Hi all,
I'm a long term shareholder in this company (from the days when it was NMR) and I'm finally felt compelled enough to post on HC after reading for many years.
I've held on because my stock holding is now worthless to the point where I was not even going to bother selling. I've been told about the term sheet that was circulated by Patersons and that was to raise $400,000 for this placement plus an SPP. Reading todays annoucement its clear that a national broking firm with over 400 brokers couldn't/wouldn't raise a measly few hundred grand between them for this company. What does this say about the future?
There was $60k in the bank at the end of December which would be well and truly gone and only $216,000 coming in which reading the quarterly will be gone by March. The company is then relying on the success of an SPP to survive?
No one can negotiate a successful outcome with a third party while they're backed in to a corner. What do you say to the potential off-take partner? Perhaps "we've got no money in the bank and we don't want to raise anymore because we want to you to write all the cheques to fund it from here on in but leave us with the lion's share?"
It's impossible to negotiate from here and this is the final nail in the coffin for me. To me the company cannot find support that’s my guess, plain and simple.
It’s a disaster from my point of view and I’m out, hopefully for all of you that will be a good sign.
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