You would have preferred a CR for $50m? That is insane! ... given the MC is $80m, a $50m CR would have been done at about -12c or so- (the $6m CR needed a discount of over 20%).
I attended the AGM and was impressed with the presentation and forward planning, believe the company is going in a positive direction, and that the SP will likely to appreciate in the next year or two. I am also thankful that the company isn't bankrupt, since this is what would have likely happened if the previous management hadn't been cleaned out.
Management need to live within their means, give the market confidence, and raise at a premium once they have some runs on the board, rather than continually diluting, raising at a discount and expecting us to suspend our disbelief and live on faith.
AGM, page-203
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