The trading halt is obviously for a CR. I would not be surprised...

The trading halt is obviously for a CR. I would not be surprised if the company has been issued with a please explain as to how they are going to last the next 2 quarters based on the current cash burn rate which is approx $10m per quarter.

With $3m in the bank, I would say the company needs to raise circa $20m.

I am discouraged that IF new investors are not privy to additional drill results, the company SHOULD have undertaken the raising when the share price popped to 20c CR price of 16c, now the last closing price of 15c the CR price will be approx 12c.

Assuming drill results are due as advised in early May, Management has sought to value shift to the new investors. It is also important that those investors that participated in the last capital raising which I think was 25c, they are underwater, this could be about placating/encouraging them to partake in the current CR for longterm reward.

Basically, IF the company got off its ASS and released drill results as alluded to ASX announcements the share price should have been higher, thereby existing and new investors would be happy with the companies performance therefore being open to supporting the company and putting in more dollars via a CR.

Cheers

Clever1