The SP looks cheap but it can still drop further. Last Q they were down to 1.8Q of cash so even after the R&D rebate they'll be down to 1.2-1.3Q of cash and either having to rush through their 2025 R&D for another mill or start raising cash, I expect both.
With a market cap of $39m and assuming any raise will need to be at a discount of say 10%, means the 15% rule limits raises to around $5m. (Did they pass a 7.1A 10% addition to that at AGMs in the past?)
I was thinking about buying back some shares I sold last year, but I'm happy to wait for the raise to be announced and see if I can get them at 10-12c.
CPV Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
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