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November 9, Perhaps not, but the deal certainly raised some red flags. That price tag would have made the deal the fourth-biggest mining-asset sale this year globally — underpinned by a company with no website, whose chief executive officer uses an AOL email address, and is based at a residential house built in in Swanton, Maryland. He says he read the sale and purchase agreement 10 times and believed West High Yield had at least a financing commitment.
Khandavelli bought the stock on Oct. Trading has been halted ever since. Khandavelli has already lost 17 per cent on paper, and stands to lose more if the stock plunges once it resumes trading following the announcement of the failed deal.
Paul Howard, a spokesman for IIROC, as the trading regulator is known, declined further comment beyond confirming the trading letter sent to investors. Unproven penny-stock companies, in Canada or elsewhere, are never for the faint of heart. The average size of the trade that day was about 1, shares, indicating small buyers were active. West High Yield had continued to trade on Oct. Google searches showed that Gryphon operates from a modest two-story, beige clapboard apartment in Janesville, Wisconsin and that CEO Stephen Cummins had a previous run in with the Colorado Securities Commissioner for operating without a license.
After the morning halt, the stock traded for another four hours before it was halted again the next morning. The Alberta regulator said it was reviewing the deal given the magnitude of the transaction. The regulators are operating as though we were still in pre-Google Map days. You can look all this up online.
Kenan, said by phone that Cummins, the CEO, still expects to get the money very soon. When told that West High Yield had terminated the deal, he was unfazed. The TSX Venture market's reputation as the "wild west" of exchanges with its plentiful listings and plucky investors cuts both ways.
Filed under News FP Street. Not that long ago lithium was the it-mineral but miners are finding it harder to raise capital now that fears of over-estimated electric-car uptake have crept onto the scene. Maryanne and Albert can have a very comfortable retirement if they maintain their modest way of life for another two decades.
If you are not astronaut material, fear not, Aurora Station, billed as the "first luxury hotel in space," may be for you. Find Financial Post on Facebook.