This one didn't really show typical signs of returning to placement price. Placement announced for 2c, SP ran to 3+c and even on the day of 125m shares were suppose to be issued the SP was still holding strong at 3c and buyers building until the announcement holding due diligence update had the wording 'legal' held within it, regarding a third party who previously had an indirect interest in the mine claiming cancelation of the lord licence by DRC ministry was invalid...previous invalid cancelation claim had also being knocked back
IMO the SP wouldn't have pulled back to far if the above wasn't mentioned, all be that it had to be to comply with asx R&R
PLS banged on hit its high after a $100m placement at 0.38c to 87c last year. With so many lithium explorers coming up with sweet FA...well it doesn't provide investors with to much to choose from ; this one no doubt has its challenges , but with the potential resource tonnage being talked about and research being shared by some of the posters in here and actual Chem plant in the area blows away many of those issues being talked about, not to mention having Klaus Erkhof and Ferguson on board...they have worked in the DRC and don't seem to have their heads on spikes.
Placement holders share number / value requested numbers got scaled back quite a bit too , i believe.
The word 'legal' within an announcement generally sets the place on fire and everyone knows that without even considering the rest of the sentence at times, there's probably 3 things investors do...(1) freeze, hold and hope (2) dump and run or (3) dump and pick back cheaper.
There was a lot of dumping yesterday but certainly also some real big chunk buying by the opportunists.
Anyway i expect it to head north again pretty soon; boots on the ground next week
AVZ Price at posting:
2.3¢ Sentiment: Buy Disclosure: Held
