You have not seen me watch Carlton play, but thanks for the well hinged assumption.
I have been thinking on this, I would speculate the answer lies with the last CR being at 10c, with the addition of on market buys from management too. They raised at that level, so I am assuming they are loathe to raise below that, which as a holder I am all for. That raise might come at 5c, maybe less. But if at 5c, that is 4 times better than what we would have raised at 1 month ago.
If they go to the capital markets for a raise, they lock in a price and discount by a % off a VWAP, so they lock in to the downside. A drill for equity agreement stated the first invoice will be a 28 day VWAP prior to the announcement on the 14th. But the subsequent invoices will be an active VWAP, so I would guess they believe they will find enough to keep the SP ticking upwards from 2c over the next 6 weeks. So I think what they have done is much better than going to the markets and discounting at just above all time lows, that management themselves have skin in the game at least makes them care about dilution.
Whether it is prudent to drill their flagship project or not, we will know by the end of next month if not before, it is bold though and I like it. We are coming off all time lows, so why not put your best foot forward. If TY is a duster, we have niobium and a 2nd chance gamble at Gifford Creek. So as shareholders, it is in managements best interest to prove their flagship, and in the money markets back self interest above all else.
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