LAST TIME we wrote about Petaquilla, there was already major trouble with employees not being paid and other huge debts, while gold production had come to an almost complete stop. Shares were trading at 23¢.
To our great joy, things have steadily gone even worse since then.
Petaquilla stock is now trading at only 9¢. There isn't much going on at the Molejon project.
Then, the Petaquilla boss, narco Richard Fifer, was securing a mining concession in Andalusia, Spain. Guess how that went? Right. The concession was revoked because Petaquilla is broke and Fifer is an idiot and the Spaniards will have nothing of his dealings because of irregularities.
Those investors who were dumb enough - despite numerous warnings from us and real mining experts like Otto on the Inca Kola News - to stay invested in this train wreck of a mining outfit, are of course livid. Just check out this thread on a popular investors forum. We quote:
"We need management to come out with a five year plan telling us how we're going to return to profitability and pay off all debt. I'm almost at the point of giving up because I don't realisticly see how we can crawl out of the hole we're in. We certainly can't crawl out unless there is some kind of plan. If the plan depends on fifer raising more money (likely the purpose of his New York trip), then we're probably finished. (...)
We need credibility now more than we need gold. Because until we get investors believing in the Company we're sunk. I have been told by very credible sources that if Fifer leaves the Company will get more financing, but not before. I think you can guess why.(...)
Not only has Fifer ran the company into the ground,requiring huge injections of cash,raised through "equity finacing" ,resulting in massive dilution,to add insult to injury,he has collected his "finders fees"which he then blew out! Unbelievable!(....)
as I said before - the whole management team must be fired including the board, credibility is the major issue here, I said that years ago."
So, what is the management team actually up to?
Investors who saw the value of their PTQ portfolio decimated in just months may envision the management team hard at work until late every night to save the crumbling mining operation from succumbing to the much-hailed forces of the marketplace. No doubt they will be thrilled to learn that the Petaquilla investor relations officer, Joann Head, has been busy directing her PR talent to a bikini fashion show held earlier this month in Toronto, Canada, to raise money for
mining ventures the Princess Margaret Cancer Foundation. Says the website:
Founders, Genevieve Roch Decter and Joann Head, are excited to welcome you to the 3rd Annual “Dare-to-Bare” bikini fashion show. This year’s show is going to be even bigger and better than years past. Looking to raise money for Cancer Research for the Princess Margaret Hospital, we cordially invite you come out for a night of Bikinis, Babes and Bay street!
No wonder these investors are angry! First they lose their money on Fifer's goldmine swindle and then they're left out when the investors relations gal organizes events with bikinis and babes. Who wouldn't be pissed.
We think it's all good though. It's arguably much better if the Petaquilla people dedicate their time and efforts to fighting cancer and other charities (hint: maybe next year do something for the environment in Panama?) instead of destroying the rainforest and rivers of our country with cyanide spills. Keep us posted, you bikini babes!