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7/12/16

Dalradian Resources (DNA.to): Sprott selling

From IKN374, out last Sunday



Dalradian Resources (DNA.to): Sprott selling
There were several interesting SEDAR filings on Friday and we’ve already mentioned a couple of them above. Here we note that according to its July 8th  filing (24) Sprott as at June 30th has disposed of 4,423,240 shares and 518,478 warrants of DNA.  This moves the total Sprott holding in DNA to 15,587,171 shares and 5,763,750 warrants, which is 9.6% of fully diluted shares. That’s 2.3% less than its last filing and the reason for the threshold trigger filings. We hear it’s the Toronto end of Sprott that’s doing the selling and we hear it’s because they don’t trust the mining widths in the plan.

Although I closed my personal position in DNA.to a while back for a pleasant sized win, these pages called Sell on DNA.to in IKN372, the weekend after Brexit, due to the heightened political risk of operating in Northern Ireland. As this chart shows, since then the stock has basically flatlined (and held stubbornly to the CAD$1 level), which is a clear underperformance compared to the market for PM stocks.