The problem is not the mega cap rise. ASX rules don’t allow ADN to conduct a CR for more than 10-15% of the company market capitalisation.
That is not enough to fund the project, which is a real problem.
Not sure if the starter plant concept will be still on the table next week (probably not), but to fund this concept and fund normal operations until cash flow is reached they need closer to $100 million rather then $65 million.
Current cash will run out by the end of 2023, so the worst possible outcome is just conducting a CR to fund current operations for another year or so ( funding the upgrade of DFS and new BFS study may be a term used, with some other spin added). That would be a real problem as well.
Hopefully we will get better’s news on Friday.
General comments/chat, page-38965
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0.7¢ |
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Mkt cap ! $24.00M | |||
| Open | High | Low | Value | Volume |
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| ADN (ASX) Chart |