If people who point out the positives of the situation are the ramp brigade, what does that make someone who puts a negative spin on every action the company takes?
No matter who the company issues the shares to or how many they issued, you would say it was a bad move.
The company now have $3.2 million to pay off any remaining loans to Magna and remove them from the situation entirely, as it seems Magna were never planning on converting at a premium as it goes against their business model of undermining share prices rather than supporting them. They have $3.2 million to pay for the plant, ship it to site, commission it and start pumping out high grade ore for sale directly to JSW and BMM. They have participated themselves, showing their confidence in the share price and potential of the company.
This is a great outcome for the company moving forward. They have approvals, money, barely any debts, offtakes, a plan and most importantly the support of their Top 20.
What course of action do you suggest they take since everything they do is so bad for shareholders?
NSL Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
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