This is classic!
On another note, I've been contemplating why management conducted an arguably small raise of $735k when they Co already had $2.4m on hand ($3.1m cash total now, $7.5m MC =
$4.4m EV now!).
Clearly money is needed for exploration, but the j
oy of operating in the DRC is that the entire drill campaign is only going to cost $50K according to the Quarterly.
Then I noticed this at the bottom of the announcement:
View attachment 738372
My money is on another massive acquisition soon and the raise was to finance the acquisition. Nothing else makes sense given the Co was more than funded for exploration.
Over $3m on hand and an extended period of time to review new opportunities suggests its going to be significant.
Very happy with our Co/Cu prospects so I don't believe the company
needs another project, however another good quality project should always add value to any company - perhaps we will see another Cobalt project or a new lithium project to compliment the energy metals focus.
