Wow! So today is the day - can't see it yet on ASX but EMU is trading at 0.5c on Cboe this morning. By my calculations, we've seen 80% of the value of the stock wiped off in the last 6 months. And what has the company done in return?
Well, from what I can see, there is no work and they have picked up a suite of new projects chasing the latest and greatest (lithium and rare earths) perhaps indicating that they think the old projects aren't worth looking at anymore.
On top of that, they go and raise less than $900,000 below 0.7c - really? These guys have been burning through $700,000 to $800,000+ dollars a quarter doing precious little. How long is the new money going to last? 'Til Christmas? And what's the next raise going to be done at? 0.1c
I really thought these guys were onto something a couple of years ago when they nabbed their gold and nickel projects. Very disappointed in the new direction - shows a sad level of desperation, which is reflected in investor sentiment.
Even if the company start working today, we're unlikely to see any results before Christmas. The labs are apparently still 8-9 week turn around and even if they did get something out, at that time of year no one really cares.
As a fellow investor said this morning, EMU is now feeling the 'Tontine Effect' - referring to toilet paper costing around 0.3c a sheet.
She could be right. Pretty grim.
Very hard to keep the faith in the face of such massive wealth destruction.
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