News blog
Cambridge Mineral Resources
- BY: Andrew Hore |
- POSTED: 09/04/2009 |
Cambridge Mineral Resources has sold its Spanish assets for $19m in cash and shares - equivalent to 3.5p a share - but the shares are likely to be illiquid.
The purchase by Direct Response Media Inc of Nevada is subject to due diligence.
DRM is quoted on the ‘pink sheets’ in the US (www.pinksheets.com) under the symbol DRMO and it appears to be a shell. There is little information on the company. It has an estimated market capitalisation of $7.32m. The last trade was on 23 July 2008 at $1.90 a share. The best bid is 5 cents a share and the best ask is $2 a share.
The purchase of the Spanish assets is a big deal for DRM and there is no guarantee that it will be able to finance it. CMR could end up with an enormous stake in an illiquid company so shareholders should not get too excited by the fact that the apparent value of the deal is ten times the share suspension price of 0.34p.
CMR’s Aim quotation was cancelled on 5 March 2009 following the resignation of Ruegg as its nominated adviser. There has been no news about the company’s financing discussions since February 2009.
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