Doesn't actually say how many shares issued for the fee does it Slj? Do you need to deduct the 6.8m security shares from that 9.7m to get the fee. Not sure.
Anyway. Some people will wake up screaming over this deal. More issuance with shares approaching 1 cent on the old scale. (Limit is 0.15 market so 0.135 to Bergen and,even then, its at discretion of CCC to waive limit it seems). And main purpose of the $5m, evaluate opportunities. Crazy. More teams of consultants employed. At least warning investors this time. More fees paid in shares and long dated options.
No info on current production or cash flow but big promises for the "medium term" of 500,000t after development expense. Just what's needed, more debt and development expense. And all this based on a 2010 consultants report. Mmm. Big hopes based on outdated reports. Where have I seen that before?
I know I have glass 1/10 fill attitude but looks pretty bad for shareholders to me. Maybe good for management. Perhaps once they explain the story more fully the value will become clear.
One thing for sure, by still issuing, they are signalling yet again and at lower levels that there are cheaper things about than their own shares. Those who keep saying the shares are ridiculously cheap should call the company and explain to them.
CCC Price at posting:
14.0¢ Sentiment: None Disclosure: Not Held
