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A consultant can go about the required permits the Peruvian way,...

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zenvestor

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01/07/20

18:57

Post #: 45577783
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A consultant can go about the required permits the Peruvian way, nudge nudge, wink wink, without Inca getting dirty.

Originally posted by lockitt: ↑

Robamac.

This is what got me going last night:
" So I would propose rights issue at effective $0.0006 per share (40% below VWAP last forever) to raise USD2m (AUD3m) for say 4000m of drilling say 10 holes at 400m a piece."
Tpg post 45549183.

I don't mean to get into a disagreement with Tpg but, I suppose after a day of posters going on about " why have we not drilled ?", when it has been explained to them ad nauseam just why we could not drill, I suppose his suggestion of raising at $0.0006 was just too much.
$0.0006 is not even a price that can be possible on the ASX. We are at basically the lowest price possible now without giving 40% off per share.
Imagine how many shares would be available then?

I think most holders would agree that one reason we are at 4 billion shares is the last couple of way under priced CR's that the company has held, and now it is being suggested that we hold a massive CR at the most ridiculous price yet.

I think what the " drill ourselves " pundits are also forgetting is that the company can raise enough to do a bit of drilling but the company also must survive financially during this period of world turmoil. What if something goes wrong and we need money, what happens then.

S32 were paying all the bills, and paying Inca a management fee which supported the company. How would we handle these bills when all the money we had was going on a probably insufficient drill campaign? How about the cost of airfares for our geos to get there and back several times and how about their health to a very badly infected corona virus spot?

After Chanape we should know just how problematic it can be for the company to get permits in Peru.
I think the decision by management to appoint a consultant to help with this now is very prudent but, that does not ensure that the process will be much quicker.

This is our last shot at this.
If this fails we will also lose the Oz tenements and all the money we have put in to Inca over the years.
It is time to bring others with deeper pockets on board and concentrate on Frewena while the bigboys drill Peru.

Think smart and conservatively this time. Survive!

Lockitt

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ICG Price at posting: 0.2¢ Sentiment: Sell Disclosure: Held
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A consultant can go about the required permits the Peruvian way,...

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A consultant can go about the required permits the Peruvian way,...

Top Stories

Sandfire's latest drill run extends known polymetal mineralisation at the Sesmarias Prospect

Week 38 Wrap: US markets panic at 50bp cut; ALS’s minerals revenue slowdown; RBA path unclear

Harvey Norman hit with a second class action – and shareholders, once again, don't care

ASX Market Open: Aussie stocks follow US surge after Fed rate cut decision | September 20, 2024

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