On Friday morning 2nd June 2023 it was reported by newspapers that: Funds for explorers plummet by $1.67b and that explorers are facing an uphill battle to source funds, with a new report showing investment fell off a cliff in the March quarter as a consequence of economic and geopolitical uncertainty.
Financing cash inflows more than halved from $3.02 billion in the December quarter to $1.35b, according to research by professional advisory firm BDO. Exploration and investment spending fell 17 per cent and 51 per cent respectively, while the number of ASX-listed exploration companies plateaued at 787. And what does the Rimfire board do? It rejects,without any explanation, a $4.0 million funding package from Anton Billis's company Lake Grace Pty Ltd , which was unquestionably most favourable to shareholders. The condition of the offer was that the existing board resign. Could this have been the real reason for the rejection? Hmmmmm!
RIM Price at posting:
0.8¢ Sentiment: Hold Disclosure: Not Held
