Wow... the quality of this thread just keeps slipping but the anger management issues haven't been resolved. So many posters need a villain to blame and a conspiracy theory to explain away simple market actions. Like bmwgirl said, most have made a motsa from sub 1c up to 3c and are now upset crying foul over a correction that was always going to happen.
So much ignorance and paranoia. It's a free a market though, each is free to believe what they like. As per rastes suggestion, let's go the the 22nd Jan 3B and check out the facts The Class B Performance Rights are triggered by one of two actions which must occur within 30 months 22 Jan 2019 (grant date).
In addition to these formal terms, the Vendor has agreed Voluntarily put 240M of these shares into escrow UNTIL the market cap hits A$100M over the 30 Months duration from 22 Jan 2019 if performance rights are triggered.
Simple enough I hope that we can at least agree on the facts of Vendor share issue pursuant to the Performance rights converting. Note there is "only trigger once MRQ steps over $100m MC" like Obe wan says, this is more misunderstanding from those claiming to know bull when they see it lol. Issuing shares is very different to having some of those shares placed in escrow so they cannot be traded.
Next, people should learn what the term "escrow" means. Escrowed shares are shares held in an escrow account, secured by a third party, pending specific actions or a time period. Shares are issued once the performance rights convert and added to the total number of shares on issue... fact. Placing some of those shares into escrow (voluntarily or not) simply means the shares are held in trust until the actions required for release are met. Usually this is a time period (as in the 90M Deal Completion shares coming out of escrow on 22 Jan 2020) or when a Market Cap of A$100m is reached. In the case of the 240M shares it is either a A$100M MC or the 30 months is up the way I read it. Point is that shares in escrow are issued and add to the total share base even if not listed on the ASX. That said, being voluntarily escrowed the Vendors could still legally change their mind at any time.
Like Binwood says (who unlike me is beyond reproach) Performance Rights with very achievable hurdles are coming to the MRQ register and will add to the company's market cap sooner or later. Whether you chose to see it that way or not, long term investors, new investors who buy off early holders, analysts, corporate partners etc will all consider that MRQ has or is heading for 2.2B shares on issue (plus future CR). They might not all be tradable on the ASX but MRQ will be worth 2.2B x the share price of the day.
I obviously choose to consider that the vendors will get paid their 520M extra shares and include this in the final company valuation considerations. Partly that is because I choose to consider what the project will be worth in 2-3 years time, what the market might be willing to pay for it, and therefore what share price that value range will be reflected at. Total shares on issue is obviously critical to that calculation.
None of my observations and beliefs on the above is related in any way to what the project is worth or might be valued at by the market. Believe what you like on the share issue, but like it or not, sensible players will consider that the market might also be looking at the longer run SOI when valuing MRQ.. If some here can't deal with conflicting information without losing their sht that is their sad problem not mine.
MRQ Price at posting:
1.8¢ Sentiment: None Disclosure: Not Held
(20min delay)