While I am pleased with the increase in the share price, I am not pleased with the timing of this announcement and the rights issue.
The Company has close to $2M cash which is ample to progress the lithium and mount Adrah opportunities.
The responsible thing for the Board to do is to cancel the rights issue and conduct a raising in a more informed market and hopefully at a higher price.
This way the Company will have a clearer picture of how much they need to raise and will be able to attract institutional investors.
We shareholders have had enough unnecessary dilution at prices less than our NTA backing.
Ann: Lithium and Gold Direction-SOC.AX, page-67
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