To quickly raise $2 million for a drilling program in the one area says that they must be optimistic of an intensive drill campaign. Some cynics will say that BUX was making good of the opportunity to raise more cash. In some respects that is true.
The argument is more to do with what was the intention of the raising. The participants in the CR would have handed over the cash with the expectation that it would be spent on Double Magic. That's the undertaking by BUX.
That's my expectation too. The fact that BUX could raise money so easily for Double Magic indicates that Double Magic has potential. The next few weeks will indicate which way we are heading. The next hole is the key. BUX knows this too. Hence the time spent on maximising the probability of another good hit is critical to where the share price goes from there.
BUX Price at posting:
17.5¢ Sentiment: Buy Disclosure: Held
