Confidence is one thing, reality is another.
You have to decide whether the BOD are commercially naïve, or that a decent amount of due diligence has taken place to verify the authenticity of the order and the ability to pay.
This is a $8mil contract to MXC and the fact that they are neither confirming or denying the initial $1mio deposit is exactly the reason for the 1.5c drop to date. The market needs some definitive proof that the contract and payment are bona Fide.
reply from MXC regarding deposit., page-21
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Last
50.0¢ |
Change
-0.050(9.09%) |
Mkt cap ! $24.20M | |||
| Open | High | Low | Value | Volume |
| 50.5¢ | 51.0¢ | 45.0¢ | $40.46K | 85.07K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 9213 | 48.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 50.0¢ | 4039 | 2 |
View Market Depth
| Last trade - 12.31pm 10/10/2024 (20 minute delay) ? |
| RGT (ASX) Chart |