{australien_flagge} Directors of a publicly traded company have a wide variety of ways to get shares of their company cheaply – private placements, warrants, options, etc…. That’s why it’s a strong vote of confidence when these “insiders” buy shares of the company on the open market, especially when it’s done in significant volume. This is the case now with Australian explorer Conico (WKN A1W2NL / ASX CNJ)!
The company, which is exploring extremely promising polymetallic projects in Greenland announced in a mandatory release to the Australian Stock Exchange after the close of trading today that director James Bradley Richardson bought 2.15 million Conico shares. While Conico is still a penny stock, this raised a not insignificant ~$117,000 for a private individual!
After the steep price increase of the last time, some investors had apparently taken the announcement of further, preliminary drilling results as an opportunity to cash in. What Mr. Bradley in turn used, in order to put once again comparatively “favorably”…
Conclusion: That a market director buys shares in such a small exploration company as Conico still is, is as said a strong sign of confidence. One can assume that more than $100,000 is not invested “just like that”. In any case, Conico is in for a hot summer. The samples from the first drillings are in the lab and could cause strong price swings when they are released. In addition, further drilling is already planned or underway. The newsflow is therefore unlikely to become less in the near future.
GOLDINVEST.de remains in any case to this exciting, although high-risk Greenland story. Investors should be aware of the risk and keep any positions small and / or hedge accordingly.
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According to §34b WpHG and according to paragraph 48f paragraph 5 BörseG (Austria) we would like to point out that partners, authors and/or employees of GOLDINVEST Consulting GmbH may hold shares of Conico Ltd. and therefore a conflict of interest could exist. We also cannot exclude that other stock letters, media or research firms discuss the stocks we discuss during the same period. Therefore, symmetrical information and opinion generation may occur during this period. Furthermore, there is a consulting or other service contract between GOLDINVEST Consulting GmbH and Conico Ltd., whereby a conflict of interest exists, especially since Conico remunerates GOLDINVEST Consulting GmbH for reporting on Conico Ltd. This is another conflict of interest.
