It is no suprise that it is "heavily over-subscribed", i actually think it would of been the same outcome if it was to put to the current registry when you are offering stock at prices not seen in over 3 months with the attatching options on very attractive terms.
As the company stated in regards to the NY based funds "they have been watching the stock for over a year & it is their first opportunity we have offered them to come in" ---- give me a break, their have been plenty of opportunites on market to enter at these levels over the past 6 months as developments have started to come together. If they wanted the off-market entry, why not just offer them to underwrite the placement if put to shareholders, and should it fall short they get a piece of the pie. Otherwise there's always the same opportunity that has been there for them from day one.
It's about the company generating the funds needed to progress the projects & i think it could have come from shareholders directly without the need to significantly dilute while being excluded from participation rights.
PYC Price at posting:
6.3¢ Sentiment: None Disclosure: Held
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