"Orpheus undertook a seed capital raising of $370,000 to fund its activities. This reduced Argonaut’s interest to 67%.”
What it is saying is that the management sold 1/3 of our asset without consultation with ARE shareholders - And it also means if for example they raised about $1mil then ARE would have lost it all - DOES NOT MAKE SENSE AT ALL.
Do we know what has been done with the $370k? Has it gone straight in the pocket of the management?
Any comments?
ARE Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
