Was always coming as broadcast in the last qty and given the relatively small scale last raise relative to our cash burn.
Of course the $100 question is whether Duffy has managed to secure some substantial cornerstone funds or not.
regardless of the type of raise, looks we are in for a massive dilution, once again.
With a MC of $27m at 0.7c, the numbers are ugly. Say a 40% discount in the offer and a raise at 0.5c, raising $5m will increase the register by 25%.
So, they're between the devil and the deep blue sea from that perspective; another small raise that will generate 4 months cash flow ( say $1.25m burn per month ) or will it be some kind of Hancock development agreement which gives away a lot of the upside ? - and without a up to date MRE, we don't have a particularly strong hand.
I think it will be the smallish raise. That will bring us to an updated MRE and looking for a development partner with at least an indication of how much potential is in the ground.
Good luck
Wazz
STM Price at posting:
0.7¢ Sentiment: Hold Disclosure: Held
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