Nice raise! At a premium as well, very little dilution and I like the reiteration of mentioning further acquisitions which was noted in the General Meeting notice of rare earth projects in Brazil being looked at.
Fully funded, $3.6m cash and with the added 6m shares for Sandro (the guy on the ground in all those videos posted on SUM socials) who SUM acquired the project from (50% escrowed) and the new 10.8m CR shares, gives SUM a total of 64,467,983 shares on issue.
@ 30c = $19.34m Market Cap (still doesn't crack $20m with the CR shares)
@ 40c = $25.78m Market Cap
Not outrageous market values, but to sustain those levels and exceed SUM will need good results from the upcoming 30 samples and then drilling campaign.
Ann: $2M Raise to Accelerate Niobium & Rare Earth Exploration, page-33
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Mkt cap ! $18.04M | |||
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