I disagree. Galan didn't pump the share price, the market did. Galan released a photo of several brokers visiting HMW the same day as the AKE news broke, whilst the market euphorically bid all the Argentinian projects up 20%. Some people hyped it a bit more i.e. "bankers visiting, we're getting bought too" etc, but anyone following the company should know what this meant: cap raise. They're down to around A$37M cash and, presuming they get the expanded pilot plant permit, are facing a capex bill of between US$40-50M (never mind what they need for working capital). That is why the share price has probably gone sideways - who is going to bid this up, knowing it needed more money?
So all in all, I think it's actually a good move here. Raising into recent 20% strength is the way to do a cap raise. And for those who wanted them to release the DFS and then raise thereafter... that's working on a big assumption that the DFS will surprise to the upside. What if it doesn't? Raising into a wall of selling would be terrible.
I think they've played it the best way they can, all things considered.
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Last
13.5¢ |
Change
-0.010(6.90%) |
Mkt cap ! $68.40M |
Open | High | Low | Value | Volume |
15.0¢ | 15.3¢ | 13.5¢ | $629.7K | 4.381M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
22 | 704525 | 13.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
14.0¢ | 452853 | 6 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
22 | 704525 | 0.130 |
18 | 721164 | 0.125 |
15 | 1457132 | 0.120 |
17 | 1839380 | 0.115 |
13 | 975189 | 0.110 |
Price($) | Vol. | No. |
---|---|---|
0.140 | 452853 | 6 |
0.145 | 310000 | 5 |
0.150 | 639259 | 6 |
0.155 | 335000 | 6 |
0.160 | 510000 | 5 |
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