Immedia – “establishes itself in the USA”. Hmmm… & about that “healthy balance sheet and working capital”, Bruno…
KEFI Minerals – financial and Tulu Kapi gold project updates… shares soar again; stance upgraded - target 6p
And so the saga continues. Bahamas Petroleum (BPC) having failed to get institutional backing for a placing at 1p to raise $20-25 million is now heading back to its existing shareholders with a £7 million open offer at 2p. You’d be mad to take it and here is why.
In scoop after scoop this week starting HERE and ending HERE I detailed how Bahamas Petroleum (BPC) was trying to raise $25 million, first at 1.4p, then at 1.2p and finally at 1p. Those who signed up at 1p were told it would be announced Wednesday then today. In fact it has been pulled as the company could not, even at 1p, get close to $25 million. But today Bahamas has quite simply LIED.
On Monday I revealed HERE that Bahamas Petroleum (BPC) was trying to raise $25 million and had already had to cut the price from 1.4p to 1.2p. Bahamas tried to deny there was a placing afoot via RNS but I published an email in response calling that out as a GREAT BIG FUCKING LIE HERE. Oh dear, it seems that things have gone from bad to worse.
Earlier today I revealed that Bahamas Petroleum (BPC) was trying to raise $25 million. It could not do it at 1.4p so is now trying at 1.2p and that it has had to rope in bucket shop brokers such as Novum and Cornhill shows that it is struggling. The company has responded but, thanks to Winnileaks, it has dissembled as I demonstrate with an email that has fallen into my hands as you can see below.
I now have it double sourced that Bahamas Petroleum (BPC) is struggling to get away a placing to raise $25 million. At 1.875p the market cap is £29 million.
The share price of Bahamas Petroleum (BPC) almost doubled following an announcement of progress on its ambitions to drill an exploration well next year, but is such a big rise really justified? Today there is a further ramptastic "technical update", world class prospect, yadda, yadda, yadda.
I have not minced my words with regards to today’s shocking pump and dump by Bahamas Petroleum (BPC) as you can see here. But the City’s No 1 oil analyst, Zac Phillips of SP Angel worries that Bahamas may not be out of the woods yet although its assets look good. The great man wrote to his clients today to say:
A month ago shares in cash strapped Bahamas Petroleum (BPC) traded at 1.2p which was probably generous. for this company has struggled for years to secure the farm in partner it needs to drill its acreage in the Caribbean. But then things started to happen.
When Bahamas Petroleum (BPC) announced a confidentiality exclusivity agreement back in May I expressed scepticism as to whether that would actually result in any sort of farm-out deal ultimately being concluded.
There is no denying that the news released by Bahamas Petroleum (BPC) last week was positive, but in no way does it justify the £30 million increase in market cap that has occurred since then.
Given the share price level of being one of the more modest of the penny stock brigade, it could be said quite fairly that Bahamas Petroleum very much fits the bill of being a Bulletin Board Hero, and therefore a stock which is usually covered here on Shareprophets in video form.
Once every three years, the long suffering shareholders in AIM casino listed Bahamas Petroleum (BPC) get the chance to get rid of CEO Simon “Harry” Potter – the next chance is next week and this is why I urge all investors to send Harry packing.
If you want me to analyse a stock for you just drop me a line at email@example.com - Today I look at Bahamas Petroleum, Coal of Africa, and Supergroup.
Anyone lucky enough to have made a profit off of the recent rise in Bahamas Petroleum (BPC) would be well-advised to consider banking it.
It is quite a conundrum we have here at Bahamas Petroleum in the sense that on the face of it the post-March price action on the daily chart was that of a gap fill bull trap reversal through the 200 day moving average and as high as 7.5p plus. Such a negative signal is not one you would normally be thinking of bottom fishing even a couple of months later.
Search ShareProphets |
Recent Comments |