Interesting development. I guess we know who the group on investors were hanging around Cloncurry last week - very different story than our resident local doomsday merchants were suggesting.
This money will easily bridge TNC into production at CCP and kick the drawdown of the Tranche 2 Nebari facility down the road a bit. That is good news on a few fronts - particularly in that it will put a bit of uncertainty around the timing of the Warrant pricing event for Nebari. Like SB77 mentioned earlier in the week the SP was prone to being manipulated to their benefit - price fixing events are notorious for that type of thing especially where the market liquidity is light compared to the size of asset that's being priced.
You'd have to think a group that's willing to pay up to 12 cents for a placement (for a stake that's in escrow for 12 months) is likely to buy on market as well for cheaper shares (anything below 12.5 cents) that aren't in escrow. Likely to cross the 5% significant holder threshold too, so we're likely to see ASX reporting on their holding activity going forwards.
TNC entering a really interesting phase now. Potential rocket.
TNC Price at posting:
9.7¢ Sentiment: Buy Disclosure: Held
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