Agree with you. When they originally asked me to participate, it was indicated they were trying to raise 10m. Then the next day it became 5m. I refused to participate on both occasions and made up my mind to sell out when it came back on market (I finally dumped the last of it today). As such, my view is that another raising comes in 6 months time.
They should actually have had some cash prior to the raising to last them until the end of the year (based on my former calcs - I mentioned this in a previous post after the quarterly). I have a feeling they wanted to rush this one to market because there was a big risk that with all the stock coming out of escrow, the share price would be more like 4c by the time they needed to raise.
Anyway, I've had enough and lost enough and have learned to accept a dog and cut my losses. There has been plenty of talk and rumour spread around the market on this one and so far it has all been a beat up.
Good luck to all. Hope they do find that strategic investor - love the fact that the company is now "committed to focus on finding a strategic investor". Not sure what they were committed to focusing on previously - probably just paying big salaries, eating plenty of fois gras in France and throwing cash out the window!
NWZ Price at posting:
5.4¢ Sentiment: Sell Disclosure: Not Held
