Righto mate.
I don’t know how long you have actually followed this company however going by your sentiment only changed recently.
Fact is the share holders have been diluted to the hills.
January 2024 this company had around 350m shares on the register for a market cap of $220m
In just 16 months, that number now stands around fully diluted to what 1.05b odd with a market cap now of $100m. A lazy 200% more shares now on the register and they didn’t even achieve what they set out to do.
This is why you get financing BEFORE commencing construction. I think they have cost shareholders massively with this approach…
Couple other things, the $4m SPP raise at 11c concludes on the 21st of May. For what reason do you believe the share price will have to exceed where it is today. I’m concerned it will could be cancelled.
Going over the cap raise presentation again, I didn’t realise of the $23m, they have included the us$6m line of credit from Authism (yet they haven’t included the app $4m? Was that money supposed to cover just usual cash burn rate? If so what happens if it’s cancelled?). There is zero chance Galan will tap out this credit and have no cash in the bank… unless something changes, we can pretty much be assured another raise will have to happen down the track before production. That interest rate after 6months is SOFR + 6% so it’s going to burn unnecessary cash if left unchecked.
I am annoyed. Was this deal pulled out of the hat or was this a planned approach ? Reason being, why have we been left without detail! Are we following a path anymore to stage 2? Is there a stage 2? They pulled slides out of the old DFS bu isn’t the DFS somewhat irrelevant at this point… we going down a completely different path… however we haven’t been told what that path is!
Why is it we have only managed to find out about the reduction in phase 1 output via a webinar? What is going on? How are we allowed to be trading without this info?
