The announcement said they we're working towards a binding agreement within 120days during which time regulatory approval for use of the mine site, easements for a pipeline and funding will be sort.
Realistically, this is going to take more than 120days and the statement said "working towards". I'd suspect there has been a lot of work going on behind the scene and we'll get an update shortly.
As for the capital raising and those complaining about it, blind freddy could see the company would need to do a capital raising, the company flagged it and you'd expect the funds would be going towards further developments of the US and India project. Even though the company dosen't have to provide funding for an Indian project it will still have to fund its own expansion costs to put in more resources to deliver on these projects.
If people thought CGV was going to be able to do these projects without raising additional capital than you shouldn't be investing in this company, or any other listed company for that fact.
If you want to sell out, let me know I'll buy your shares. I don't care what price (within reason) they do the capital raising at...this company has a great future and if they can stick a capital raising away on the back of the recent turmoil in the market on the back of Japan...it's a great sign of the belief investors have in this company.
Go CGV!!!!
CGV Price at posting:
8.5¢ Sentiment: Buy Disclosure: Held
