If they make it attractive enough I don't see why not, but also depends how good their silver tongue is. Last raise at 1.2c which was 25% discount from last closing price. Next one will be around 0.008c should the share price hang around the low 1's, and probably come with a shit load of options attached. Current and smaller investors get screwed via massive dilution.
Piss poor management of raising capital. Timing is everything and they really screwed the pooch on it. What have they done with the $4million they raised last May? Drilling seems too far and in between, and even though they say they're "getting closer" to what they're looking for, it just doesn't seem to be happening.
If they cannot find anything in drilling that will pique the market's interest with the remaining $2m, it will be a disastrously low CR. Btw all those options from the $4m raise will likely expire ($0.06 strike with 30 Nov 2024 expiry). This would have been another $4m in the kitty should all of them be exercised.
IMO they need to be spending remaining cash / future raised cash focused on Steam Engine where there's real possibility of revenue. At the moment Steam Engine mineral resource too small to ensure an economically feasible outcome - so this will need additional drilling for gold resource upgrading. This is where money needs to be spent ASAP.
But this is not where their priority lies, unfortunately. And so shareholder value will continue to deteriorate as long as they keep needing to raise capital, diluting this stock into oblivion. Also, I realise BT and CC are big tasks and takes time, but let's also not kid ourselves that there will come a point where eventually if nothing viable has come from the projects, you have to smarten up and go to 'plan B'.
IMO DYOR
SPQ Price at posting:
1.1¢ Sentiment: None Disclosure: Held
