IMO the only reason for the upward trend was that it was a precursor to the CR to improve the VWAP.
It’s a balancing act and if they had left it too late the market sometimes smells blood when funds are too low and then the terms of the raise can be even worse.
All that being said if they hadn’t made such a balls up of the exploration and then “potential” transition to production the raise could have been done at a much higher SP.
Dont be surprised if Trent and the boys breath a sigh of relief once the trough is loaded with feed for another 12 months and we see further delays…I’m sure some site visits to the US will also be required once funds for business class travel are available.
Ps don’t forget Ross also needs to restock his share holding at a cheaper price than he sold before the kitchen renovation(s)….
BNL Price at posting:
2.7¢ Sentiment: None Disclosure: Held
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