We all should have been aware of a cap raising, I have no issue with company raising $3m+.
I have a few concerns on how it was done, based on the potential of the future drilling campaign and the information the company has been "positive" about, then why did they need to issue 1 for 1 options, this smells of a desperate company trying to raise funds with little potential for success, 1 for 1 attaching oppies are normally needed to sweeten the deal, but, if the company is so bullish on what they have, then surely a raising at less than 50% of the pump price (.011c ) from a few weeks ago would be sufficient enough!
Why didn't they reward current shareholders with this deal rather than go to sophisticated Investors? I would not have been eligible as I only hold Oppies.
Having said all that, I was first inline at .002 for the oppies and decided to leave them there and stocked up some more, why, possibly because I am as delusional as the company.
we all know that another pump will come so that the sophisticates can sell either the heads, oppies or both for a pip or 3, They win, the company wins and the share holders as usual have nothing but hope on some hype that is fed to us, while dilution has bastardised the share ledger.
Atleast I have 2 years to try and get out of the oppies!
MLS Price at posting:
0.5¢ Sentiment: Sell Disclosure: Held
