You are right, but I was meaning good news in that they reached...

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Madrum

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29/10/14

16:58

Post #: 14202319
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Originally posted by foxylady ↑

Not a good spp result and looks like take up was light as they were after 5 million not 2.5 mill and how much was taken up by shareholders and how much by pattersons as they were underwriting 2.5 mill. The pre take up by sophisticated and institutional investors was zero and there was no interest at all as my broker offered it to me and said they wouldnt touch it. So in the end only 2.5 mill raised which wont go far with the cash burn. They have burnt through over 12 mill in the past 9 months. The last raising was burnt fast and this wont last long so they will need to raise again early next year n hope the interest is there. How much stock pattersons is stuck with out of the 2.5 mill raised could put a serious lid on things for a while like all the stocks they get involved in. Guess now we need to wait for a government decision which hope doesnt take as long as usual government decisions. Time to wait now and see if the market got this right or wrong with the spp take up.

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You are right, but I was meaning good news in that they reached what they needed, they could still do a placement for the other 50M, but either way I'm glad they at least got the S2.5M to add to the bank balance.

I never hold my breath when Bureaucracy is involved, it quite often leads to frustration when doing so.

CNX Price at posting: 5.1¢ Sentiment: Buy Disclosure: Held
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