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10/9/08

Aquiline Resources (AQI.to) News

Elsztain (for it is he)

On the back of its recent and very good looking scoping study (link here) for its Navidad silver project in the Chubut region of Argentina that shows the site is good for a very chunky 15m oz of silver production per year, AQI.to has today announced a round of funding. The idea is to sell four million shares at $2.50 a pop, each with a whole warrant attached. This will bring the fully diluted number at AQI.to up to 79.1m (I think).

At least one person who reads this blog every day will be very interested to know that a single investor by the name of Ernesto Elsztain is picking up 2m of those shares, and along with the attached warrants is putting himself in line to own 5% of the company. For those who don't know the dude, Elsztain is the guy behind the perennially underperforming stocks Irsa (IRS) and Cresud (CRESY), two stocks so badly run that even George Soros noticed he was being diluted to merry hell after a while and broke off his business with them.

I wish AQI.to luck with its new minority partner; it's going to need it.