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Pass the Welsh Gold mine parcel of shit - next up it's Alba

By Tom Winnifrith | Monday 4 December 2017

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.

And in today's most useless shuffling of worthless assets as an excuse for a disguised placing we revisit Gold Mines of Wales, the owner of the Dolgellau gold prospect in the heart of sheep shagging country.

For all the talk of there being gold in them there hills, this asset will never produce. It has been used as a stock market promote for years and years by various entities. The biggest and most shameless promoter was, of course, Big Dave Lenigas as Doc Holiday exposed on this website several times.

That was when GMOW was owned by Stellar, which has now changed its name to Primorous (PRIM) - and which today announced that it has sold its entire holding of 49% in Gold Mines of Wales Limited to Alba Mineral Resources (ALBA) for a total consideration of 83,333,333 shares in Alba.

Alba is of course also linked into all the other minnows exposed to the Lenigas Horse Hill plays so it is pretty much a connected party. So what will Primorus, not drowning in cash, do with its shares.

"At Alba's closing share price on December 1 2017 of 0.38p, these shares had a market value of approximately £316,667 and will represent 3.6% of the so enlarged issued capital in Alba. These shares are subject to a six month orderly market agreement and are due to be issued immediately upon completion of this agreement."

Hmmm. A six month orderly market agreement means sweet FA. It means that brokers will place the stock out at will as of now. In effect Primorous has raised some cash by getting rid of a worthless asset. It's good news for it. But what is Alba thinking? Surely it should be focusing on its exciting Horse Hill and Weald Basin oil plays and not diluting shareholders to buy a worthless asset? Might it perhaps realise that the Horse Hill ramp is over and it will soon need a new promote?

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