I have now sold out of this stock. I had held it since its days as Wedgetail Mining when the Nullagine Project was the big hope that was to drive returns for shareholders. For these guys to abandon Nullagine, and then only about 18 months later dust it off as a reason to encourage people to subscribe for new equity is a bit rich. The new equity was mainly to repay the convertible note owned by long suffering shareholder Linq, as well as to give them some cash to cover expenses. The dusting off of the Nullagine project was a minor aspect. Existing shareholders have now been heavily diluted - the number of shares on issue has increased by 50% and they were issued at 1.2c. Yes I'm disillusioned with management, but if you adjust for the new share issue, the recent price is as good an exit price as I've seen in 6 months. If you look back, Wedgetail was trading at between 3c and 4c three years ago. They then did a 1 for 10 reconstruction in Sept 2006, and then changed from Wedgetail the gold co to Millenium the molybdenum co. Management have destroyed over 90% of shareholder funds and are now back to where they were three years ago, hoping Nullagine will work. Lesson learned. There are better places to invest.
MOY Price at posting:
2.5¢ Sentiment: LT Sell Disclosure: Not Held
