Big deal...... been drilling for years, same ol, same ol.
Cap raise at 40c would,ve/could,ve been the go.
With no mention of anyone interested in the assets, or JV, possibly trying to survive on the bank interst, the MD trying to keep his job, he,s laid off almost everyone, even after reduced pay and hrs.
No production manager
No mine manager
No mine engineer
No financial officer
No H&S officer
No secretary
etc,etc
From what I hear staff reduced to three , reduced hrs and pay.
Looks desperate to me.
Maybe a forced asset sale ?
Maybe a desperate grab for more money (more drilling ?)
Maybe a final/first S/H cap raise, to struggle on, 50% discount puts that at around 4c,
but IMO be lucky to raise $3mn,
$80mn Plus needed to finance plant build, then rehire all staff again.
Nimbus on care & maint, staff relocated to Kal office then sacked.
This is the talk around Kalgoorlie ATM, with all the people I have spoken to, they are not impressed.
So....... IMO be prepared....... once 4c is hit , 1c is,nt that far away, is it ?
The problem is ..... low liquidity !
More to follow.........
(All my thoughts, and opinions of course......)
Tonali
(Happy to have got out at 11c, 50% loss)
MRP Price at posting:
8.5¢ Sentiment: Sell Disclosure: Not Held
