Full disclosure, I'm a former holder of XTC - I bailed out at 0.05 and took the big red L. (Fortunately other investments have more than covered what I lost, but it doesn't make it any less painful). I've continued to follow the company though, if they had their act together they have the basis of a good project - I wouldn't have invested in them if I didn't think otherwise. Anyway, these are my comments, take them for what you will.
1. There is no way they will raise $45 million on the basis of anything they've done so far. They struggled getting $20 million in the last CR, had a terrible uptake from retail and from what I can tell have done absolutely nothing with the $12 million they did raise.
2. The consolidation followed by a CR, I have no idea how many shares will end up on issue and what sort of dilution there will be with all the options floating around, you need a university degree to work it all out. I don't have one, it's all far too confusing for me to work out even if I wanted to buy in again at this point
3. XTC desperately need a CEO, or at least as a board continually communicate with the market exactly what their strategic vision is and what they are actively working on. Even if it's nothing, keep sending comms out. Get onto social media. Put updates on Facebook and the web site. Go to trade shows. No-one is going to give you $45 million if they think you're using it collecting a salary and doing nothing else
4. Further to that, they seem to be changing their strategic direction every 5 minutes. First it was graphite in South Korea, then back to WA, then brine in Argentina, then back to Southern Cross -- now new tenements around Neo Lithium. Another nearology play, but at least they have someone on board who could make it work without having to wait for LKE to prove DLE or require a big DLE investment with a JV partner. All the changes of direction with no firm actions don't help when you are putting your hand out asking for money.
5. Collecting land holdings is not a viable strategy unless you prove they're worth something. For gods sake, do some drilling!
Me, I'll continue to sit on the sideline watching developments. If they can confirm the Carachi resource size *and* can firm up a strategy to replicate what Pindar did with Neo Lithium (develop it an offload it) and present it to the market, I don't think it's a lost cause. But it would be a long long game and IMO needs better management, or at the very least a CEO that communicates
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