Title : How Palisade Global works, Giga Metals (GIGA.v) edition
link : How Palisade Global works, Giga Metals (GIGA.v) edition
How Palisade Global works, Giga Metals (GIGA.v) edition
Please note that the people behind Palisade Global (registered in The Bahamas with most of its dirty work done out of Panama) are not the people behind Palisade Capital (registered in New Jersey, founded in 1965, re-incorporated in 1995 and as far as I know, a fine upstanding insto catering to HNW individuals). Two different companies and in fact, the way in which Palisade named itself five years ago is probably an attempt to get reflected glory from the large and successful insto.
Anyway, here's an example of the way in which Palisade Global, headed up by one Sean Zubick (from next to a hotel pool in Panama if his LinkedIn photo is anything to go by), goes about its business of pumping worthless stocks on retail sheep using its designed-for-pump media channels. The script that follows is from A. Reader (who wishes to remain anonymous and their wish is my command) and not the words of your humble scribe, but it wouldn't be published on this blog if the information hadn't checked out and were solid. I've scrubbed very lightly at the text and provided the hyperlinks, but apart from that it's all the work of A. Reader. Take it away:
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Thought you might be interested in Palisade's involvement in a particular junior. The company is Giga Metals, formerly Hard Creek Nickel, and here’s the sequence of events:August 2017Hard Creek is down to virtually nil in cash and has a market cap of approx. C$1.5 million. The company announces a share consolidation and financing via issuance of $0.06 units comprising shares and 3-year warrants with a strike price of $0.08/share. The company changes its name from Hard Creek to GIGA and announces a focus on battery metals.The financing is taken down by a small group including Palisade & Pala Investments (and/or certain of its principals). The investor domiciles (Bermuda/Belize) in the exempt distribution summary tell the tale.August/September 2017Palisade begins pumping the stock to its close associates.September/October 2017The first public pump of Giga is done via the Palisade Radio program featuring Pala’sAnthony Milewski mentioning Giga as a preferred junior nickel play.The early stages of the Palisade pump runs the share price up, allowing the completion an October financing at $0.35/unit for proceeds of $2.36 million.December 2017/January 2018Giga announces that is has retained Palisade for IR and strategic advisory services at a monthly retainer of $15K for 3 years ($360K) payable in advance.Giga closes another financing for $2.4 million comprising of units priced at $0.60/unit.1-year Share Price Performance – Round Trip, Anyone?Giga reached 90 cents in November, at which point the investors in the August PP at $0.06/unit were sitting on a 15-bagger from the shares alone (i.e. not to mention the warrants). Then as the 4-month hold came off that PP, look out below. More recent attempts to pump the stock (Seeking Alpha coverage, etc.) have not worked out so well.
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