Agree with Chalea.....price will retrace as dilution always has that kind of effect...however they always needed more money and its hard to get funds these days so the obvious is togo back to the PEN believers(shareholders) and ask for more money....im not one for massive dilution either but they have no choice ...
First on the agenda is to raise capitl to allow for scoping studies/BFS/PFS etc....fact of life....If the resource is proven to be economical and measured/confirmed as opposed to indicated then it wont matter in few years ..but it will however take quite some time to shift the sharepice north with such an overhang of issued capital......i would have preferred a placement at a higher price to show more confidence in the project but that is not the case.....al the best Cheers MMM
2.8c placement, page-32
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Last
10.3¢ |
Change
-0.008(6.82%) |
Mkt cap ! $342.5M | |||
| Open | High | Low | Value | Volume |
| 11.0¢ | 11.0¢ | 10.3¢ | $251.5K | 2.382M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 51 | 9109943 | 10.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 10.5¢ | 677957 | 13 |
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| Last trade - 11.29am 29/07/2024 (20 minute delay) ? |
| PEN (ASX) Chart |