Focusing on cr at this stage is premature.
Since the feasibility study in early 2020, the company has missed every published banking, pipeline agreement and government approvals timeline. When these are finally delivered I anticipate the sp will be north of $1.00. My guess timeline will be the December 20?? (Let’s say 2021 for the time being) quarter.
So a delayed cr is the way to go and 200 million issue would raise the $200 mil required from equity raise and keep shares on issue well below a billion. BCI has a growing bank account, has spent around $30 mil and plans to spend another $60 mil pre Formal approvals. So 30 + 60 plus say 100 in the bank means a 200 mil cr will fill the $400 mil equity from the company. All in my view.
Kerry Stokes is not adverse to taking a profit. He sold his stake in IOH to BCI for a significant profit.
I do expect environmental approval from the WA government in the next few weeks.
I expect FID to be delayed because all ducks necessary for the Board’s decision aren’t in a row. Maybe closer to December quarter too. I don’t care though I’m loaded and doing very well at current sp.
GLTAH
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