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Take physic, pomp

LatAm miners: Legalized theft update (Plexmar and Alamos Gold)

The chart from yesterday’s post is now doubly true


I actually got a couple of pretty cool hatemails for this note yesterday (though one was rather over-fixated on all things anal) in which your fed-up-with-Canadian-scamsters Otto pointed out how Plexmar (PLE.v) management was treating its own shareholders by insider selling on the same day it announced (seemingly) positive news. As part of the note I also wrote, “You can’t help but wonder how many more insiders are left to file their trades, eh M. Bedard?”

Well wonder of wonders, we didn’t have long to wait. Sure enough, head honcho Bedard filed his latest insider trades today. And sure enough, Bedard sold hundreds of thousands of shares on January 16th, too.

Jan 26/09 Jan 16/09 Bédard, Guy Indirect Ownership Common Shares 10 – Disposition in the public market -50,000 $0.085
Jan 26/09 Jan 16/09 Bédard, Guy Indirect Ownership Common Shares 10 – Disposition in the public market -45,000 $0.086
Jan 26/09 Jan 16/09 Bédard, Guy Indirect Ownership Common Shares 10 – Disposition in the public market -350,000 $0.096
Four hundred and forty-five thousand, to be exact. Now how on earth did I guess that was going to happen…………..?

Now for part two, Alamos Gold (AGI.to)

John McCluskey: You know you can trust him
because he’s smiling at you

And here’s another company for the rogues’ gallery of scam-laden management. Check out Alamos Gold’s (AGI.to) Prez&CEO John McCluskey’s inside sales in January.
Jan 26/09 Jan 23/09 McCluskey, John Direct Ownership Common Shares 10 – Disposition in the public market -4,900 $8.510
Jan 26/09 Jan 22/09 McCluskey, John Direct Ownership Common Shares 10 – Disposition in the public market -100 $8.540
Jan 26/09 Jan 20/09 McCluskey, John Direct Ownership Common Shares 10 – Disposition in the public market -2,500 $8.600
Jan 26/09 Jan 19/09 McCluskey, John Direct Ownership Common Shares 10 – Disposition in the public market -2,500 $8.450
Jan 26/09 Jan 16/09 McCluskey, John Direct Ownership Common Shares 10 – Disposition in the public market -5,000 $8.300
Jan 26/09 Jan 15/09 McCluskey, John Direct Ownership Common Shares 10 – Disposition in the public market -4,900 $8.112
Jan 26/09 Jan 15/09 McCluskey, John Direct Ownership Common Shares 10 – Disposition in the public market -100 $8.102
Jan 26/09 Jan 09/09 McCluskey, John Direct Ownership Common Shares 10 – Disposition in the public market -8,600 $7.923
Jan 26/09 Jan 08/09 McCluskey, John Direct Ownership Common Shares 10 – Disposition in the public market -1,400 $7.850
Jan 26/09 Jan 06/09 McCluskey, John Direct Ownership Common Shares 10 – Disposition in the public market -5,000 $7.438
That little lot adds up to 35,000 shares and a gross cash total of $283,554….and eighty cents. And amazingly, astoundingly, coincidentally enough, all these sales came just before AGI.to announced a bought deal placement for 9.4m share at $8 that intends to raise $75m for working cap for its Mexico operations.
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1/26/09: Alamos Gold Inc. (the “Company”)(TSX:AGI) has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets under which the underwriters have agreed to buy on bought deal basis by way of a short form prospectus, 9,400,000 Common Shares (the “Common Shares”) at a price of $8.00 per Common Share for gross proceeds of $75,200,000. The Company has granted the underwriters an option, for a period of 30 days following the closing of the offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The net proceeds of the offering will be used for working capital and general corporate purposes. The offering is expected to close on or about February 17, 2009 and is subject to yada yada continues here

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So let’s see how that news has affected AGI.to’s stock price today:

Oh Mr. McCluskey! What lucky timing you have with your sales! So mark AGI.to down as another bunch that will screw shareholders without a moment’s thought. By their deeds shall ye know them.

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