Surely the PFS announcement would not have resulted in a SP drop. A raise at 0.006 is the worst case scenario. If the PFS did not result in a SP improvement this raise would still have been possible.
So... why raise prior to the PFS?
Chairman Peter Unsworth said: “This equity raising marks a pivotal moment for the Company and its shareholders. The Lake Hope Pre-Feasibility Study (PFS) is now in its final phase, following the successful completion of crucial test work that, whilst delayed, has ultimately delivered the results we needed. With these positive results in hand, we are now in a position to complete the PFS and take the next steps towards commercialisation.
For some reason I am reminded of what happened over at De Grey Mining when its SP was around 5.5 cents. Management did a massive discounted raise (which they supported to the max with their own money) .... then a few months later (miraculously) they announced the big "discovery". That left a bad taste in my mouth.
IPT Price at posting:
0.8¢ Sentiment: None Disclosure: Held
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