The Sovereign Wealth Fund investment at a 25% premium was good to see but it seems to have brought out a few leftover 7c cr sellers. That seems to have put a temporary cap at just above 7c and a few traders seem to be getting frustrated with that and sold today below 7c.
Not a big volume morning at 680,000 shares so far today for a measly $47,000 but on low volume days, even that small an amount can push the sp around.
I think we need the offtake news now to generate the volumes needed to clear those remaining cr sophs that want out near 7c.
The offtake will likely be followed by the Angolan bank loan to clear the last of the main IDC preconditions and enable the start of construction soon after.
I think most of us are looking forward to that milestone.
Ann: US$10m Strategic Investment Approval Received, page-178
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