Jdog. Just responding to this after seeing the support that you are getting and certainly not trying to snipe, just want to add some "balance" for the forum's readers.
First comment that we are a mining company not a property company. The office building that we now OWN outright, transfers from being a liability to an unencumbered asset of over $5 million on our balance sheet. Lenders, who we will certainly need for the development stage, look very seriously at balance sheets.
It is also an excellent return to shareholders, being purchased for some $millions less than its current market value. We pay no rent for the office accommodation. We are debt free.
They are all very serious positive outcomes for an exploration company. Due to Ray James's foresight.
2. "Icon has been relatively successful of late raising funds from existing shareholders".
Raising funds for a very junior exploration company, with no income, is nigh impossible, anywhere in the world and especially in Australia. It has been reported that around 400 such companies listed on the ASX are close to shutting shop, as venture and risk capital is simply unobtainable.
Last December, when our SP was staggering at 14.5, Ray James obtained no less than $18.8 million, most of what we have as current working capital, from a NEW investor in Hong Kong, certainly not an "existing shareholder" and he obtained that at a deemed rate of 23.5 cents per share. So not only did he secure that very sizeable funding, but, it was at a 62.1% PREMIUM and with no debt and with dilution of less than 15%.
Those 400 companies would die for that outcome.
ICN Price at posting:
17.0¢ Sentiment: Buy Disclosure: Held
(20min delay)