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Timmins Gold (TGD) ( to buy Newstrike Capital (NES.v)

The skinny: Instead of agreeing to be bought out at U$2 last year (it was on their table, it was knocked back), the entrenched management at Timmins Gold (TGD) ( dilutes its already weak share price even further by purchasing another über-high political risk exploration stage project.

For the record last year I owned some TMM, basically for the high chance of the buyout. I rode it up, then rode it down, then sold at a small loss. My trade was dumb (you can tell because it was a loser) and smartest part of that process was the selling, but in the end I did get some value for my lost money because there are some things more important than mere monetary gain. In this case it was getting a course on how self-centred boards of directors in mining companies can be, how they often care zip zip nada about building share value, how their only concern is empire-building at all costs. In the case of TMM the costs are high indeed.

A very, very stupid group of mining people. If I were a holder this morning I'd be spitting mad, as it is I can relax and watch the fallout from the sidelines.

This morning's NR here, excerpt here:

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 17, 2015) - Timmins Gold Corp. (TMM.TO)(NYSE MKT:TGD) ("Timmins Gold") andNewstrike Capital Inc. (TSX VENTURE:NES)("Newstrike") are pleased to announce that they have entered into a definitive arrangement agreement (the "Arrangement Agreement") pursuant to which Timmins Gold has agreed to acquire all of the issued and outstanding common shares of Newstrike by way of a court approved plan of arrangement (the "Arrangement"). continues here

PS: The corporate presentation on the merger is on this link. If it reminds you of the time Elgin bought out Gold-Ore Resources, I won't be at all surprised.