whatsnext, Overall not happy that they had to raise here. Not...

whatsnext,
Overall not happy that they had to raise here. Not happy with ongoing admin fees either, I am expecting it to drop next quarter.

However,
1) A new group of fresh investors on the register is a good thing as I think a lot of the longer term investors are exhausted and hence not buying in support at this price level.
2) It was small and that is a good sign.. I did not think the existing Directors with their large parcels would want to be diluted out.
3) The raising was at a slight premium to market which whilst annoying because the stock should be north of 20c, at least there appears to a sign out that there is value in this.
4) At the end of the day they needed cash. The Korean asset purchase has clear milestones in terms of drilling and investment they need to do. Whilst I was unhappy with that transaction from a transparency and strategic point of view(running 2 projects in parallel in this market and making such big commitments whilst money is scarce), the Korean assets may actually turn out better then McIntosh.

So, it is "almost" done. I did not see "committed" or "underwritten". Don't really know the company doing the raising but expecting it will also do a on market buying push from these levels. Also I expect a steady chain of news flow given the Quarterly mentioning a lot of drilling and you typically get good news flow after a raising..

I expect a lively AGM this year given the massive loss of value and current valuation of the stock. Questions have to be answered on what is going on here. Even in this market good stocks our performing well. I hope they are not crazy enough to try to issue themselves pay rises or options at this point given the stock performance because this would lead to a very lively meeting.

My view, my 2 cents, please don't take this as investment advice.