The IPO raised $8 million from a 40 million 20 cent share issue....

The IPO raised $8 million from a 40 million 20 cent share issue.

After 10 million freebies were listed it now has 50 million shares with a value of 17 cents per share and remarkably a market cap of some say $34 million, 17 million or 10 million take your pick!

After listing at 20 cents with a sp of 17 cents today with no other income other than $180 k from the WA government I say it’s market cap is around $7 million max. But you choose your own number.

And remarkably the Directors are in line for more freebie “performance rights”.

Started out with $8 million and now $3 million or less!! In the bank.

Cap raise has to be very close.

Why Can’t BH move this stock? Maybe he has too much baggage from his KLL days?

Quarterly due any day and all appears to have been reported. Maybe the market will be hit with a TH before the quarterly. Who knows. Dismal share performance well deserving of performance shares.