This is a terrible look with loyal shareholders getting shafted....

This is a terrible look with loyal shareholders getting shafted. It's becoming all too familiar with small mining companies raising cash.

It's also shameful that the management seem to think it was "successful" and think it's a positive sign the raising received "strong support". If so why the enormous 20% discount? Normally companies mention the discount to the 15 day VWAP, no such mention here which tells you what a struggle it was to get the cash. I hate to think what the cost of the raising is and I imagine we'll get to see it in the next quarterly.

The only good sign is Oaktree increasing its stake.

I'll wait till the next quarterly before deciding what to do. They have issued bulllish production figures for the current period so I want to see a sizeable uplift in positive operating cash flow.