I think a lot of holders would share your view, teiris. SPPs and free options are seldom a good idea. They may be designed to give loyal shareholders a sweetener for buying more shares - if they have any spare cash - but they just drag things out and create a negative vibe around the stock. It would have been better just to have done a straight $8-10M CR instead.
At the very least we need a clear explanation of what the reason is for the Renard postponement and also of the plan going forward. Even the relatively small size of the CR is a bit surprising. It makes some sense if management are pretty certain of a strategic partner coming aboard in the next few months. Otherwise there'll be another CR by June almost certainly, and maybe at an even lower price. Perhaps there's method in the apparent madness but we deserve to be told what it is. The funny thing is, we've had positive-sounding announcements over the past few weeks that suggested everything was on proceeding as planned, with only the lagging lithium price casting a shadow on things.
WR1 Price at posting:
42.5¢ Sentiment: None Disclosure: Held
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