LOL because the company is just following the script.
Announce a resource upgrade, release a presentation, raise more capital.
At Matilda acquisition the company had 37m shares on issue and a SP of 25 cents
Now there's 4.7 Billion Ordinary Shares, 674m quoted options and 160m unquoted options.
Cap raises over that period (perhaps missing one or two)
January 2012$950k at 20 cents
April 2012 ~$1.025m at 21 cents plus up to $8.125m at 21 cents via Lind over 36months
September 2012 $1.1m at 19 cents
December 2012 $400k at 16 cents
February 2013 $3.32m at 21 cents
June 2013 $10m at 25cents (Convertible Notes) – first tranche $2.5m converted 17Sep 2013
June 2014 $2.31m at 21 cents
June 2014 $1.4m at 17.85 cents
October 2014 $3.8m at 11.5cents
March 2016 $20.3m at 45cents
August 2016 $25M at $1
February 2017 $35m at 68 cents
November 2017(Failed)Target was $16.65m at 12 cents (~$10m from Pacific Roadwith additional $50mloan facility)
January 2018 $35.9m at 4 cents with attaching options at 8 cents
September 2018 $23m – convertible notes and 114m options to exercise at 5 day VWAP prior to conversion date
March 2019 - $26m at 1.5 cents
September 2019 $7m cap raise at 1 cent
How many times can this company go back to the well?
Talk about wealth destruction!
