CRs can happen at any time regardless of cash position, that's the nature of stocks like CHM and IMU.
The 3 run ups to 4c and fall backs to sub 3c were fantastic trading opportunities but it would be better when the next run, caused by an announcement, would start from the 4c range instead sub 3c. This is so undervalued but I expect a lot of resistance on its way back to 10c due to skepticism of many holders that any rise will hold or like you assume, could be met with another CR.
Best would be a cracker anns, open at 10c, settling at 12-13c and then followed by an oversubscribed CR at 10c without free oppies which would restore confidence and lay the foundation for the next leg up to 20c. Theoretically that could happen tomorrow but we all would be happy to finish this year with a 3c in front I guess.
GLTA
CHM Price at posting:
3.1¢ Sentiment: Buy Disclosure: Held
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