The rights issue is not announced yet, only a hint to support the drilling. They have never been serious with the gold prospect. They had lots of opportunities before when they had the funds but instead of using the money for something useful, it all went into the pockets of management.
I think Mike Smith has very little weight in APG and he could not bid for any funds even to drill a hole. At $0.001, they would need to issue trillions of shares to move the Newcastle plant, new cars for the 'new' management, increased salaries and bonuses and there will still be no money to drill any hole.
Unless they can find someone, like a rich Chinese company to fund the building of a new and working plant, I can't see how they are going to dig themselves out of this hole.
APG Price at posting:
0.3¢ Sentiment: None Disclosure: Held
