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JBoo

476 Posts.

125

29/07/20

21:31

Post #: 46166679
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Originally posted by JBoo: ↑

This doesn't need to be bad.

I am pretty sure that immediate target of $6.25M has been reached - Simon Hackett alone subscribed to $450,000, other directors also participated, and extension of closing date helped. And, most importantly for me , I applied to double my entitlement - and there would be many others like me.

My guess is that someone approached RFX with offer to get a good chunk of the remaining shortfall. So it's probably ongoing discussion about terms of that deal. Management might be even evaluating whether it really needs to place any more shortfall at 2.5c? As if there is enough money now and they expect a win in the near future, it might be more prudent to wait and raise later, when RFX share price gets back to higher levels.

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Mea culpa - my estimate was indeed overly optimistic.

On the bright side, I'll get extra shortfall shares that I applied for.

~$4.9M fresh cash is not too bad, and not much dilutive. But I hope RFX will find someone quickly to cover at least that $1.35M that's missing from the target, some good news for Gen3 development could help to bounce back.

RFX Price at posting: 2.7¢ Sentiment: Buy Disclosure: Held
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