Well fellow CNQ club members the SPP is closed. I wonder if we needed this as it will dilute the share base by about 10%. I say this as that Japanese powerhouse has coffed up $15,000,000 for the hard rock mining. In hindsight we may not have had to go to the market to raise cash. HOWEVER If we had gone to the market and raised $15,000,000 that would have diluted the share base by maybe another 40-50%. The share price would have truely struggled. As it stands Mitsubishi stands shoulder to Carbine North Queensland to get the hard rock mining underway. So we have not diluted the share base by more than 10% and have the cash to really rip out rock. So in my humble opinion this should rock the SP along. If we are the at 7.5c today the cash from mitsubishi is equal to about 70% of company valueso the SP may pop up to over 10c. This makes us a more difficult take over target. As the French say have a great le weekend.
CNQ Price at posting:
7.3¢ Sentiment: ST Sell Disclosure: Held
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