Today, Peruvian Precious Metals (PPX.v) filed their regulatories concerning the small private placement the company ran in August, in which C$136,000 was raised by selling 1,600,000 shares at 8.5c apiece.
Notice that quantity, people: one point six million shares sold.
You can see the document here and here below is a section from it, the header table that shows the quantity of cash raised and the numbers of takers in the PP. In this case it happens to be just one person buying all the shares.
So far so normal. It’s a single buyer and it’s a small PP, but in this rotten market we the observers have kinda got used to seeing this type of “keep the lights on” placement go through, small amounts of cash and big dilutions at low prices.
But a little further down the document, things go from normal to full-on Kafka:
It just so happens that PPX.v is paying commission on the placement of 984,615 shares to one Tomas Silva who is head of trading at GPI Valores, a Peruvian brokerage.
I had a Wile E. Coyote Cliff moment when I got to that part. It was like “Huh? That can’t be right” and you scroll up and check the amount of shares place (yup 1.6m) and then you scroll down to check the compensation PPX is paying to the Peru broker guy (yup, almost a million shares) then you scratch your head and go “Huh? That can’t be right” and you and scroll up again to check (yup) and scroll back down again (yup) and then say “Huh? That can’t be right” and you…okay, you get the picture. But it’s all there, filed and signed off by the PPX.v CEO Brian Maher.
PERUVIAN PRECIOUS METALS (PPX.v) JUST PAID 984,615 SHARES TO A BROKER IN ORDER TO PLACE 1,600,000 SHARES AND RAISE $136,000.
W.T.F.?