I dont disagree with your point, but IMO I do with your direction. I never took part in the convertible notes, but I think having had a look at the last raise was done at 8c, so this one was higher. I also understand your point about why it wasn't offered to existing shareholders, but i don't know, wouldn't that make the company look like it was struggling a bit.
They (the company) have done the right thing IMO by not allowing the raise to go under the 10c conversation price. I spoke to the CEO a couple of days ago, because I wanted to understand the reason for the raise. He told me, that along with Bakers, it was also being back by private clients from a institution (but he said he couldn't name the institution, as he wasn't allowed to)
I dont have any reason to think that is wrong because he has created value (without raising funds) over the last 4 months.
IMO (again) it appears they have made hay while the sun has shined and they have done it the best way possible. Bad or Good....I don't know... but while there is news coming out, a share price doing well and progress being made then I'm happy.
AJX Price at posting:
12.5¢ Sentiment: Buy Disclosure: Held
