the top of the price range) there were 10.6m shares traded.
I WONDER WHO HAD THE FORESIGHT TO SELL THEIR STOCK AT 18C ABOVE THE LATEST PLACEMENT PRICE, WISTAR?
If the OSC doesn't act on this blatant illegal frontrunning scam it will be condemned forever.