By Tom Winnifrith & Nigel Somerville | Friday 9 October 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
We have already flagged that AIM-Cesspit POS Golden Saint Resources (GSR) was out of cash HERE. Today we find that despite pre-placing ramps (see HERE and HERE) it appears that it is out of friends too. This morning, it appears that the company could not even get a keep-the-lights-on placing away, and has had to turn to a death spiral. Except that it could not even go to any of the usual players there either, turning instead to crowd-funding. And to cap it all, this funding round has not yet been completed – today’s RNS simply announces of its launch. This is a slam-dunk sell.