"I started to be cautious when they raised 2 CRs despite their claim that it had been the last CR before. It's not that they did it, it's how they gave VERY LITTLE JUSTIFICATION why they did that to investors."
The rationale for the last raise was obviously because the phosphate plant capex came in far above expectations.
Also, keep in mind, the management team (particularly the Chair) has skin in the game here. And not just free options, but their own money they have ploughed into this outfit.
Ann: Minbos to Pursue Yellow Phosphorus Potential in Stage 2, page-269
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