Where do you start with the new posterboy of the AIM Cesspit, Tangiers Petroleum (TPET) and news yesterday that it has increased its fundraise from A$5 million to A$9 million? The whole thing stinks.
The original fundraise was announced on May 13 2014. Move forward a week and a report appears on an Australian website Nextoilrush claiming that investors have a 20% chance of making 100 times their money. The report was riddled with grotesque factual errors as James Parter revealed HERE. It was a disgrace.
Over in Oz, Tangiers did not issue an RNS to say “Comment on press speculation – this report is full of errors and should be ignored”. Instead it issued an RNS driving investors to read this report.
The key point here is that Tangiers paid hard cash to have this report issued.