They did have this vision a few months when they initiated a CR prior to covid impacts coming in. As a result the Share Placement was cancelled as it was initially at .8c (15%) discount to VWAP at the time.
It was subsequently cancelled as the shareprice pulled back to .5c and .6c. So there wasn't much incentive to place money. That CR specifically was priced at an amount which would have allowed them to complete the drilling and also have enough cash to fulfill expenditure requirements to gain the 50%+ earn in agreements.
CR raises are part and parcel in this business, (spec) and if you review the recent announcements you can see the expenditure clauses for earn in. (Can also be paid in shares if elected by Rwenzori).
For the most part, credit raise has been discussed for a few months and personally i'm stoked we got the share price to 1-1.1c as even if the raise raise occur at a discount it much better than being done 3 months ago at .4c-.5c.
The way the market bought this up to the raise would suggest it's better than expected. I'm thinking a placement maybe at .8c-1c. Hopefully a cornerstone investor. Will reach out to my contacts and revert back with anything i discover regarding price and placement.
A positive result would be 1c or above. .8c-.9c the likely and fair case. Also important as to whom is involved.
*disclosure I still have not sold shares, in-fact i was a buyer at .7c as indicated in Post #:45294495
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