Hi Oz it could be called manipulation or accumulation or perhaps accumulation by manipulation but untill buyers step up in with more conviction then its just another day in the market office IMO, the shareprice still moves up and down effectively treading water.
Untill the LOI is binding or other significant news appears its not unreasonable to expect more of the same and as you say presents a wonderfull opportunity for those who believe to aquire more and gain the longterm leverage offered by getting in at the early phase of a project...
A binding agreement as it stands on the LOI is obviously the key as it establishes 50c as the minimum conversion price for capital raising with most likely being at a lot higher price and also gives immediate access to borrowing which BB has said he favoured. As I doubt he would settle, or would need to settle, for a lesser funding deal from wherever, it makes 27.5c very inviting.
However in a market that is averse to risk at present and a resource Company that is not in either the ASX 2 or 300 but is in the midst of a resources bust then its hard to expect a stellar performance and the low volume and shareprice will be taken advantage of....by myself for example...
At some stage the market will reflect the true value of what we sit on and probably overshoot to the upside and it won't be 27.5 c and it won't be tomorrow....
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