I topped up to average down. Still at a mammoth loss though.
Time will tell whether it was a foolish decision or not to invest more in.
Reasons for holding - don't think any director or substantial holder have bailed out or sold their shares despite the fall in share price.
Also Vale transferred their tenement for over 600 million shares before share consolidation. Don't think they would have given the tenement away for nothing or let it become nothing.
Yes CJC has high administration costs. But they just need to have something in their portfolio that can generate wealth and become attractive for investors.
If exploration sector is struggling then perhaps look elsewhere like in health, services or technology. Change the course of the company and use that money from the other business for drilling and exploring in Brazil.
Become self sufficient. Investors will then start to trust you when you deliver results and not continually asking for funding.
Also directors get 30 million performance shares. It is in their best interest to turn this company around. 2018 was their deadline to be granted these shares if they can get the company to perform.
Will continue to see what bright idea they can come up with. Don't think share consolidation was a wise one. If a placement was now done at 0.007 and they wanted a million dollars, then the investor of the placement would hold around 50% of total shares. That may not sit well with investors. See what happens.
VAL Price at posting:
0.5¢ Sentiment: Hold Disclosure: Held
