OK, I postulated the raising of $4m to tide us over til the New Holland loan of $20m becomes available in say March.I thought issue 20m at 20c would be fair. However, 20c would be generous.
As per the new CR Rules (passed at the AGM), the company should be able to issue up to 10% of issued shares. That would permit a max of 27.165m shares. Let's assume $3m is needed and also assume an issue of 20m shares. That equates to 15c per share. Could the company do that?
Well I believe it could. Under the new Rules the price cannot be lower than 75% of the VWAP for the previous 15 days trading. I don't have this figure, but know that the low SP was 16.5c on 29/11 and that the high was 22c on 21/11. I would guess the VWAP at a bit below 20c, but assume 20c, 75% of which is 15c.
How would 15c affect the SP? Well I suppose that if it is a top 20 SI, then it may not go down to that SP. However, if they are issued to any old SI, then 15c would be the new benchmark imo.
What we shareholders need though is some comforting news from management about the NH loan. Tell us all should be OK. Tell us that we won't need all of the $20m, now that the mine recommissionng cost less than expected (I am not sure about that statement, but the Preso says "low capex of $8m" and I am pretty sure the expected expenditure was over $10m) and also because of the new CR.
Also tell us what the plan is regarding the release of assay news.
We are shareholders, not mushrooms.
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