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You ask why issue another 20m shares? This fundraiser is not...

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billmac

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11/10/17

11:52

Post #: 27820011
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Originally posted by JimmyRabbit ↑

Quirkus - this was from the annual report;

"The decrease in cash for the year was $1,098,286 and cash in the bank at the end of the year was
$4,130,753." That would give us 4 years of cash if we continued to do the exact same thing, if we allow for the income to be generated from the Edna Beryl tribute agreement and we have been repeatedly told the 100k ounces at Chariot is close to being mined under another tribute agreement the question really becomes why didn't we simply fast track the exploration in NSW with our own cash and then raise some capital if needed once we have a more established ore body? Why issue another 20m shares at 9c with options for another 10m at 13.5c in 2020 (which hopefully is a massive discount) for cash that will be all gone inside 6 months?

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You ask why issue another 20m shares?
This fundraiser is not usual SPP begging bowl put out to all. It's to "institutional and sophisticated investors" (better known as, those in the know) I always consider it a good sign. Management don't want to crap on their new found friends, do they?

ERM Price at posting: 9.0¢ Sentiment: Buy Disclosure: Held
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(20min delay)
Last 4.6¢		Change 0.000(0.00%)		Mkt cap ! $24.51M

Open	High	Low	Value	Volume
4.5¢	4.6¢	4.5¢	$30.68K	675.7K

Buyers (Bids)

No.	Vol.	Price($)
2	85460	4.6¢

Sellers (Offers)

Price($)	Vol.	No.
4.8¢	24644	2

View Market Depth

No.	Vol.	Price($)
2	85460	0.046
2	123157	0.045
2	142500	0.044
1	22800	0.043
1	48608	0.041

Price($)	Vol.	No.
0.048	24644	2
0.049	34100	2
0.050	151283	2
0.053	47500	1
0.054	87890	2

Last trade - 11.04am 05/11/2024 (20 minute delay)

ERM (ASX) Chart