This is the point that is so disappointing. The company is in a far better position than it was earlier in the year, yet Lindsay dares to completely lose trust of shareholders.
The terms are very disappointing. I certainly won't get excited because the options offered this time are not already in the money as they ridiculously were in the last raise. They are currently less than 18% off the strike price of 10c and even if it seems those being offered are not satisfied with this strike price and received enough first time around, I'm sure there would be enough retail interested.
Surely we have enough going for us here with the recent news flow to attract investment on better terms.
Options may provide a capital boost but they apply so much pressure on the shareprice.
Even if we say the last raise was backs against the wall desperation terms, there is no excuse this time.
The other aspect of the raise is why we need to put any resources towards the green ammonia at this stage. Successfully commission and operate the phosphate fertilizer plant and we would be in a far better position to assess our green ammonia plans without another dilution at these prices.
I am fully aware that all small caps need to raise money from time to time. I just don't understand why we are raising under these terms to a select few and not at higher prices after more news.
I remain a shareholder because of the great potential of the projects but I am losing my excitement for the upside here as Lindsay seems to show little regard for ALL of his shareholders.
Here's hoping this is the last kick in the guts for loyal holders and we start seeing some great progress on our phosphate plant.
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