Ann: Ora Banda Launches up to $20M Equity Raising, page-36

I was a bit frustrated to see that after my post the SP went up from 5.6 to 7.7 cents. I thought I had missed an opportunity.

Now it turns out that my gut feeling and my conclusions are not completely wrong.

While a major shareholder has obviously sneaked out and moved the SP down for months because he knew exactly where the journey was going, the management has been holding out on us with meaningless information. As soon as the selling stopped, they pushed the price up a bit (to 7.7 cents) and now they are trying to make us believe that they will receive the new shares at a 35% discount. Are you kidding me?

Now they need money " for exciting opportunities" again. Sorry, but I don't buy the management's story. What is the plan? To produce gold? Is that all? Not an explicit word or plan about exploration of anything that would show upside potential? Give me a break with this whole lithium story. They can't even produce gold and they're seriously going to produce lithium? No, sorry - I'd rather buy an explorer that knows what it's doing and doesn't have to deal with unnecessary cash burn - in other words, a management that continues to pay itself fresh and cheerful salaries for a subterranean performance, planning and information policy.

Besides that, OBM (see Google) is still looking for about a dozen workers. I had already noticed this last week. For me, this is a sign that the local people no longer trust it and that OBM is obviously not attractive as an employer. It's all sub-optimal.

Okay, so we drop down to 5 cents or so. Seems attractive at first glance, at least visually. I'll keep my small position - but I won't buy any more. Too often disappointed, too badly informed. From my point of view, this seems to be a bottomless pit. I suspect that at some point the thing will be sold for a pittance or taken over. Then the story can start all over again. Good luck.