Hello Nova,Thanks for reaching out. Wouldn't it be a treat...

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Jase76

463 Posts.

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03/03/23

10:11

Post #: 66578476
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Originally posted by NovaMInerals2: ↑

Hi Jase

Nice to see you are still a long term holder too. I just wanted to correct a misstatement in your post. Yes the directors agreed to go into the placement as announced last year. However before being able to take up their placement shares it had to approved by the shareholders and this was approved at the EGM in late January 2023. Regardless of the approval it is however still up to the individual directors if they subsequently actually take the placement up or not. Even though the placement price was at 70c, and the current SP was 53c, all the directors decided to take up their placement shares at the premium price in support of the company. So yes we did pay a premium, but as directors please understand that we are heavily restricted in the periods when we can actually buy on market, and with drill results still outstanding, resource updates and phase 2 scoping study in the works it is safer for directors to take up the placement shares than to buy on market.

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Hello Nova,

Thanks for reaching out. Wouldn't it be a treat if the directors after publicly committing to buy their shares at a discount last year ( with free attached options) withdrew that committment because they were not receiving that discount? I would posit that they would not be directors for much longer.

Regardless, as I stated in an earlier post, it is good that the directors have bought into this placement. My issue was making it out like they had paid a premium and were saints, when in truth they had committed to buy when it was a 16% DISCOUNT.

Now, getting back to my point on dilution. What say you, with regards to the fact that 3 yrs ago we were at the same share price we are today, but we have been diluted by circa 300%? How is that we loyal shareholders have been diluted by a factor of three whilst the directors who in addition to their generous wages have also found it justified to grant themselves millions of free options, and what's more are able to have the company exercise those options, for them, at no cost to the director?

Thanks for your response in advance.
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