Last cap raise only 6months ago for 20m at 33c, closing price was similar to today. Hank bought a hefty amount at 35c not too long ago. I was expecting more late Dec quarter cap raise but I guess with election time coming and the uncertainty he may be wanting to secure capital, unfortunately at not a higher price as he has been stating. Capex required is 45m+, unlikely to be getting that amount, more like 15-25m leading to around a 12% dilution. Perhaps Pegasus is doing another round? If he participates then that's really good. Really was not expecting a cap raise so soon.
Last talk he did seem to be quite repetitive in what he has been saying and definitely not as strong as his previous talks - 'losing steam' so to speak. While qualification is great, there is a question of demand and how much demand really is there for C103, probably may not be too high given he has started to talk more about other things such as titanium and the HIIP. If he is expecting to blow us out of the park then perhaps an contract announcement together with the raise but the information provided seems to suggest no material contracts etc. Seems like qualification was already priced in and going up to 50c was and overshoot.
3DA Price at posting:
36.5¢ Sentiment: Hold Disclosure: Held
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