"Under the placement the Company will issue approximately 9.9 million shares at $0.60 each. The placement is being undertaken within the Company’s ASX Listing Rule 7.1 15% placement capacity."
Hi Teddy,
They raised as much as the market would give, and without the need to get Shareholder approval. Shareholder approval would have taken a couple months and hole 3 would have been Fait accompli - and possibly a huge disappointment.
I'm sure they know that if hole 3 is broken then the project is almost screwed. No one will touch their stock. If hole 3 fails then they need cash to keep the lights on until Fed approvals come through.
It is a very, very risky - high risk, high reward - scenario going into hole 3. For all involved.
All in my opinion of course.
POK Price at posting:
68.0¢ Sentiment: None Disclosure: Held
