No doubt the cheer squad will not like me saying this.
But this is disgusting and indefensible. I was promised to my face on multiple occasions by several BML employees that there would be no further raises until after the DFS. We have also been told this in all announcements (fully funded to dfs).
Obviously, the DFS is not positive and they are worried about a negative impact on the share price so they have decided to raise now. Otherwise, they would release before raising to minimise the dilutionary effects. Additionally, instead of raising we should be looking at debt finance for construction and offtakes, with maybe an equity portion done at a significantly higher price post dfs and offtakes.
Pathetic. I now officially have 0 trust in management. I need to learn my lesson - they had outright lied and missed deadlines on multiple occasions but because I liked the project I hung around. Years later, we still haven't hit any of those deadlines and we continue to be lied to then diluted.
I now wonder whether they will even release the DFS this year. Last year announcements as late as the 27th of November said to expect it in Q4 2021, but then 2 days before trading closed for the year added A YEAR onto the date. We could be seeing the same happen again.
I hope there is something I am missing here.
BML Price at posting:
32.5¢ Sentiment: Hold Disclosure: Held
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