Casimir is a small investment bank that seems to underwrite a lot of junk (like Roth Capital, Rodman and Renshaw, etc.). I am currently trying to go through all of the stocks they have underwritten recently for potential shorts. I’ve compiled a list of these stocks as a Google document with borrow costs from IB.
Metanor Resources trades on the TSX Venture exchange under the symbol MTO. At 14 cents/share, its market cap is $37.42M.
Excluding its mining assets, the company has around $11.522M of assets versus $52.633M of liabilities. This would imply a value of $78.531M for the mining assets. The cash flow of their flagship Bachelor Lake mine suggest that the mining assets aren’t worth anything near $78.5M. The shareholders may very well be wiped out.
