to be honest, there is something stinky; they KNEW they wanted money for drilling; they did not decide that 'last week'; they had two choices: pick up the cap raise when the share was 80 cents or just use the funds they have and do what they can
to actually wait until a bottom and then 'mate out' some shares at 15% under current price is a real con; and a $2 mill SPP... who is that going to fill; now perhaps they could not cap raise until the price crashed; maybe the 'sophisticated' lot told MGV 'if you want a cap raise, you better crash the price FIRST for us, then give us 15% discount on the crashed price, THEN we will bless you with some of our money
it would not have been hard at all to do what they needed (albeit slower) with the money they had (from the last cap raise); and they honestly could have taken two months off drilling and just wait for the assays; perhaps they know the assays 'to come' are duds and needed to get their management salary money in quick smart
now that all said, the only up side I can guess is they are trying to 'front run' any takeover; maybe 2 months of not much action and the price is 35 cents on market and a buyer can come in and swoop; their only hope to save their reputation is to drill fast and find fast; or, maybe the cap raise is a down payment on a plant or for the diggers to scrape up and transport some of the high grade open pit
whatta you guys reckon for the share price.... 35 cents soon, for just under the cap raise; actually, likely 37 for a while; to any buyer above 40 cents you have been screwed by management (in my opinion)..... ahhhh, the ASX.... management, directors, and insiders... what a life; oh, dont forget about us retail punters that feed them
