re: Ann: MAGMA METALS RAISES $16 MILLION IN S... Didn't mean to...

re: Ann: MAGMA METALS RAISES $16 MILLION IN S... Didn't mean to offend, thought it was pretty fair commentary?

My last post, in fact my last two posts made no further judgement of MMB's projects beyond my earlier posts. I will re-state the crux of my last two posts so that we're clear then rightly go away as I'm not a holder. Specifically:

The large raising when cash levels were reasonable speaks volumes for where management sees the share price verses near term upside.

The large raising is perhaps a hedge against no new massive sulphide deposit being discovered.

Anglo would have been dark at buying in at the top of the market and perhaps MMB felt that they deserved a chance to average down OR Anglo would only participate if the price was low. Anglo is a prized name to have heading the share register.

The share price has held up well perhaps because the sophisticates haven't got their shares to sell down yet?

The sophisticates will sell some of their cheap placement on market for a substantial stag profit, if not straight away then the next market wobble. To think otherwise is frankly naive, though obviously there is no suggestion the whole $16M will get offloaded.

I believe that the discount was way too large, generous and dilutive of existing shareholders that didn't get a slice. The fact it was heavily oversubscribed is absolute proof it was too cheaply placed. For this reason I chose to air my suspicions as to why it was so cheap ... pardon my cynacism.

I do not hold but having started to follow the story a bit closer was a bit shocked with good news apparently just around the corner. Keith's conceit that the oversubscription was evidence of the market's strong backing of the company's prospects was a little too cute and disingenuous. I have worked with him and he is not stupid or simple.

That all said, I was trying to keep things light hearted and just add to the mix but see I failed. Seems I broke the HC golden rule of saying nothing if you don't have something nice to say. Here's hoping the large pile of money finds a real company maker for you all.

peace.