I disagree. Galan didn't pump the share price, the market did. Galan released a photo of several brokers visiting HMW the same day as the AKE news broke, whilst the market euphorically bid all the Argentinian projects up 20%. Some people hyped it a bit more i.e. "bankers visiting, we're getting bought too" etc, but anyone following the company should know what this meant: cap raise. They're down to around A$37M cash and, presuming they get the expanded pilot plant permit, are facing a capex bill of between US$40-50M (never mind what they need for working capital). That is why the share price has probably gone sideways - who is going to bid this up, knowing it needed more money?
So all in all, I think it's actually a good move here. Raising into recent 20% strength is the way to do a cap raise. And for those who wanted them to release the DFS and then raise thereafter... that's working on a big assumption that the DFS will surprise to the upside. What if it doesn't? Raising into a wall of selling would be terrible.
I think they've played it the best way they can, all things considered.
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Last
15.0¢ |
Change
-0.005(3.23%) |
Mkt cap ! $73.34M |
Open | High | Low | Value | Volume |
15.5¢ | 15.5¢ | 15.0¢ | $169.1K | 1.113M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
24 | 692392 | 15.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
15.5¢ | 378325 | 20 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
24 | 700213 | 0.150 |
20 | 563794 | 0.145 |
24 | 608790 | 0.140 |
12 | 584719 | 0.135 |
13 | 503742 | 0.130 |
Price($) | Vol. | No. |
---|---|---|
0.155 | 382463 | 21 |
0.160 | 234447 | 13 |
0.165 | 229500 | 8 |
0.170 | 164500 | 4 |
0.175 | 53000 | 2 |
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