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Title : Avino Silver & Gold Mines Ltd $ASM rips off its shareholders
link : Avino Silver & Gold Mines Ltd $ASM rips off its shareholders

Avino Silver & Gold Mines Ltd $ASM rips off its shareholders

A three part story:

1) Notice the way Avino Silver & Gold (ASM) traded yesterday:

2) Then six minutes after the bell yesterday, this NR hit which announced that ASM would raise money via a placement.

3) Then this morning, we read that the placement is priced:

VANCOUVER, Sept. 21, 2018 /CNW/ - Avino Silver & Gold Mines Ltd. (ASM:TSX/NYSE American; FSE:GV6, "Avino" or "the Company") today announced that it has priced an underwritten public offering of an aggregate of 6,239,867 common shares of the Company, together with warrants to purchase up to 6,239,867 common shares of the Company, at a public offering price of US$0.65 per share and associated warrant to purchase one common share. Each warrant will have an exercise price of US$0.80 and will expire five years from the date of issuance.

In other words, those people who were "lucky" enough to be among the 1m share volume sellers yesterday at between U$0.79 and U$0.85 (ASM never does that much, not even close) can now buy back their position for U$0.65 and get a free warrant into the bargain, priced at 80c.

Yet another example of the rip-off culture in junior mining. However, as ASM also trades as a fully paid up member of the US markets, perhaps we can get a little investigation into this blatant insider trading by people with teeth this time, i.e. the US SEC.

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