This cap raise we all knew was coming as the company had specified they would be looking for the placement of the shortfall SPP. Shareholders had a chance to participate but very few supported and rightly so because of all the debacles. I am not happy either as am holding quite a large bundle but do give credit to the management for getting out of near impossible situation.
From what I have come to know(and is my guesswork) is that the Shortfall SPP has been fully subscribed at market price which will give the company circa 7-8 million dollars extra. The bulk of the placement could have been taken by one entity who has strategically decided to get in at the rock bottom price. So hopefully they won't be unloading for small profits. This also shuts down any nasty play from RamCap other than they are disgruntled for not getting what they proposed and start selling. But selling means more loss for them and RamCap or any hedge funds are not in a loosing business. But I give credit to RamCap for taking that initiative and forcing management to handle the tight cash situation swiftly. It has been addressed for now.
So according to the quarterly they had 10 million dollars and with this they will have 17-18 million dollars. This will speed up the Ohio Creek prospects.
With this new money drilling can start in full force.
My investment in TRY was based on the potential of that highly prospective land and finding multiple million ounces. This is the second time TRY will be in a situation to do so. (First time was last September 2018 when everything looked good until that pit wall failure).
I had held back from buying any new but will look to add from here on.
There is a lot of uncertainty risk applied to the TRY share price. Slowly one after another risk is terminated the share price will stop discounting. If only the market view TRY as they see PNR, the share price would be double.
Thanks to
@soarer for putting out the RIU video. It was very informative.
@observing....you do observe very well. Some of your writings are classic.
Gods Gold Go Good
Good Gold Gods Go
Go Gold Gods Good
Gold Good Gods Go
1300 hundee.
Keep them coming mate.
