|Should They Get On That Horse|
And Ride Into The Sunset?
BCSC promptly sent me a form letter acknowledging receipt without further comment and opened a complaint file on the company. I figured, okay, I did my thing, and doubted much would result. Then, wham, the following April, (and I don't claim credit, I'm just providing the timeline) a chastened Azarga released a statement saying that its Canadian regulators, BCSC, were requiring it to "retract," "clarify" and "remove" several statements from its public report ("Preliminary Economic Assessment") issued at the time.
On the face of it, Azarga most definitely didn't pass the sniff test. After official scrutiny, the BCSC saw it the same way. AZZ.TO has been trading at about 20 cents/share, probably as a permanent denizen of the "penny stock" market. If you have a broker, you can get an opinion on that
From The People Who Know
What's intriguing about Azarga now is the status of its largest shareholder. For the past couple of years, 24% of the company was owned by a Singapore-based firm called Blumont Mining, which in 2014 was targeted by Singaporean regulators and police for investigation of "trading irregularities." I don't know what came of that, but the company last March filed a statement detailing 3 straight years of losses, which is probably why it just unloaded its stake in Azarga to a subsidiary of arbitrage fund Platinum Partners LLP in New York. And that's another story: Platinum