"What is concerning me is the delay in raising capital. Sure the sale of the tenements will take time but we know we definitely need 7.7Mill so why not raise the cash at 10c when the SP was 12c instead of below 10c.
The delay in raising cash only indicates to me that the deal is not a 'done deal'."
That's an odd conclusion to make.
The announcement was clear from the very outset before any discussion had commenced about funding that this process would take several weeks. CEO have delivered on schedule in every other aspect and they haven't failed on this issue (yet) either. Patience.
Secondly, there's no single "DEAL" being done. It's several deals! If you listen to the brr interview w Mark Earley he makes it clear, and I'm paraphrasing, that control won't be given to one single investor but rather the raising or funding will be sourced so that shares are distributed to multiple investors - He intends on given less shares to more parties rather than more shares to less parties. This is better for shareholders as we will retain control and call the shots. On top of that, if insto's aren't happy with their allocation, they'll be forced to buy on market to top up.
Finally, it seems to be missed that the ball is in OUR court now. We have the option and no one else. We've shown the potential of the project and we haven't even scratched the surface of what could very well be a world-class deposit. And, we are in elephant country. And next door to the elephant of them all from a consumer/end-user point of view. So there will be many interested parties who will be scrambling to get a slice of the CEO pie.
I'm in, and locked in.
CEO Price at posting:
9.2¢ Sentiment: Buy Disclosure: Held
