My ongoing bearishness towards AIM-listed Pure Gold (PUR) continues to bear fruit. I first wrote about the company in April when the shares were 10.25p, having been technically insolvent as at FY21. The shares were ramped up and then came the inevitable dump as the company had a reset with new management. So all was set fair? Er……yesterday we got a strategic review. Uh-Oh.
I report to you from a Northern stronghold of Madame Le Pen, on the first day of our Greece road trip. I am up with the larks - Joshua is still snoring. I comment on life in Bethune, before looking at Pure Gold (PURE) and the justifiable indignation of Richard Jennings. Finally, I discuss Sosandar (SOS). Today's historic results may justify an extra gallon of breakfast Prosecco for one well known share blogger, but what about the future?
I commented on April 22nd that AIM-listed Pure Gold (PUR), also of the Toronto parish (PGM), in the wake of the admission that without bailout funding it would essentially be toast, that you should take advantage of the market’s stupidity (in marking the shares up to 15.75p) and sell, and that it would be lucky to raise money at more than 10p. And so this morning……
I have already flagged how Canadian Overseas Petroleum (COPL) and Pure Gold (PUR) misled investors, by hiding auditors' warnings. Now, Mkango Resources (MKA) has joined the deceiving club. The FCA, as regulator of the Standard List, must act. I have penned the letter below to Mark Steward at the FCA, and the bogus Sheriff of AIM, Marcus Stuttard.
I start with Pure Gold (PUR) and today's utterly misleading release; the red flags do flutter in force here. The onto Kefi Minerals (KEFI), where 'arry bloody Adams does not understand why his NEDs are 100% discredited. Finally, I have two challenges for loathsome Neill Ricketts, as he steers Versarien (VRS) towards a crash landing.
Having posted my thoughts on sub-Standard-listed Pure Gold (PUR) - dual listed in Toronto (TSXV: PGM) - over the bank holiday weekend, today we had an update from the company. And it was not good - my conclusion at the weekend was that it was more a case of Fool’s Gold than Pure Gold and this morning I was totally vindicated. Is it time for an Ouzo already?
I am asked what I think of Pure Gold (TSXV:PGM and PUR on the sub-standard list). Obviously as a Gold play it ticks my main box, but is it making any money for its current market capitalisation – according to Google - of C$71 million (around £43 million) which puts it at a similar size to AIM-listed Ariana Resources (AAU) which is currently valued at £52 million.
You will remember that fraudulent and now unlisted joke company US Oil & Gas (USOP) is trying to raise £2.9 million (but will settle for a minimum of £300,000) to keep the lights on. The pure gold comedy genious from our lying friends in Ireland continues.