It's interesting and not surprising reading these comments relating to the CR. Unfortunately CR's are necessary for small caps that aren't earning an income to operate.
For those that did their homework, PGD was always going to go to market to raise further funds most likely in the current or next quarter. Deep drilling isn't cheap and that's the next step they are heading toward at Tin Can. I'm pleased they are only going for a modest $2.5M raise with the hope that this will be enough to really determine that Tin Can is a significant gold system and that should then mean that the next raise is at a much higher share price and hence less dilution.
I wouldn't be surprised if MC or other significant shareholders mop up any shares that aren't taken up by holders. I'll be taking up my allocation at a minimum as it will help me to average down further and also I see the free attaching options as attractive with an exercise price of 25c to be in the money.
Every shareholders situation is different so the current CR will be attractive for some and not so attractive for others. Hopefully though, regardless of whether you take up the offer or not, George and the team will make a significant economic discovery at Tin Can and is the first of multiple discoveries within their promising projects. if that's the case we will all be winners in the long run!
PGD Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
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