Raises lots of questions, perhaps a bit of research needed by long suffering shareholders. I thought there was still enough in kitty to get moving with a drilling program. If they strike what seems to be there then they could have raised this money by issuing half this no of shares.
Is a conversion rate of 2c in 3 years time, fair value? Depends on what they hit but it certainly doesn't stack up with their optimism for where things are going.
I have great faith in the field workers and on ground management team but would have many questions on the corporate side of the company.
On a positive note, it's good to see some activity from the sleepy snail. There must be valid reasons for this activity, which despite the obvious dilution should add value for shareholders. I just can't see yet, the logic of this move.
MLS Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
