Alright, I will play along. Wombat is probably correct in that you don't deserve a reply but I will respond as you are getting a few thumbs which means people agree with your opinion.
In my opinion we didn't have a choice of when to do a CR. We need to order long lead items now in order to finish construction within the given timelines (If they don't do that everyone will be whinging once again). That means we need to be spending the cash we currently have.
Now if you read the corporate presentation last week it stipulates that the terms of the bonds were for us to have a liquidity reserve of $25m. So that is half the CR amount - remembering outside Ganfeng placement which we already knew was happening they have raised $53m. So basically this $25m of funding needed to be in the bank before we could draw down on the bonds which is expected in the next 2 months. So the longest we could have waited is two months. If we did this the insto's would have just continued shorting to keep this in the channel and nothing would have changed.
The presentation also states $16m of cash is expected to be needed for interest before cashflow positive. This takes us to $41m and covers the majority of the CR funds. When you see it presented this way it is quite evident we needed the CR.
Why not raise more from bonds? Well you can't cover liquidity contingents and interest payments with more debt. That should be obvious to anyone that understands how debt works. Also having a moderate but controllable amount of debt offers more risk mitigation/downside protection than going neck deep in debt. It was a compromise.
I am not sure what leaks you are talking about. Mining licence was displayed on a public website. Those who looked could find it before the announcement. This was out of managements control. BOA was announced by Ganfeng over a weekend from memory and hence discussed before official announcement. Again management weren't the source of the info. Finally I assume you are talking about the CR. That was more an educated guess from those who were more impartial than what some of us posters wanted to believe. Well played by them.
It has nothing to do with managements handling of sensitive information.
As for MIN that was a shitty situation but we got outplayed by a smart operator in CE. They are not trying to crush us, that is ludicrous. They have essentially just bought another $7.5m worth of shares with their own money. If they wanted to kill us they would have just said "look guys, we will sit this one out". Them participating leaves two main scenarios. They see value in PLS at this price and expect share price to go up. 2. They want to keep their hold over the company along with Ganfeng to have a blocking stake in the company meaning them as a duo are the only possible source of any takeover (not that I expect one).
It is about time some people on here stood up and took ownership of their own decisions rather than continuously looking for a scapegoat.
PLS Price at posting:
36.5¢ Sentiment: Hold Disclosure: Held
(20min delay)