Its simple Aurifice- the money was raised on the premise that it would be used for improving the geological understanding for the Glen Wills - Sunnyside fields.
And these fields, being the most prospective and advanced in the company's exploration portfolio deserve the priority that they have been given for the past four years (keeping in mind the impressive increase in Synergy's gold inventory via exploration here over the past few years).
So it follows that by the current Board abandoning the momentum developed in the past for Synergy's most promising and high value project, the company has become devalued. Therefore, shareholders clearly have a right to feel jaded and IMHO, should be looking at either calling an EGM or exploring legal avenues via ASIC.
In short, the recent actions by the new Board stink. They have shut down the potential cash cow for Synergy, and further more, have shown no initiative in developing the company's next most prospective project, Merrimac.
But I guess thats what you get when you've got a mining company board with no mining experience. Idiots, absolute idiots.
SML Price at posting:
1.4¢ Sentiment: Sell Disclosure: Not Held
