Loading ...End of Canamex?
Selling all it’s assets to Endeavour silver for US $10 million. What happens to the shareholders… get the shaft and stock price goes to zero? Is it time to sell this shit when there is still a bid? Help please!
https://goldseek.com/article/gold-seeker-issue-74-week-mining-q2-production-results-gold-cant-decide-which-direction
Endeavour Silver: Following in First Majestic’s footsteps earlier this year, Endeavour silver signed an agreement to acquire a primary gold asset in Nevada. The company entered into a definitive agreement with Canamex Gold to acquire the Bruner Gold project for $10m in cash. In 2017, a PEA was completed, outlining a low cap-ex, open-pit, heap leach operation. This project is unlikely to see much work done until Terronera comes online, at which point Endeavour will be generating significantly more cash flow.
From yahoo finance Canamex market cap = $1,623,000 @ $0.0264 so doing the math get approx 61,500,000 shares. So $10,000,000/61,500,000 = $0.1626 Is this the correct reality?
16 cents a share is 4x what my stock tracker, Google Finance lists it for (.04). If that’s the buyout price my profit would be 600%.
If market cap is $1.6m, and EDV is willing to pay $10m, that sounds like a foolish move on EDV’s part and GREAT for shareholders. (Ie, no needs for heavy math.)
Thanks pedro, so it looks like it may be prudent to see if this all works out before selling.
Am not sure how you would sell anyway — stock has been frozen for many many months. Maybe OTC?? Haven’t looked into that but main listing isn’t trading.