The context of the raise is a good point to raise, regarding delays and problems, especially at BB. However the other side is that gold stocks have had a really good run, and the small amount of capital raised is coming at a low cost, so it is a canny time to raise a bit. After all they have been running down cash, so a raise should not have been unexpected. It may even be that the SP has been slightly held back by the market expecting a cap raise.
It would also be dangerous for management to hide anything about BB not going to plan, while at the same time raising capital. In the 4th March ann, management committed to the following: "Westgold will update the market as to progress at Big Bell during the ramp up period in its Quarterly Reports and specifically on any material variation to its ramp up plan." I suspect we would be hearing some news if BB was turning to crap at this very moment IMO.
I bought some at 225 - happy with that - lets see what happens!
Ann: Placement, page-4
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