IKN

Seems to your humble scribe that Sheldon Inwentash has some pretty urgent liquidity problems at his Pinetree vehicle. As well as the share dumping of African Gold (AGG.v) we reported yesterday, Sheldon and his pals have been hitting the big red sell button on holdings of Integra Gold (ICG.v), Mega Precious Metals (MGP.v), Newport Exploration (NWX.v), European Uranium (EUU.v) and Coro Mining (COP.to) to name but five. Notably, on at least two of these positions, COP.to and ICG.v), Sheldon was recently adding by the millions just a few scant days ago at higher prices, which adds an extra set of question marks to these particular dumpages.

A shame. Couldn’t happen to a nicer person.

UPDATE: Add U308 Corp (UWE.to) and Mega Uranium (MGA.to) to the list.

UPDATE 2: Kind reader G gives your humble scribe the headsup on Stockwatch, which has also noticed Pinetree’s apparent distress.

Finally, Sheldon Inwentash’s Pinetree Capital Ltd. (PNP) slipped 1.5 cents to 16.5 cents on 1.16 million shares. As we discussed yesterday, Pinetree seems to be on a selling spree, having sold 5.8 million shares of African Gold Group Inc. (AGG: $0.04) last week. The sales left it with 15.9 million shares, but today African Gold traded another 22 million shares, making it the most-active stock on the TSX-V. It told IIROC it had no material changes. International Northair Mines Ltd. (INM: $0.07) was the second-most-active trader, slipping one-half cent to seven cents on 7.4 million shares. Mr. Inwentash and Pinetree own 11.7 million shares of this company, and have yet to disclose any sales on SEDI. The third-most-active trader was Macusani Yellowcake Inc. (YEL: $0.04), which closed down one cent to four cents on 5.99 million shares. Mr. Inwentash and Pinetree own 3.1 million shares of this company, after unloading 18 million shares at four cents last week. Pinetree is in need of cash. It had $150,000 as of June 30, at which time it valued its investments at $188-million. This is down from $609-million three years earlier, when the stock was trading over $2.