The International Speculator, in its Aug. 27, 2020, issue, downgrades Eastmain Resources Inc. (recently 25 cents) to "sell" from "hold." The newsletter said buy on March 24, 2016, at 35 cents, and again on April 19, 2017, at 47 cents. Assuming investments of $1,000 for each of the two buys, selling the $2,000 position yields a loss of $776. The writer says that on July 29, Eastmain became one of the first junior takeover targets of the current gold run:
Larger gold player Auryn Resources Inc. announced it will acquire Eastmain. It is a share deal, where Eastmain shareholders will get 0.165 Auryn share for each Eastmain share held; at Auryn's current share price, that equates to about 40 cents per Eastmain share.
The writer laments that Eastmain had been a "bit of a laggard" in the Speculator portfolio, so this a good opportunity to get out.
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