Why I’m Withdrawing My Recommendation of First Mining Finance
One of the most important things I’ve learned in my three decades as an investor is that you have to have the ability to change your mind when the facts change.
Recently, I recommended a private placement investment in First Mining Finance (FF.V), based not only in my belief that gold is going to rise sharply in price in the next few years, but also based on the favorable terms of the deal and the excellent reputation and track record of Keith Neumeyer, founder and chairman of First Mining, and Patrick Donnelly, president.
Then we got the rug pulled out from under us.
Over the weekend, Neumeyer and Donnelly decided to change the terms of the offering and raise the price paid by investors from the agreed-upon CAD 67 cents per share and 95 cent warrant price to 80 cents per share and $1.10 warrant price. Why? Because FF.V’s stock price had increased.
This came as a surprise and a disappointment to me and to Money Map Press, which brought this deal to my attention (and is the publisher for Sure Money).
When I make a recommendation of any kind to you, I have your best interests in mind and nothing else. If a company acts this way today, what is to stop it from doing something in the future that hurts investors? I will not recommend doing business with them or have my name associated with them.
Accordingly I am withdrawing my recommendation of First Mining Finance at this new offering price. I respect Money Map Press’ decision to do the same.
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