Cap Raise Comment

I will start by saying I think POD have a fantastic resource which is currently undervalued, especially when compared to its peers. I also think that this project has a good chance of eventually becoming a mine and at that time the share price will be much higher. But...and there is always a but, I think the share price will find it very hard to rally from here for a good few months. There is no near term catalyst to push prices higher and the current capital raise has been poorly conceived and executed. I understand that small cap mining exploration companies need money and that current conditions have made this a difficult environment in which to raise capital but POD seem extremely poor at executing these raises. There seems to be a strong leak of information prior to them going to market and then this particular raise seems like it will fail to garner the funds that they are requiring. At current prices a 1-15 entitlement at 22c is unlikely to be taken up by any existing shareholders. Why would you when you can buy on market cheaper. It is also NOT underwritten so there is no broker supporting the raise. And the offer is open for another two weeks. This means should the share price at any time go above 22c then current shareholders will sell it back down again. So in essence it is not a $6.6mio raise but a $2mio raise. And that $2mio was flagged to sophisticated investors prior to their commitment thus enabling them to sell down shares from the high 20s to where we are today. The timing has also been unfortunate. The market has had a bit of a bounce in the last week but POD hasn't participated due to this cap raise. Management can't be blamed for the timing (and they have done a heap of PR lately to try and push their story) this but it is frustrating.
Now as shareholders we can get all upset about this or we can just accept this is part and parcel of getting a project off of the ground. I am a bit of both. I enviously look at GAL who managed to place a much larger cap raise with a key investor and now have significant capital to push forward their project. Compare this to POD who will only raise $2mio and be back at the trough in a few months.
So what happens next? I suspect drill results will continue to show a consistent ore body. Not bad results but nothing spectacular enough to get the share price heading north again. Looking at the price action following the last raise we moved sideways around the 30c mark for four months. I suspect this will be the same but at the 20c level. Hopefully commodity prices can stabilise and in particular PGM and Gold prices can move higher. That and some confidence to return to the small cap space might allow POD to get back into the 30s.
Good luck to all holders. I think it will be a frustrating few months as POD underperforms its peers. Hopefully in the long term the faith in the company is rewarded and we do in fact see "Australia's first PGM miner" as stated many times in the company presentations.