TON

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Names little

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02/03/16

22:40

Post #: 17171325
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Originally posted by earlyrise ↑

Lots of misinformation floating around on this thread from posters who don't read or understand company announcements.

Firstly, the rights issue shortfall has yet to be placed and the company has until 13 April (3 months after the rights issue closes) to place the shortfall. There was 2.78M shares of the shortfall placed on 27 January. The remain shortfall to be placed is 78,293,632 shares @ $0.09 = $7M ( Actual shortfall of 81,073,632 - 2,780,000 placed on 27 Jan). But we are currently in a difficult investment climate and the rights issue is currently underwater. Hopefully the options will be the incentive to attract enough S&PI and institutional participants (the only types eligible) to take up 100% of the shortfall.

Secondly, the $4.2M raised from the rights issue is already earmarked as to how it will be spent (see p14-15 of Prospectus). The monies will be spent on general working capital including paying out the previous MD and monies owed to the drilling contractor, the Ancuabe resource definition (only weeks away), paying $1M for 90% of Grafex and completing the expanded DFS (due Q2 2016). The DFS is most likely paid in instalments to keep this cost under control and it sounds like renegotiations are underway to take up 100% of Grafex and assume or extinguish the CGT liability.

Thirdly, cashflow for the next 12 months is already mapped out and is a requirement for completion of the audited financial statements due for release by 31 March. The company will also publish the Top 20 with the Annual Report which is due by 30 April. Future cashflow requirements is always at the forefront of an exploration and development company, more so now that the rights issue is part way through and will be finalised by 13 April. So the Board will know their immediate cash balance after the shortfall closes by 13 April.

TON is a typical exploration and development company with competing priorities and has many many advantages when compared to other companies in the graphite space.

Please DYOR.

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Hi Earlyrise, can you explain where the 4.2m came from, I have the following 3b's being issued

20/1. 19 769 764
25/1. 21 894 680
27/1. 2 780 000

Which totals 44 444 444 shares @9c = $4m, so my assumption is that placement on 27/1 is just part of the underwritten shortfall, therefor we raised $4m?

TON Price at posting: 6.1¢ Sentiment: Hold Disclosure: Held
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0 Great analysis

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