Couldn't agree with you more @Luckyphil1
We all seem to understand that we are exposed to these type of cap raises by management across all these type of investments and the extra $20m is a real kick in the.....I'm “whinging” more about the fact that the new corporate presentation has highlighted an updated timeline that pushes first production back 2 quarters.
JULY 2020 PRESENTATION (Timeline)
Q2 2021
- Complete financing
Q2 2023
- Mechanical completion
- Commission Plant
- First Product Shipped
MARCH 2021 PRESENTATION (Timeline)
Q3 2021
- Complete financing (back 1 quarter and not the first time)
Q4 2023 (2 quarters pushed back - also not the first time)
- Mechanical completion
- Commission Plant
- First Product Shipped
From an earlier presentation in Dec 2019 “First Product Shipped” was targeted for Q1 2023. I found that initial slip not so worrying but this additional 2 quarters (3 quarters in total) is a concern for me as a shareholder.
@Kevo88 I tend to agree with a comment from you yesterday on the cap raise that it is indeed “a bad look”. The extra $20m though probably irks me the most.The use of funds for the cap raise are clear.the extra $20m just dilutes us unnecessarily.It’s not like the $20m is going to make a dint on the circa A$1 billion needed in CAPEX.
Maybe they need the extra $20m for “working capital”.And we all know where that goes.
Sources of Funds
Uses ofFunds
1 Proceeds from Capital Raising
A$60.0m
Advance detailed engineering (~60%) and vendor engineering to construction ready status
A$33.1m
2 Environmental, research and consulting expenses
A$3.1m
3 Discretionary substantive pre-construction activities
A$13.6m
4 Working capital and general purposes
A$10.2m
5 Total
A$60.0m
Total
A$60.0m
All very disappointing really. I'm clicking Sentiment "NONE" because Im still reeling from the kick in the......
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