I have sat on the sidelines to see how this announcement would unfold.
Unfortunately the reaction by the market is quite disappointing to say the least. CEO up 9% as I type, a result we may have achieved without an announcement given the recent market conditions.
Plenty of sellers wanting out, perhaps annoyed with delays etc but I think the excessive capital raising of $28Mill may have taken a few by surprise. Why not raise enough to drill until early next year when the SP should be closer to 20-30c (in old terms) and then dilute out the company.
Oh well, I have held this long...
CEO Price at posting:
7.5¢ Sentiment: None Disclosure: Held