Brad bought 1 million shares on May 10th in the open market.
Many investors were disappointed with the sale because they wanted a producing mine. I want the company to make money and I don't care how they do it. Turning a 2 million investment into a 10 million sale in seven months is my idea of making money. If management was able to pull that off with little cash on hand when they bought Oro Silver Resources Ltd., I like their chances going forward with 10 million in hand.
Many that were in love with the idea of having a producing mine have sold out driving the price down. Now Canarc sits with no debt and around $0.04 per share in cash if they sold the EXK shares. This sell off may be looked back on as one of the best buying opportunities ever.
You have to know that management was looking at other deals before they bought Oro Silver. Perhaps even better deals did not come to fruition because they were cash poor at the time. Money talks and Canarc will now have the funds available to perhaps revisit deals they could not put together in the past or find new deals that require some cash. Yes, I hated to see the price drop, but loved the sale and 8 million in profit that will come from it. With 4 cents in cash per share, I was happy to add to my position at 0.06 and more below 0.05. I'm with Brad. JMO
I wonder if anyone has thought about the $10 million sale proceeds if converted to cash is around 0.046 Canadian per share based on 215 million shares outstanding. Canarc is now trading at around 2 cents above its cash on hand. That seems like a great buy to me. Please feel free to correct me if my math is faulty.