A summary of today's price action.
In anticipation of joint venture announcement shares reached $.20
Five minutes before the closing bell somebody panicked and sold 45,000 shares- Throwing the price down in the $.18 range. It immediately bounced back to 19 1/2 and almost closed at .196.
My opinion of the delay in announcement is - the joint venture to develop NP is a done deal.
There is the larger issue of funds on top of the $30 Million dollars for acquisitions. The range was wide from beginning of the week. $10-$100 Million Dollars.
The talks were ongoing today and it is very much my opinion that NP is a moot issue. They agree on funding it.
But in Macroeconomics there is a process known as "Cost benefit vs cost margin"
In that, they have several different mines to consider- each with its own unique price tag.
I'm pleased that they are taking such careful time to consider each option, but am admittedly aware (as BC should be) that if news isn't brought forward soon, it creates unease.
$30 Million JV - no worries there.
Stock will trade .30+ upon announcement.
It's the additional funds we are waiting for an agreement on. We won't get a PR until that. JMO they will have that figured today.
My guess - $50 Million additional for a total of $80 Million.