Tertiary Minerals (#TYM) – having only joined as MD in September last year, Patrick Cullen resigns
- 2022-06-15 07:39:08
Tertiary Minerals (TYM) seems to think that its investors are the dumbest folk going and with the shares up by 75% at 0.32p maybe it is right for today’s news of a £600,000 placing is just an almighty spoof. For starters this is not a £600,000 placing!
Hello, Share Followers. When shares in Tertiary Minerals (TYM) shot up by 350% one day last week, it was thought by some that I was recommending this gold prospector. Sorry about any confusion, but I did caution that the jump didn’t seem worth it. Let me briefly outline the history of my holding with this company...
At eleven minutes past ten this morning AIM-listed penny-dreadful, to quote poor Malcolm Stacey, Tertiary Minerals (TYM) announced a placing of one hundred million bits of confetti at 0.275p to raise just £275,000 (before expenses) and a shiny new Broker in the form of Peterhouse, which arranged the issue and is set to receive five million warrants at the placing price. Nice work for the flippers – especially since the shares were 0.41p immediately before the announcement and thus the discount was a tasty 33%. And compared to the 0.87p the stock hit in the wake of the ramptastic announcement the day before (awful, as usual) results were released the placees must think it is Christmas.
Hello, Share Finders. We’re probably all used to the disappointment of finding that a huge daily jump in one of our shares turns out to be a consolidation of some sort. Which is what I expected when I saw that one of my penny dreadfuls had put on 325% in one day. But no – it seems that there really was an old-fashioned share hike due to good news...
Often I am left wondering what the point is of quite a number of small mining companies listed on AIM, as all they seem to do is raise small amounts of money to keep the business ticking over without ever actually achieving anything of note.