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19:46
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Originally posted by seaemay:
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Steve, the truth probably is that management initiated the latest CFTF application when the SP was in fact sitting at $1.30+. Those things aren't applied for and approved in five minutes I'm sure, and probably over a couple of weeks or more. In that time the lithium price dropped further as well as certain instos/brokers most likely gaining knowledge of the upcoming CR (as they always seem to) - notably Argonaut? The result was exactly then what may have been expected. With the benefit of hindsight management should probably have applied for the funding a couple of weeks prior to the Renard announcement and then they may have got it through at 20c higher. It's all water under the bridge now, though, and in any case, along with most lithium stocks, we would probably have been smashed just the same and not much higher right now anyway. It could have been worse still had they not done that CR at all and left us at the mercy of the market later in the year with remaining funds under $10M. As it is they should now have adequate funds to achieve the aims they've set out for the next seven months.
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With no converters and batt cell makers in Canada, the lowest level in the supply chain being Adina mine and its concentrator at Renard will not be going ahead.
(20min delay)