drowsy syrups of the world

Victory Metals (VMX.v) spins its failures into a ….victory?

When your corporate title includes a word like Victory, you’re feeling the pressure to win at all times. 
Three things of interest in this morning’s “Victory Metals Announces Closing of Private Placement at a 70% Premium to Market” NR, which breathlessly told of how they raised $500k by selling 746,268 “…at $0.67 per Share representing a premium of 70% to the previous day’s closing price.” The first interesting thing is that when the placement was announced, VMX.v was at 45c and the premium was 49%.
 The second thing is that the closure of this deal means we’re about to get the drill rsults from Iron Point and you can bet your last shekel they are going to cherrypick the headline data on that one, too.
As for the third point of interest, that’s more about what’s not mentioned than what is. Here’s the blurb from the end of the NR, the one our eyes tend to skip over these days because they are all the same:
About Victory Metals
Victory owns a 100% interest in the Iron Point Vanadium Project, located 22 miles east of Winnemucca, Nevada.
The project is located within a few miles of Interstate 80, has high
voltage electric power lines running through the project area and a
railroad line passing across the northern property boundary. The Company
is well financed to advance the project through resource estimation and
initial feasibility study work. Additionally, Victory has a joint
venture with Ethos Gold Corp. (TSX-V:ECC), whereby Ethos Gold Corp. can
earn a 50% interest in the deep gold rights at Iron Point by spending $5M over a three year period. Victory has a proven capital markets and mining team led by Executive Chairman Paul Matysek.
Major shareholders include Casino Gold (46%), and management, directors
and founders (27%). Approximately 35% of the Company’s issued and
outstanding shares are subject to an escrow release over the next two
and a half years. 
Please see the Company’s website at www.victorymetals.ca.
On Behalf of the Board of Directors of
Paul Matysek
Executive Chairman and Director
I don’t know about you, but when a company has a Chief Executive Officers, aka CEO, then it’s normally that person who runs the company, does the work, appears on the corporate literature, givs quotes and generally acts like the boos. However in this case the name of the CEO of Victory Metals, Collin Kettell, is completely missing from the NR. Why would that be…?

Leave a Reply

Your email address will not be published.

Hello, you are not in a chatroom, you are in my living room. Opposing views and criticisms welcome, insults or urinating on furniture unwelcome. Please refrain from swearing if possible, it is not needed.