They were fully funded to do 10,000m of RC drilling and 1000-2000m of diamond drilling.
Sure there is more aircore and DD planned now for next year but not that much more it requires a top up before drilling next year.
The BOD aren't stupid and with what they are seeing now in the alluvial plus bedrock they know they are onto something of significance now across what looks to be regional scale.
Once some of the initial DD and RC assays start coming in I imagine they'll be able to raise well north of these prices.
When you start to extrapolate the strike length by width the potential here starts to add up to the millions of ounces.
I think what you are seeing as already pointed out is that we are entering a quiet period with no news for the next 4-8 weeks and some will see today as a reason to sell out and sit back in the buy queue hoping to pick up stock cheaper as volumes dry up and interest wanes over the Xmas period which is exactly how we drifted from 24 back down to 18c on no news!
I could be wrong but I think the seller buildup is because the punters no there's nothing to drive this further north until the new year kicks off.
Just my thoughts and I could be wrong but I'd be extremely surprised to have a cap raise come so soon after the most recent one.
KWR Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
