If $1.1 mill cash receipts had dropped within 3 months from the first GBO assets deal as was reported in the initial announcement they shouldn't have needed to raise cash now.
Then again, they have a MD and a CEO. How many companies have a MD and a CEO let alone a company this tiny.
Raising cash at virtually all time lows on the back of the best contract the company has ever won sends an appalling signal to the market. If they needed cash urgently i think the MD should have done a small rights issue at around the prevailing sp - 2 cents to show a strong sign of support for the stock. As the largest shareholder it shocked me he did what he did. Now i am expecting what happened with Frugl, raise, raise, raise - billions of shares on issue eventually?
For months i couldnt believe how low the market cap was. Now i think i know. I think its a dog afterall. :-(
IFG Price at posting:
1.5¢ Sentiment: Sell Disclosure: Not Held
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