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3/1/17

Liberty Silver: The Bobby Genovese scam is back...

...and true to form, the scumbag at the centre of it all is already ripping people off. Today's news that Liberty wants to raise $1.5m by selling 1,500,000 shares at a Loonie apiece...

TORONTO, ONTARIO--(Marketwired - Mar 1, 2017) - Liberty Silver Corp. ("Liberty" or the "Company") announces a proposed private placement consisting of up to 1,500,000 shares of common stock (each a "Share") at a price of CAD$1.00 per Share for aggregate gross proceeds of up to CAD$1,500,000, subject to necessary board and regulatory approvals. Proceeds of the Proposed Private Placement will be used for general working capital purposes.


...comes just six weeks after a different piece of newsy news. That's because on January 20th, as quietly as he could (but he's still got to declare the move on the Reg Fs) the scamster rip-off merchant Bobby G decided to swap the debt he was owed by Liberty Silver into shares. And here's the really funny bit:
  • On November 30th 2016 Bobby Genovese lent the company U$1.4m
  • He charged the company a crazy interest rate.
  • In no time at all the debt went to U$1,686m.
  • Then six weeks ago he swapped that debt for 8,990,986 shares.

Do some math, folks. If you take the final debt number, the swap was done at U$0.1875 per share. Call it CAD$0.25 on the forex. But if you take the original U$1.4m loan as the start point the conversion price was U$0.1557...call it CAD$0.207 a share.

And now, six weeks later, this idiot wants you to be an even greater idiot and pay a Loonie a share for a part of his scamfest company with a worthless piece of crap asset in the middle of it all. A company that already fleeced a whole bunch of people in the previous cycle via a paid pump campaign where Genovese gave James West a mountain of share options in exchange for a breathless BS campaign that let Bobby G sell his shares to the world for a massive profit.

Right now there are 21.345m shares of Liberty Silver outstanding. Bobby G via his BG Capital vehicle owns over 62% of shares at the moment and what's more, aside from that he just gave away 4.5m shares to favoured pals and partners in the crime to come. It's crazy to think that once the current placement closes (and it will, this scumball knows all the angles and will have the cash ready from somewhere to fill the placement, potentially from his brother hanging out in Monaco) the implied market cap would be nearly C$22m. 

C$22m for an utterly worthless company that's set to rip off market greenhorns. Welcome to Canada.