However, disappointing because market should have moved positively if when Renard optioned.
They could have waited, brought 1b of renard book value, (net say 700m cw greenfield peers capex advantage etc) could have used if they had friendly market makers , strategic engagement etc. to push, price set much higher possibly.
Just nonsense to CR with 23m in hand, this side of the Renard option.
One has to ask why. ? Sometimes, the CFTF is only available when it is, and a matter of grabbing it before it is not. Was 23m not enough cash to sit on to wait for the next CFTF window of availability ? While they need to spend the 1m option, the 3m in exercise of PWM shares, there was still plenty of cash there.
So what do they plan to spend the other 19m on in the next year ? So rather saw an urgency to CR ? I know that they have said, previously that they did not want to get low on cash to a point where a CR overhang was dragging on the sp. So how quickly did they envisage spending our remaining cash ?
Perhaps they see a return to drills with this Caesium discovery, in which we can follow in the footsteps of PWM ? It can not be a coincidence that we have an ann today "Winsome Caesium lithium projects" highlighting our recent discovery and PWMs success. Hence one would guess that they might be preparing to put funds behind a second horse in the field. One that the market might gravitate to, as it has for PWM.
Finally. Kev was right.
WR1 Price at posting:
42.5¢ Sentiment: Buy Disclosure: Held
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