As far as I can see none of this raised capital is going to fast track anything. It’s only going to pay for what should have been generated from gold sales at $3,600 an ounce. The register has been heavily diluted again as the company seems unable to make a profit from mining gold at over $5,000 AUD an ounce.
I think it’s pie in the sky to compare MM8 to HRZ. Similar gold resource I know as I bought into MM8 last year and I am nearly 5x my initial investment. MM8 just raised $27.5 mill at 21c only adding around 130 mil shares to the register. This will take them to around 600mil SOI. I remember HRZ having around the same SOI when I first invested here. After this raise will be around an eye watering 3 billion SOI.
Really not happy with the further dilution and why aren’t management buying up large sums of shares if this is a bargain with such a bright future? Been invested here for a while now and the correspondence I’ve received from management over the years has been a waste of time. A woulda coulda shoulda but ultimately didn’t eventuate scenario. Let’s not forget the approx $10mil AUD debt that was borrowed to bring cannon on line. Cannon is probably still underwater and current debt would have to be over 30% of what was just raised! Let that sink in
HRZ Price at posting:
4.9¢ Sentiment: Buy Disclosure: Held
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