I can believe what has happened here and I'm not unhappy with this announcement. But it does P me off that JKA, which was so carefully crafted into a diverse explorer with near term production has been run into the ground by that Hammermet drill, and maybe those ever so wonderful Hardman directors who have not lived up to expectations.
The clue to look at is the $2.5m standby facility provided by TPT. We were broke! I suppose the writing was there with the $5m con note done recently, I do think that TPT is getting the better deal (I hold both) but cash is king. Even JKA sale of Odewayne for $15m was not not providing cash when needed. Now!
There is a lesson for all of us here. We are entering a very precarious period for explorers. There is zero appetite for cash raisings. Just imagine if JKA had tried a to raise funds now. We would be back at 3c with no certainty as to the future. As i said in a previous post, both these companies have strengths. I think the T/O was the best that could be done. Its timely and the weaknesses of both companies are now minimised.
JKA Price at posting:
7.0¢ Sentiment: Hold Disclosure: Held
