I think a lot of new money was waiting for today to start buying this.
Today is the day the 1st Tranche of the 5.6c placement shares hit the market. There were around 17m shares in T1 & there have been 9m shares traded so far over the last 2 days. I would suspect existing holders who also got placement were sellers yesterday too (it happens a lot)
The Ida Valley project looks very interesting as it is in the white hot WA location, it has already shown very good preliminary exploration success & the fault line appears to run directly through the TG1 tenement, as evidenced by the above map
@Trade4Profit88 shared in his post.
The current capital structure has:
- 95m SOI & 2m cash - so at 7.5c is a 5m EV
** Note that there will be an additional 35m shares issued in about a month as Tranche 2 of the placement.
The most recent WA Lithium success story which 'broke its shackles' after a Capital Raise was NIS. It too, like TG1, was 'cum-raise' and after it raised money at 4.5c, it quickly has re-rated to a high of 15.5c
I expect TG1 will have a similar re-rate over coming weeks as it will be increased liquidity, will be cashed up, will be on a lot of radars, is in the hottest Lithium location on the asx (WA), has had early exploration success, is on a major fault line & is about to embark on an exploration program
For 5m EV - this is all one needs to build a big position & wait imo.
