thought we would see a lot more volume today, given that the placing is out of the way, we are fully funded, that the PFS is a couple of weeks away and that MC is doing the rounds presenting!! This has to be a great buy in price so it is surprising that more aren't filling their boots.
A few buys first thing this morning - I cant help but feel that there is an individual just buying and selling blocks of 5,000 and 10,000, in the range of 90p - 100p, to make a quick 5 - 10%. Each to their own I guess, just risky when the business case for takeover is so clear.
Very low today, despite the new shares issued today.
I think once the penny drops that none of these shareholders are going to be selling their shiny new placing shares anytime soon, CNR should start to move up again in anticipation of the positive news we are expecting in the next two weeks or so.
The IFC report on their website that I posted yesterday is incredibly positive. No local opposition to the proposed mine, Condor doing all the right things on ESIA issues... If CNR do go to production then of course this will take time - but what if an offer comes in before then? i.e when the PFS has been out for a few months?
I would venture that this is an excellent time to become a new shareholder of CNR - great entry point, significant newsflow on its way, potential sale on the horizon, fully funded, major II backers..
When announced I contacted the company to find out how a PI like me could be involved. They said Numis would be making the necessary arrangements with Hargreaves Lansdown (and other brokers I expect). When I contacted HL they said that the book was already closed - CNR announced the placing in an RNS at 7:16 on 11th Sept, and HL said the book was closed by 8:55 that same morning.
Very disappointing for me (and other PIs) but boy what demand for CNR shares that signals - 3.22 million shares snapped up in less than 1 hour after market opening that morning.
To me an exceptionally strong sign of market confidence and expectation in CNR.
Well they can't blame us for problems they currently have. Our gold mining there never started!
We have over 1 million oz's there which we have been unable to get at for years and which isn't reflected at all in our sp.
It's all well and good for the comfortable El Salvadorians in Maryland to protest, but its the country itself which needs the jobs and income. I would suggest that companies like CNR would take their environmental responsibilities very seriously and would wish, as well as be required, to ensure processes were properly managed and contained to protect the environment. And I expect the technologies to do so have improved since these developments were first considered in El Salv.
If they ever change their minds there'll be another massive boost for CNR!
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