Its been two long years since PEL was suspended and tomorrow it relists as SHN.
I have to say I am super excited about the relisting because the projects, especially Triumph and Hodgkinson seem pretty impressive, and over 6 million has already been spent on exploration by previous owners
As per the prospectus, SHN will have just over $5million in cash of which over 60% will be spent on exploration asap, and based on the 2 c relisting price a market cap of $8.8 million
If I have to be a bit critical, its why did they choose to raise such a small amount, especially in this environment could have easily raised double what they did, and why the need for the consolidation that punishes existing shareholders. The 1 for 4 bonus issue barely made up for the hair cut.
Anyway, now for the positives.
3 really nice projects
Same directors as SLR and BC8 is a massive plus imo, these blokes are very very wise and motivated
Three nice chunky tenements with plenty of shallow drilling success already. There are some nice intercepts here and one can only wonder what lies beneath a bit deeper and with the planned exploration we wont have to wait too long to see.
The indicative $8.8 million market cap is well unders imo and hoping for $15m to 20 mill market cap when it relists.
SHN Price at posting:
1.7¢ Sentiment: Buy Disclosure: Held
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