Yes, you, me and the directors seem to be the only ones following. The directors are underwriting the rights issue and might end up doing pretty well in the dilution if shareholders don't take it up (as many probably won't).
The Burkina Faso assets are an absolute steal at this market cap. Any sharp operator interested in spending a little more money on them could easily flip them on, probably for at least 5 times their current value.
The company has been saying for a long time that they had many interested parties looking at their Burkina assets, but so far no takers. In the meantime all they have done is burn through the cash running the office in West Perth and nothing much more.
Although they have done good exploration work in Burkina, Liberia and Niger, they have been masters at destroying the capital that was put in for one reason or another. They haven't seemed to actively promoted the company for a long while now and you wonder why they would bother keeping a listing on ASX if they don't and can't engage with the market.
Now they are raising money to keep the doors open and are saying they are doing due diligence on some unknown opportunity, probably outside of Africa, but judging by their track record I wouldn't hold my breath. Also the current raising is barely enough to keep the doors open for a year and if they get a deal across the line it will surely require capital and another raising.
Directors will do well out of this rights issue if it is not taken up, but without performing in the future they might as well take their own money wrap it around some tobacco and smoke it.
Eshmun
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