Same old, same old...
My favourite line:
"Poseidon has a proven track record in discovering new ore bodies, securing existing operations and applying a novel and inventive approach to unlocking capital" (p.1, emphasis added).
Jaundiced humour aside, I was expecting the addition of the extra (third) cash raising during the quarter to be an attempt to rebuild the closing cash on hand balance to a little over $2M, but it was not the case. Basically, we needed that additional ~$500k to meet our (now) increased cash burn.
Bottom line: It looks like 3 x 20M-share CRs per quarter is the 'new normal' for the foreseeable future. And on that basis, we can expect to be diluted by another ~25% (through CRs alone) by this time next year.
Awesome!
Ann: Quarterly Report to 30 September 2017, page-7
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