We do have financial backing if a cap raise was done. ie Delphi have some major investment in this and do not want to walk away. Contractors that are not paid or participated in the last cap raise will also be interested. At least there is some real production figures forecast. They still have get the biox plant running which is a 50/50 chance.
Not like the wing it bullshit that the previous joker ceo forecast. He should have been fined hundreds of thousand dollars for his misleading forecast. At least he lost millions as he always participated in cap raises. As far as the forecast for $2,880/oz in sales. That is a little too high. I think Bitcoin has severely put pressure on the price of gold. WMC had a mkt cap of $74 mill. Before admin. They need to raise this amount as per pfs. So the previous shareholder value is zero. The only value that previous shareholders will get is a right to participate in the new cap raise. Is this right worth something? Who knows? If Delphi and other major shareholders take up the offering, maybe. I think the cap raise might be successful however major shareholders will bail as soon as possible. Time wake up the sleeping giant once again, whether he will stay awake on this pfs is very high risk and to be honest not worth it.
WMC Price at posting:
20.5¢ Sentiment: Buy Disclosure: Held
