The CR needed to be done as we're fast approaching the Christmas capital markets shutdown period and needed extra cash on hand, companies need to have capital for atleast 2 quarters of operations or provide suitable reasoning (see the quarterly cash flow report of any listed ASX companies)
Like you said it's a planning thing and the timing wasn't quite right. Atleast the raise was small so we weren't diluting too much at these low prices, there are two outstanding TB holes (Hole 244 and 254) that is expected to release early-mid December.
These are the drill collars courtesy of @Corgi
The CR needed to be done as we're fast approaching the Christmas...
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Last
4.3¢ |
Change
0.005(13.2%) |
Mkt cap ! $52.87M | |||
| Open | High | Low | Value | Volume |
| 3.8¢ | 4.3¢ | 3.8¢ | $99.74K | 2.423M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 50837 | 4.3¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 4.4¢ | 345750 | 3 |
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| Last trade - 16.10pm 06/05/2024 (20 minute delay) ? |
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Last
4.2¢ |
Change
0.005 ( 7.69 %) |
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| Open | High | Low | Volume | ||
| 4.0¢ | 4.2¢ | 4.0¢ | 367386 | ||
| Last updated 15.54pm 06/05/2024 ? | |||||
| TSO (ASX) Chart |