I am surprised management have done capital raise and SPP so soon after Glencore announcement - which was bound to and did kick the price along.
Capital raise at 3.2c is unnecessarily massively dilutive - what were mgmt thinking? This is not great for existing shareholders - the SPP will be so heavily over-subscribed we will all be scaled back to a couple of $k each if we are lucky.
Hopefully the new Glencore Director will sort these guys out!
Ann: $40M Arranged to Acquire Cortadera & Deliver Resource Growth, page-51
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