The way to look at is:
MAN is issuing $10m in shares tomorrow. Current market cap is $90 million. Even if the market says these shares are all dilution and have no value the share price is 24 * 9/10 = 22 cents. But with the drilling coming Monday the share price has to go up because its value adding, and the cash in the company's gone from $4 million to $14 million. You can do a lot with $14 million and only 2 tenements.
Nervous nellies and the limp-wristed will sell for sure, running around flailing their arms and saying "I told you so". The manly will hold, watch for the dip and maybe buy a few more, but they'll go to bed with a much stronger balance sheet.. Our close tomorrow will be higher than 24 cents unless we're told drilling is delayed. 30 cents is definitely doo-able.
And I like the concept of maybe the unlisted Northam Resources choosing to backdoor list into a MAN valued somewhere north of $300 million (or 50 cents a share). It's just a weird little fantasy but if that happened MAN could be huge with a large continuous landholding east and north of the Jimperding tenement. Northam are holding off their IPO for some reason.
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