AYC have announced a placement to the professional mining service that they have brought in to finish the decline and conduct much of the mining. The mining contractors are professionals and look competent, plus they have a clear incentive as holders of the company.
This finance supplants whatever has been raised through the rights issue and should leave the company with more than enough to get things up and running for the planned decline completion in March.
Of course there is risk with any mining venture but there has been plenty of buying of AYC recently and they are cheap if they pull this off.
Not to mention the fact that the AYC price would have to be considerably lower to result in the current ORS price being equivalent value to the current offer.
There could be pressure on the AYC price once the ORS deal goes through, but equally this will be very close to mining date and good progress news could see strong support to the price (which we are already seeing imo).
Mine aren't for sale at 1.4 and I'd only consider selling at 1.6 or higher, if at all currently.
ORS Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
