Just to clarify, the cap raise itself isn’t what concerns me. Capital raises are a standard part of the game—it's either that or debt, which I’d rather avoid. A cap raise is only an issue when there isn’t a clear purpose behind it, and so far, none has been communicated.
My main gripe is the additional delay in executing the Renard option. In my view, sentiment would be entirely different—even with the exact same raise details and same timing—if the option had been executed last week or earlier. Shareholders would likely be far more accepting of the raise, knowing that we’re actively moving forward with Renard, which will inevitably require capital in the short, medium, and long term.
What really irks the shit out of me (and I’m sure others) is that this raise seems to be buying time for something we might do, rather than funding a decisive, well-planned move. It makes it look like a speculative gamble rather than the well-considered, confident strategy Chris has outlined up until now. The delay—not the raise itself—is what’s shaking my confidence. It looks bad to shareholders and potential strategic investors alike because, at face value, it suggests WR1 management may not be as certain about the path forward as they’ve previously led us to believe. That’s completely at odds with everything we’ve seen in recent weeks—renegotiated terms, the carbon capture strategy, the PIS submission to the Quebec Government, the road grant, and more.
WR1 Price at posting:
42.5¢ Sentiment: Buy Disclosure: Held
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