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Steelhead Partners Bought More Shares of Gold Reserve

Steelhead Partners reported owning just under 20 million shares of Gold Reserve Inc. (NYSEAMEX:GRZ), a $180 million market cap mining company (an average of 180,000 shares are traded daily, at a price close to $3). Steelhead had owned close to 12 million shares at the beginning of October (find more stocks the fund owned) and its most recent purchase gives it 27% of the shares outstanding. As an exploration stage company, Gold Reserve is unprofitable on a trailing basis and is not expected to have positive earnings next year either. It is up 5% year to date, but up 71% in the last two years.