I am actually surprised that it has secured $0.011 SP today as I was expecting SP down to $0.010 or even lower..
From the last quarterly report we all knew that this company needs CR sooner or later however honestly saying I was hoping that we could get the good news before the CR so MCT can raise fund in a better position (I believe it was a plan for MCT as well) but it is what it is and I am not going to complain on this because sooner or later I believe we can get the results - (a good result!)
On other hand, I am happy for that MCT has raised CR successfully with the fact that 85 assays are delaying, and now they can focus on the gold project. Considering it's current MC of $24M, I think $3M CR is quite good - although we had to deal with some compromisation (broker options etc.) paradoxically saying it shows some sort of confidence from the investors.
From my calculation, before MCT reached the $5M of JV requirement, they've sent approx. $320,000/M for drilling which was quite aggressive. Now as form of officialized JV, NME has to contribute their part as well which will reduce their burden - I noticed that MCT is saying their monthly working capital is approx. $70,000 (from the ann) which probably not including the salary and other expenses but considering the 3M + the current balance in the bank, I think MCT is well funded unless if they have acquisition plan (of tenement or others).
As we all know, MCT is quite liquid and I think this is one of main reason that can explain the current SP level despite of all potential and track records that MCT has shown, and I accepted that this CR is not the best scenario that I was hoping for (in terms of liquidity as well). However as a mid - long-term investor, fundamentals are not changed, there are golds under the kookynie, they've cleared US court case, officialised JV +2 years earlier than the plan and they raised capital.
JORC update is imminent and I still hope we get the good result tomorrow!
Well done everyone and good night!
All in my opinion only and do your research!
MCT Price at posting:
1.1¢ Sentiment: Hold Disclosure: Held
