Hi,
Several persons asked me by E-Mail today, why I wasn't surprised by this latest CR from EDE.
IMVHO, GS telegraphed today's EDE CR in TAS's "PRO-RATA NON-RENOUNCEABLE RIGHTS ISSUE" announcement from October 21st, where he stated the following (I have highlighted in bold type the part of this announcement that is directly relevant to EDE):
"The funds will be used to fund one or more of: possible further exploration at the Company’s Pernatty IOCG* prospect in South Australia, possible support for the Company’s investments and general working capital."
With regard to the size of this latest CR from EDE (via a public or private placement), I see a 1:20 issue being the most likely option (EDE will then only have 5% more shares on issue). I therefore expect 90 million EDE shares to be issued at 3 cents a share (possibly with a free Option). This will raise A$2.7 million (if fully subscribed, but before fees), which will keep EDE fully funded for 2 full quarters. After this, the A$7.2 million finance facility that has just be signed with Long State will kick in (if it is required).
On Monday morning at the latest, all will be revealed.
Cheers.
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