By Otto rock
Here’s a slide from the (what they thought was the) confidential pitch out of (what they hope to be) The Next Big Thing to hit the potstock world, African Wheaton:
And over there in the top right is the reason why they want this to be big, an obscene level of greed on show in the private rounds. According to the seed run, currently being pitched all over Canada, the 213.8m shares once done will give the company a market cap of $106.9m. And over half of those shares were distributed at under 2c! Disgusting greed, yet another no-lose proposition from people who take no risk and get all the reward. This is not capitalism, it’s a crony scam and needs to be stamped out.
And when you consider the background of the people running this IPO, such as an CEO previously arrested on insider trading charges (that they couldn’t make stick), the son of ex UN bigwig Koffi Annan who has been into iffy dealings all his adult life, the shell company (Trius) one of the Stan Bharti vehicles and run by one of his legal beagles and a chair of the Zimbabwe end of the company who is a well-known thug politico who was up to his neck in multi-million dollar corruption cases under Mugabe. Well, it’s quite the salad this one. Oh, nearly forgot, and Harry Lundin, son of Lukas.
Canaccord (who else?) want you to buy these pre-IPO shares for 50c each, which will make all in the backrooms very rich indeed. When trading starts in African Wheaton in 2019 and you wonder where all the liquidity is coming from, look no further.
Support 100% ad-free Biiwii.com by making a donation of your choice!
Or better yet, subscribe to NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas to get even more bang for your buck. You can also keep up to date with plenty of actionable public content at NFTRH.com by using the email form on the right sidebar. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.