MB had an opportunity to raise a lot more money but he didn't. You don't often see a micro-cap say no to extra cash. As per an announcement on 27/02/2023:
S2’s Executive Chairman Mark Bennett commented “To see such strong support from long term shareholders together with additional demand from new institutional and sophisticated investors is very encouraging. It reaffirms the Company’s view on the significance of its exploration assets, and in particular the latent value of the Greater Fosterville Exploration Licence Application which surrounds Agnico Eagle’s world class Fosterville gold mine. Although the demand was such that we could have raised more, we took the conscious decision to not issue more equity than required at this juncture. Within this framework we have also endeavoured to recognise our long term shareholders and those parties that have more recently supported the Company.”
Make what you want of it, but to suspend 2 years of any type of exploration (other than Polar Bear recently) and put all eggs in one basket, you gotta be either extremely confident or be completely reckless. I'd say he'd be extremely confident of an immediate short-term exploration success and I'm backing him on that.
S2R Price at posting:
18.0¢ Sentiment: Buy Disclosure: Held
