I am flabbergasted their are some who think that because they are buying on a 1 to 1 ratio their holdings aren't going to be diluted long term, people need to wake up this raise only helps fill the coffers or grease the palms of the BEOT who recently bought in, truly some need to learn basic mathematics before throwing away their money into the coffers of the BEOT.
Also the raise is for what doing the same bsheet things the company has been doing for the past 12 years and achieving nothing, like this in the announcement.
"The company proposes to use the proceeds of the entitlement offer to fund exploration activities, including drilling and Geophysics at Lynn Lake-Sulphide Project in Canada, engineering and processing studies for, and resource definition drilling at the Lynn Lake Mining Centre."
Lets break it down people, first part.
"The company to use proceeds to fund exploration", didn't they just raise just over 5 million last year, to do excactly that, the average yearly costs for drilling an exploration by Corazon is 3.5million dollars, they just raised 5 million wake up people open your eyes your being shafted by the BEOT who have control and are utilising their positions to grease their palms and shaft retail, you don't have to be a rocket scientist to work it out.
The second part.
"The company proposes to use the proceeds to fund exploration activities, including drilling and Geophysics at Lynn Lake"
What have they not been doing that for the last 12 years, why would they need to keep this charade going, in 2014 they were doing excactly the same things 8 years later they are still doing it all over again, rinse and repeat with a new bunch of sholders who have no idea about the company, it's history and or it's track record.
The third part.
Proceeds to be also used for engineering and processing studies for resource definition at Lynn Lake.
Hang on they just raised all the cash required last year for those mining processing studies and resource definitions by employing another company because no one in Corazon has any idea in how to pick up a shovel and dig some dirt, so they employed rocket scientists to help them, so now they need to do it all over again, please bsheet someone else.
But wait people there's still more.
In addition the proceeds are intended to be applied towards exploration at Mt Gilmore and the Miriam projects.
They had finished drilling Mt Gilmore early last year and the results were so bad they never realised them, Miriam is a new project recently acquired with unknown prospects so why go back to Mt Gilmore which is a total disaster,makes no sense, drilling Miriam yes Mt Gilmore is nothing more than a coffee an muffin shop.
The only thing they never covered in the Prospectus was the fact that Coporate Spending has increased ten fold since the Guru Terry Streeter become involved and the company continues to put out worthless Video Presentations that are only a tool to get and keep those wearing Rose Coloured Glasses in the loop, which is how the company continues to survive, the latest Video Presentation clearly showed this when the MD himself stated he rings the drilling crews every morning to get updates but they tell him nothing, is he fair dinkum how gullible does he think retail are although there are quite a few here who do fit that bill.
Anyone retail who thinks they are getting a good deal here are truly blind to the facts that this is an excercise to look after only those who now control the inner circle of the company and that BEOT are starting everyone in the processes along with the BOD if the company as it always takes two to Tango, and boy are they dancing all over retail, you betcha.
CZN Price at posting:
3.3¢ Sentiment: None Disclosure: Held
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