RE: good news10 Aug 2009 19:29
I have been researching WAD with a view to investing here. If I summarise very briefly, then finish with a specific question to you guys at the end.
WAD is an Explorer, going into full mining production in 6 weeks at its Bomboko mines that opened small scale this May. It has 57.5 m shares of which 13% are not in public hands. WAH has just raised new funds of £650,000 through Institutions and Director buy-ins that will see Bomboko through to full production. Directors hold -3% holding each. Made a loss of £220,000 in 2008, down from £690,000 in 2007. It has two other projects (one possible Gold) in Sierra Leone and Guinea and 2 other exploration sites.
They recently sold a parcel of $50,000 of Diamonds, which I assume has been the stones found since the May opening. If the new production rates are achieved (using WAD’s own production criteria) then we should see this company making money soon.
A worthy investment then; however when researching this one, obvious comparisons with PDF showed itself. Since this is premium chat so I shouldn’t get accused of deramping/ ramping, I’d like to make that comparison between the two companies.
If we compare PDF to WAD, the similarities are quite close, as PDF are an Explorer due to start mining soon with Cassaguindi, operational. PDF does have 117.8m shares, but 93% are held by institutions, without counting Director holdings. PDF have no debts and have cash. PDF also are planning to have their Bakervil