we had ppl interested with “term sheets by Xmas” as per MQ at webinar after securing Toll agreement in Sep/Oct last yr. Since then, it’s been 11 months & cap raise at 1.4 for 10% company dilution followed by another 4% dilution on the recent facility use. Hard to know if the supposed offers on table right now are worth the 8 month delay & 14% company dilution.
still long but stating facts. Too many ppl live in dreamland with billion $ expectations when sadly the last 2+ yrs have seen CRs & delays. We had 1 scooping study followed by 3 DFS for Qala shallows alone (in the interim there’s been a carrot with Uranium for which they raised $ & P200 studies thrown in).
great potential with the asset, but don’t like how badly the raises have occurred & heavy dilution along the way.
1.8c for $15m mcap in 2020, 1.8c for about 40m mcap right now.
if it wasn’t for MQ’s own holding & adding in > 100k at 3c issue + 30k at 1.4c spp & a few drip buys along the way at 1.7-1.9, many would’ve given up.
hopefully for most long term holders, it eventually pays off handsomely. But will have resistance at each level with so many ppl under water.
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