Just logged back on. This is a surprise. When I logged off this morning it was buyers at .7c and sellers at .8c! Had a good look just now at the days chart. The price began significantly falling from about 12:3pm0 no doubt scaring buyers away and then from just after 3pm looks like the seller(s) may have sold 'at market'.
I 've had a quick search on the IT sites that I know and can't find any issues with the xTV concept. The directors look to be legitimate and serious IT development people. Unless there is something we don't know about the deal I can't see a problem with it but I am not an IT expert.
On the finance side the last IZM quarterly reported 341k on hand and 746 million shares on offer, so 50K tipped into the deal and no problem there. Looking through the IZM xTV announcement a possible explanation could be at the bottom of page 2:
"......In order to provide working capital to pay the exclusivity fee, undertake due diligence and transaction work, Intercept has received commitments to raise A$350,000 through a placement of 175,000,000 shares at A$0.002. This placement will be made in two tranches being an immediate placement of 47,975,000 shares at A$0.002 to raise A$95,950 and the balance 127,025,000 shares at A$0.002 to raise A$254,050 will be subject to shareholder approval."
A capital raising at .2c. Thinking about this, it is hard to understand. With 291K cash in hand was there a need to raise at this time and at this low level? It's a bit baffling.
Regards,
Chilloutman
IZM Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
