A real shame for long term investors but better than losing the lot.
Just another name to add to the list of those Aussie juniors that have blown up as they transitioned from explorer to developer to producer, taking investors money with them.
The list that I am intimately familiar with includes:
RED
HGO
BSM
PGI
CVR
DML
To name but a few - I'm sure others will have more.
Whilst pollyanna's will say the 'rebuild can now start' the reality is that with such a hefty dilution the SP will never return to the price per share for those investors who have invested from the early days... such is investing in mining juniors.
How painful this will be depending upon when you got on board the train.
Personally I have learnt my lesson and no longer play in the transitioning miner space.
The one exception that I am aware of is BDR - I'm sure others will have more.
Cheers
John
A real shame for long term investors but better than losing the...
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