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DryShips, Inc. Message Board

pepitumbrunom 1 post  |  Last Activity: May 9, 2016 2:52 PM Member since: Feb 16, 2008
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  • Reply to

    brad cooke is buying brad cookes losers

    by arnhol May 9, 2016 9:52 AM
    pepitumbrunom pepitumbrunom May 9, 2016 2:52 PM Flag

    I was skeptical at first about the comment by arnhol, but then I did research and OMG!

    Brad is the founder and now Chairman of Canarc.

    Link to the call replay:
    http://www.canarc.net/_resources/Canarc20160119.mp3

    Here are the results from from Q4 15 for Canarc, they paid $1.1M USD, with expectations of 2016 production. 5 months later Brad, who was seating on the call, buys it from himself, for EXK for $10.5 CAD (Call it what $8M US?) and now indicating production in 2017!

    http://canarc.net/_resources/financials/CCM-Dec_31_2015-financial_stmt_w_MDA.pdf

    Now think about this, call it a premium of 2X.... 2.2M USD. How much did they, Canarc, spend in the mine development? It would take $7.6 M from the Canarc conference call, how much of it was spent by them. How much is there left to be spent? The Canarc plan was to have the mine up, and running, the latest by early May - El Compas that is... Yesh.... Ready for what? A sale to EXK? At the end of the call there was a comment about 6 months to develop the plant, I guess that was up during April? 7 year life mind, is that still the case?

    I'm long EXK, but it is things like this that remind me of George Economou, CEO of DryShip (DRYS) and give me pause and make me fact check...

    This was not one of those good fact finding missions, I must admit.

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