January 27, 2013: With the number of suckers buying into the latest installment of the Viking Minerals (VKML) Pump & Dump, we wonder if "shares in VKML" will eventually replace the proverbial "wooden nickels" as the important item one shouldn't take.
After all, 6 Pump & Dump campaigns and a 1 for 1000 reverse split in the midst of them, shouldn't mean that the 7th campaign in 18 months is any less credible, should it? Our answer is, "Less credible: no. Just as non-credible: yes".
Here's a scam that started with 108,000,000 shares at the start of it's first P & D. After insiders sold most of those shares to the public with the aid of 4 separate campaigns, they gave the bag holders the ultimate "screw you" by conducting a 1 for 1000 reverse split, thus reducing the number of shares to 108,000.
Wash, rinse, repeat. Turn on the printing presses and VKML once again has 151,058,181 shares out, almost all of which have been created in the last 6 months. And of course, with new shares to dump onto the street, there was a market for 3 more Pump & Dump campaigns, including the one currently ongoing. How can anybody doubt that another reverse split is imminent?
Through it all, we've heard about deal after deal, none of which have provided a single dollar in asset value to the bottom line. To whit:
» Related: VKMD Alert (Wash, Rinse, Repeat)
Viking Minerals Acquires 16 Claims Adjacent to the Victoria Copper Mine in the Dolly Varden District in Northeast, Nevada-the World's Third Most Prolific Mining Region: We heard about this acquisition back in June of 2011. For a while we continued to hear about how wonderful this property was with press releases and updates on the company's now abandoned website and yet no asset value appears on the current financials. In fact, VKML suddenly stopped talking about this marvelous acquisition, without explanation, and as if it never existed. Not-so-coincidentally, news of the property stopped right about the time the Pump & Dump campaigns stopped using it as fodder to stick investors with worthless stock.
Once the hype on the Dolly Varden property was played out, VKML went into mothballs during which time the let-the-shareholders-shove-their-shares-up-their-youknowwhat reverse split took place. Newly created shares began appearing immediately after the rollback.
Viking Minerals Enters Joint Venture Agreement to Put Over 1000 Hectare Peru Mining Property into Production: "...the Company has entered into an agreement for a 60% interest ownership stake in a known gold-producing property in the district of Miraflores, province and department of Lima, Peru." Really? Where is the $500K funding that Viking has agreed to provide going to come from? All the financials list zero assets! Not surprisingly, this is the one and only time VKML has talked about this deal.
Viking Minerals Inc: The Company evaluates funding proposal to acquire Gold mine and negotiates Oil & Gas leases in Utah: No word on where VKML was getting the money for this one either. Not surprsingly, this was the one and only announcement on this pretend deal.
Viking Minerals Inc: The Company plans to execute agreement for the first acquisition of Gold Mine by Jan 8th, 2013: This announcement is a beaut. Aside from the fact that it is so vague that we are not sure what VKML is announcing here, we're not even sure it was written in English. Even more disconcerting is that it is calling this the first acquisition. Well what about the June 2011 announced acquisition of the cooper-gold mines in the Dolly Varden district? Is VKML now admitting that it was BS? Of course it was!
Viking Minerals Inc: The Company enters into an agreement to acquire Discovery Day Gold Mine assets valued at over $200,000,000 in Northern California: Yeah, sure. VKML, which never had a dime to its name, is going to acquire a $200 million property. And that's on top of the Peru gold property and and the Utah oil and gas property. Uh, huh. According to the 8-K filed with the SEC, the company is to come up with $15 million to purchase the "five past-producing" properties, including the $6,100,000 installment, due by March 31, 2013.
Anybody want to bet that the latest so-called acquisition is going to go down the same road as the other acquisitions? Heck, in the latest announcement, VKML says it is only now "in the process of engaging Capital Investment firms to fund the acquisition and additional Capital expenditures" to fund the Discovery Day Gold Mine. There is no way that the acquisition will be funded in two months. Not a chance! Of course VKML did buy itself an out with the statement that, "... it is subject to due diligence and visitation to the Mine site." (they haven't even seen the mine yet?). That gives the insiders two whole months to juice up and dump their stock.
Yeah, if it's all the same to you, we'll take the wooden nickels instead.