Yep the heading on this thread says it all - $105mil raised this time around and only $5mil to be initially used on their two new projects of Mt Lyell and the In-situ development - the rest of the funds going towards debt & bonding repayment/restructure/fees and bolstering the cash balance that hadn't been able to cope in paying Varde and MMG their contracted amounts in Aug/Sep.
Previous capital raisings followed the same pattern in paying down and restructuring debt but of course the raisings are dressed up to give a different impression ' Transformational ESG Growth Transaction'.
The most amazing thing is that they manage to find White Knights with each capital raising to underwrite or subscribe the bulk of funds - fund raising is definitely where NCZ Management are at their cleverest. It must have something to do with the world being awash with money for almost anything - I think these days are coming to an end sometime next year and you'll have to be out of underperforming stocks before that happens.
In the meantime will they be able to chase up the share price after the consolidation takes effect early Dec. with their ESG credentials.
NCZ Price at posting:
15.0¢ Sentiment: None Disclosure: Held
