My main question / issue is how vague the use of funds is. Usually for a cap raise of this size you would expect a break down of how the funds are being allocated. They've said "expedite underground development, Resource extension and infill drilling, regional and near mine exploration and drill testing, pre-construction and study works"
The activities highlighted in red are already underway with the 7 rigs on site, fully funded through to the end of the year. So im not sure how they plan to expedite these activities much further, unless they plan to add 3 or 4 more rigs.
Therefore we've raised $74 million for underground development and studies....... No issues with a well capitalised company but some actual clarity around use of funds would be appropriate.
FFM Price at posting:
$1.03 Sentiment: Hold Disclosure: Held
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