30 million dollars to be raised within 90 days of April 16 at 80% of the average SP over a five day period. Lets work on the current SP of 70 cents x 80% = 55 cents with 10% in negative SP movement and Cap raising costs buffer (admit it thats reasonable) means another 60 Million shares are to be issued on top of the 38 Million (otpions) issued to RCF. And the canadians are being told their early 2008 $2.10 is valued at $1.70 IF ONLY the market reflected true value.
So the Canadians won't be tapped, unless CIBC's report is priming them for it??
I agree that the investor relations will be pushed hard but if BMN was a boxer and telegraphing its punches this way they're not going to land too many hits in the form of SP gains between now and the issue.
Unless they've already primed an insto to effectively underwrite the freshly minted 60 million shares at 55 cents, I fear we're in for more misery, but maybe the Canadians will pile in to average down.
BMN Price at posting:
70.0¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)