I did the same. Dropped a bit and now I'm at .40. I'm convinced I could break even before the conclusion of the ch11. But fk that, this is worth north of $2 all day! I will buy more at a dime, iand flip it, otherwise I'm here til the bitter end. $15k R.I.P.
I took a bite at .13 and averaged down to .40. Its not to late, how depressed will you feel at $1?
Think it will pull back before serious talk of defrauding shareholders happens? Either way, got my avg down to .40, likely too be in the money before this is settled.
It was extremely wreckless to do so at that point in time. They had cash for 12 months.....then OH NO out of cash we need 21m cash by selling shares at $1, .40 under the current market price..... It is foolish to seek any logic in their statements or decisions.
That is why I was so surprised this morning, their recent actions make them seem guilty of wrong doing. This was their plan for a while now. Please keep me informed as I would like to be involved as much as possible, even though my holdings were not nearly as large as some others. This is not some OTC stock with trash assets, this is Hycroft.
I'm blown away because it seems so obvious what was done here...the idea of BK at this time seemed unlikely because it would be obvious fraud. Guess we will see what the inevitable litigation brings. Hycroft is still the mine I want to own...
About 14k in stock and about 3k in options.
BUT, I knew there was a chance of BK. However, the series of events over the past 6 months do not add up. It does not seem like they were very honest, they were given the benefit of the doubt for a long time...now it seems fraudulent activity is why we are here, NOT poor business decisions and low spot price. I cannot imagine how this does not cause them far more problems than just selling out or issuing more shares (had up to $180m more right?), I'm not sure how this is not misleading shareholders.
"We have cash for 12 months"
Few weeks later, out of cash
Issued shares far below the market price when it was announced
Only raised enough cash to get them until right now
Stopped major operations (crusher etc) while claiming spot is too low
Insisted that a buyout was still on the table
Public event about the expansion was the cherry on top
I'm not sure they could get it much cheaper, I guess we will find out soon enough. Hycroft is such a desirable mine, who would be waiting on the sideline to pick up the pieces? Would a big player let their competitors pick it up for peanuts? Maybe Soros knows...I sure don't.
I do not see a scenario where they say they have cash for 12 months, issue more share because they ran out of cash a month down the road, and then announce a BK 2 months later....is this likely at all?
Then consider this - they sold a bit of shares at an awful price to come up with just enough cash to cover until earnings. They could have sold more, they had the ability and opportunity. This would tell me that they do not have it in them to complete the expansion on their own.
What does this leave us with, a buyout or JV? Have we heard everything about these recent investments? Option activity?
The jig is almost up, will it be fvxk or walk? Its an exciting time.
How many miners do you think will keep operations going while selling at that kind of a loss? Strong USD will not continue forever, it cant.
Good thing I have all these kind folks on YMB telling me how to make a fortune. What would I do without you!?
Gold to $850 eh? IF that were to happen, it would just be a paper price. No one would be selling physical anywhere near that price point.