Buy pressure mounts. But only at the lowest rate. 10.5M shares to now this morning. This is where the system breaks down. The newbies IE the clients of RM have more knowledge than the existing shareholders. As such the tree is being shaken and weak hands are being routed. Finance houses are approached and because they have to do due diligence and all data must be given or made available to them, including the current actions and mood of the players, giving the finance houses an upbeat outlook. This in turn is passed on to their clients and prospective clients.
In contrast, the company cannot give existing clients anything that is upbeat or prospective. This can be misleading conduct. The existing clients can only get proven facts. No inkling of the future means that the existing shareholders cannot make an informed decision of the long term or short term future of their investment.
The existing information is that the rights issue is only going to be supported by the BOD to the tune of $60K. This does not read very enthusiastically. It fails to say that TS took shares instead of cash. It does not say that this extra money saves us from throwing the baby out with the bath water (cashing the EUR shares). It does not show current interest in the project by interested parties if any and their views. It does not give the rationale of looking at increasing resource. Why spend more money on increasing the resource if there is 30 years mining available. My guesstimate is that there is another 10-15 Mt available. All the history and surveys show this. This can be proven with a couple of million dollars worth of drilling.
It does not show the demand for the product or existing inquiries.
CLE Price at posting:
0.1¢ Sentiment: Buy Disclosure: Held
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