15% of $10m market cap is only $1.5m.
That is not going to be anywhere near enough based on the ambitions of this company and their 2 active projects
-- One greenfield "lucky dip" drilling campaign
-- The other was effectively a duster as there were no significant intercepts of gold.
Let's wait to see what the announcement for the CR says.
If I was the CEO, this is what I would be looking for.
We effectively ran out of money, which was a contributing (not the only) factor for not drilling deeper at Pogo East.
I would want to know that i have enough money to get the results needed to take the company forward. I would imagine a CEO would lose credibility pretty quickly if they had to keep going back to market for more money after consecutive failures at drilling.
I would like to see the company raise money to acquire another project, perhaps something that is a little more "certain".
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