3x Mou with conglomerates (yes they're only MOU's but you still have to give credit to whom they're with)
Enough cash on hand to accelerate the project and likely not a need a raise again if they can prepare the project with Gusto.
Dual listing on Nasdaq (Double Edge Sword)
20mc (tangible value is well over 30mc)
•Negatives•
still no clear plan
a lacklustre board other than Neil, but he also has no experience bringing projects like this to market.
no specifics on what the money will be spent on other than staff and a general one at that.
still no definitive decision on what will be sold and who to, (yes I'm aware 68% Dri Concentrate is priority, but still nothing on DSO or the decision on who it will be sold to.
Poor performance of individuals on the board
High salaries, especially for ones manzoori had elected a long time ago, including himself, who had shown to be useless or non existent in terms of workload provided in return for compensation.
1:2 ratio for options on this raise was appalling, and dilution was not optimal when they had a perfect opportunity to raise higher, (shows lack of experience)
•Conclusion•
Can the board pull something off by December this year before everyone heads for the exit if they cannot. I'd say 50-50, and this is why they raised, so that if all fails they have enough capital to tie them over to next bull market and bring in new investors and Neil will resign and history will repeat itself.
perhaps we havnt been scathing enough, these guys need to answer questions properly. I have personally sung praises for the progress Neil has achieved, but it all means nothing if you can't get a pen on the dotted line. I'm a top 10 holder currently and I barely even email them, been giving them plenty of time and my patience is thin, they have 3 months or they're back to 1c range and will rinse and repeat until it's sold as a shell comoany. time is ticking management, show some integrity (the whole board) get to work and show some results, no more fluffing about "finding the best option" make it happen
it's not good enough !!! do better !!!
MGU Price at posting:
3.2¢ Sentiment: Buy Disclosure: Held
