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6.3¢ white rock minerals limited

Good call 7seven7

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autumnrain

190 Posts.

65

02/05/22

10:29

Post #: 61141676
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Originally posted by 7seven7: ↑

Interesting position this company is in now... The initial insto/soph raise was undersubscribed, even though they seemed to have pushed it out to a heap of brokers and even FreshEquities/180Markets were pushing it (which is basically pushing it to retail at that stage)...

Now the company is in a position where there is little demand for the stock on-market so it's at below the raise price... and they clearly got next to no bids in the SPP because they've extended the SPP period to try get more shareholders on board... But clearly there is little appetite since on-market it is trading cheaper than the raise price.

So what does the company do? They won't get enough funds raised to execute their plan (drill out more and re-start the old mine)... so they just take what they can get and mill around for the next year or two collecting salaries and maybe drilling a few holes to make it look active with more raises at lower and lower prices along the way until the merry-go-round finally stops and the company goes insolvent or is taken over by some other mob?

Will be quite an effort for them to manage to turn things around from here. imo.

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Good call 7seven7

WRM Price at posting: 20.0¢ Sentiment: Sell Disclosure: Not Held
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