There is no need to raise this much now they could have waited. Aren’t they cashflow positive? Why not use the op cashflow to fund the new project? 150M is approximately 1 year profit based on their cost disclosure.
i think the fact that they raise this much at such steep discount is a sign that something isn’t quite right. Either management has little confidence of their operation generating cash, or a hidden cost blowout somewhere. Only time can tell.
Ann: Kiaka Owner Mining FS Update & Capital Raising Presentation, page-14
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