Take physic, pomp

On market excess and Aftermath Silver (AAG.v) (from IKN588)

Above all, last week was good because we learned Eric Sprott is an idiot with his money and can’t control himself. All those fantasy thoughts of his about being the backbone of Canada’s mining industry are old man delusions, all he’s doing now is aiding and abetting the country’s white collar criminal system. He is of course the same idiot who continues to insist Covid-19 was man-made in a lab in China, he truly is as dumb as his sycophantic followers.

Silver (AAG.v) and market excesses
This desk has watched with dry
amusement as a whole range of companies worth precisely zero have managed to
raise many millions of dollars from fresh and eager market money (being an
accredited investor may sound cool, but they also paint a target on your back)
without saying much, even when Allan Barry Laboucan managed to upsize a
financing at Advance Gold (AAX.v) to over $700k and guarantee his salary for
the next three years as they search for more high grade underground quartz.
However, the last couple of weeks and particularly days have seen the type of
deals go through that often signal a near-term market top. Today’s example is
Aftermath Silver (AAG.v), a company that owes all its success to having the word
“silver” in its corporate title. To date it’s done nothing at all, but in the
last few weeks AAG has come alive on the back of the silver run and its new
deal to option into the Berenguela project. Suddenly and inexplicably AAG was
on the lips of all the Vancouver pay-to-play promotional channels and social
media darlings and the price took off, here the line set against silver bullion
(SLV proxy) and the silver stocks (SIL proxy) for context (right).
Then on August 26th we
had two NRs from AAG, the first announcing a $12.5m placement and then on its
heels, this (16):
Vancouver, BC, August 26,
2020 – Aftermath Silver Ltd. (the “Company” or “Aftermath”) (TSX-V: AAG)
(OTCQB: AAGFF) is pleased to announce that it is increasing its previously
announced non-brokered private placement (see News Release #10, dated August
26, 2020) from 19,250,000 shares to 24,000,000 shares at a price of $0.65 per
Mr. Eric Sprott will
increase his investment in the financing in order to hold approximately 19.9%
of Aftermath issued and outstanding Common Shares, post-closing.
The raising is predicated on the
back of AAG’s new acquisition, the Berenguela project in South
Peru. Your author found it amusing that AAG had picked up that
serial moneypit of a project in the first place, as untold millions have
already been sunk into it over the last two decades and all operators, be they
owners Silver Standard or any of the optioners who picked it up for a while
then dropped it on getting squat back from the drillbit. When the company
announced a $12.5m raising last week I laughed out loud, then when Eric Sprott
decided it wasn’t going to happen without him I was rolling around on the
floor. As a sidebar, this financing adds weight to the theory that Eric Sprott
does very little DD before throwing his millions about (anyone who saw his
decision to increase holdings in GOG.v a couple of weeks ago will testify to
that) but that’s not why we are here. Seeing a failed junior by a C-suite with
a track record that is, to quote Rick Rule, “totally unblemished by success”
over at least two decades being able to raise over $15m from an eager capital
market is a clear signal of excess.

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