ECR v GGP11 Aug 2020 10:30
Very similar patterns going on here, GGP have issued regular shares over the last six months or so, increasing the shares in issue from about 3.6Bn to 3.78Bn a week ago.....while the sp has gone from 2.5p in mid March to as high as 15p a couple of weeks ago.
ECR had 452m prior to issuing 100m new shares in the 6th April placing to raise £500k....so took the total to 552m when the sp was 0.5p... and today there`s 622m shares in issue with a share price hovering around 2p.
The subsequent good drilling results and JV news at GGP have driven the sp as high as a 6 x bagger in 6 months, with todays market cap sitting at £525m.
After returning drilling results at Creswick as high as 1m @ 80g/t, after only drilling 300m of the 7km Dimmocks Main Shale, confirming the presence of `nuggety` gold.......and drilling at Bailieston returning `an intercept of 2 metres at 17.87 g/t gold within a zone of 15 metres at 3.81 g/t gold from 51 metres`.....ECR`s Mcap today is c£12m, with 622m shares in issue.
No wonder ECR are experiencing high interest with a few big players competing for a piece of their action in Victoria.
When this plays out in the coming weeks and months it is highly probable that the sp here will be multiples of today...how many multiples is anyone`s guess, but a good guide to go by would be to glance at the progress, and the chart, at GGP.
All in my opinion as a long term holder.