Although they had enough money in the kitty - the recent good hits had them thinking
- Do we include these excellent results in the initial JORC ?
- If so then they had to delay the initial JORC for a later date
- The delay would mean that they will be short on funds after JORC announcement and the
market forces can play havoc with shareprice (if macro conditions are also not favourable at that time) when they smell a CR
While weighing against above, they went for CR now (pain now) but glory (increased JORC resource) later in Q3.
Ann: Carnaby Successfully Completes A$20M Placement, page-30
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