"Are the 23 million private placement shares still locked up?
Or, have they been selling over time and causing this share price beat down?
Inquiring minds want to know."
The share offering was closed on May 04, 2011. Notice that I said "share offering" as those shares sold in Canada were under a "short form prospectus" and were "free trading" the day the deal closed. The only shares under restriction were those offered outside Canada (ie: like the US market) where those shares were under "private placement" status. In the US, shares are restricted for a period of 12 months. In Canada, just in case I'm wrong as to the free trading status at the time of closing, said shares would have been restricted for a period of 4 months.
Its frustrating when you do not adhere to basis facts and or undertake simple DD to bash CRJ. Whereas you blame management, the true reason why CRJ and all the other PM concerns are trading at these prices is because of the gold price. Less than 4 months after the share offering, gold jumped to near $1900 an ounce. If reasonable investors recall, gold was very hot over this period and PM related equities were on fire. IMO, this environment will once again materialize. Whereas you cite management for the down fall in the stock price, I'm of the opinion that you are missing the true cause known as the price of gold. CRJ is a high cost producer and VERY sensitive to gold prices. Given average selling prices of $1663 an ounce in 2012, its obvious to see what a $1900 gold price would do to earnings and of course, the stock price. With gold expected to be at least flat in the near term, I think it fair to start holding management accountable in regards to costs. Despite this, management timed that equity offering perfectly. At least give them some credit for that!