A "concocted" trade right on close of day today for 130 shares at a new low of 27 cents is an attempt to trade the price down in a currently ill-liquid market for PRH. There was no residual sell or buy order at 27 cents so a completed trade of 130 shares preciscely on close can only be considered an attempt at manipulation. I am sure no one would possibly have put up a sell order of 130 shares unless they were short of beer money for the weekend or being mischievous.
I guess we may possibly anticipate another discounted placement (to off-take partners/friends) in the weeks before Christmas. Cash is starting to run down and if the debt funding, forward sales or offtake deals are not finalised shortly it will be a certainty.
The delay to close out the funding deals is very disappointing considering the DFS is now nearing it's first birthday. I know debt/equity funding for smaller mining projects is pretty tight but perhaps there are some other options for management to look at. Some local producers are well cashed up and perhaps some joint venture capital might be out there. At one stage Jabiru Metals and Mincor showed some distinct interest in the Phillips River Project as "cornerstone" investors but little has come of this. Jabiru (now under control of the wealthy Independence Group with good cash flow and over $200m in cash/equiv)is still the largest holder.
It is not my place to be critical of PRH's new look Board and Management but changes put in place early this year must be seen to be effective very soon! I will be happy to applaud closure of the bank and offtake deals by Christmas.
The share price needs some good news very soon to support the intrinsic value of the Phillips River Project and current shareholder equity.
PRH Price at posting:
2.4¢ Sentiment: LT Buy Disclosure: Held
