There were a few insider transactions of note from the overnight SEDI filings. And while it’s usually insider buys that catch my eye, today it was an insider sell.
Renaissance Oil (ROE-V)
Doug Casey and Marin Katusa‘s Casey Capital Strategies sold off a large portion of their stake in Ian Telfer’s Renaissance Oil in December (the transactions were just filed yesterday).
Casey Capital Strategies sold 4.59 million shares, fetching 22 cents a share for 590,900 of those. The sale of the other 4 million shares was filed as a private sale, with no price detailed.
Shares have since slumped to 10 cents, a 52-week low, on a slumping oil price in a world awash with the stuff. Casey Capital Strategies still owns 7.16 million shares and 9.75 million warrants, according to insider filings.
In December, Renaissance Oil announced it had won bids for three oil and gas production blocks in Mexico, which recently opened its oilpatch to outside investment after a 77-year PEMEX monopoly ended. The country is believed to host a wealth of shale gas.
Renaissance Oil was cofounded by Goldcorp Chairman Ian Telfer, a director, and Craig Steinke, who is president and CEO. Telfer owns or controls 8.2% of outstanding shares (not including options and warrants).
The Casey hedge fund had previously owned up to 23% of Renaissance Oil’s outstanding shares, and Renaissance Oil has been a favourite pick of both Katusa’s as well as the Casey newsletters and mailouts.
Mega Uranium (MGA-T)
Mega Uranium president and CEO Richard Patricio bought 400,000 shares of Mega Uranium at 7 cents yesterday, taking his (direct and indirect) stake to 3.9 million shares.
What makes Mega Uranium interesting isn’t its Australian uranium properties, but the stake it holds in NexGen Energy’s equity. Mega sold 2.5 million shares a month ago (at 78 cents) but still owns 19.376 million shares — worth $17 million at NXE’s closing price Tuesday.
With 282 million shares outstanding and a 7.5-cent share price, Mega has a market capitalization of about $21 million.
A maiden resource estimate at NexGen’s Arrow is expected in early March before PDAC, and NexGen shares have surged 23% to start 2016 on anticipation of a blockbuster resource.
Barkerville Gold (BGM-V)
Barkerville shares have had a nice run of late — they’re up 46% YTD — and president and CEO Thomas Obradovich has been adding to his stake lately.
On Feb. 10, Obradovich bought 35,000 shares at 29 cents. The trade has already paid off — Barkerville shares now trade in the high .30s. Osisko’s involvement with a company tends to have that effect. Sean Roosen‘s gold royalty firm owns an 18.3% plus stake in Barkerville after stepping up last year to help reorganize the B.C. gold play, which is remaking itself after the exit of controversial CEO Frank Callaghan and a highly speculative Cow Mountain resource estimate that got Qualified Person Peter George censured.
Here’s newsletter writer Brent Cook’s video take on the new Barkerville. Cook stopped by Barkerville’s booth at the core shack and filed this report for CEO.CA.
Disclosure: I own NexGen Energy shares. This is not investment advice and all investors should do their own due diligence.