another turkey

Things are looking a bit grim here again. SPP that was supposed to close today has been extended until 3/7. Last October they had to pull a SPP due to the global financial crisis, so with the shares banging down around 2 cents and the offer at 2.4 the market seems pretty underwhelmed. Someone has been selling fairly solidly over the past three weeks.

Shareholders have seen three years of capital raising after capital raising at ever decreasing prices including the Big Kahuna rights issue after last year's withdrawn SPP which diluted the daylights out of everyone. Of course the Big Kahuna rights issue was not enough to keep this company in funds so the next step was a sell down of the "family silver" in the farm-in on Blair North with Balagundi Gold.

Of course what is notable at NMI is the lack of skin in teh game by the non exec directors. New director Black invested direct into the Blair North project via the Balagundi farm-in and has not invested via NMI.

Given NMI's financial position is hardly robust what happens to the Balagundi farm-in if NMI cannot nmeet its share of the current drilling. Does the NMI 51% dilute? Who knows what the deal is, certainly not the shareholders.

Expect another stunning announcement on Blair North (with even bigger type face on the announcement of 24/6) this week to arc up the long-suffering shareholders to send their hard earned readies off for the SPP. Trouble is they do not seem to be listening.

Maybe they figure this has the looks of being one long death spiral.