The last placement was done at a 18.5% discount to the last share price and a 22.1% discount to the 5 day VWAP. That would work out to about 7.5c.
The last conversation I had they did mention they may need a small cap raise for working capital and said they've always been well supported by Shanghai Jason, so hopefully the shares will go to safe hands. I thought they might gat the IDC loan 1st to give a better SP to do the raise, probably IDC want a bit more $$ in the bank before approval.
In any case, starting construction is a big plus, also the fear of a cap raise has diminished, otherwise they'd be looking at more than $7.3m
MNB Price at posting:
9.2¢ Sentiment: Buy Disclosure: Held
