Any ideas what is going on?Placement completed last week at 17c,...

Any ideas what is going on?

Placement completed last week at 17c, yet shares are at 13c. That means that the placement was non-dilutionary as the % ownership (~15%) is less than the premium (30% to current market price)..

They have another $8.3m in cash, plus opening cash of $4.1m, plus anything they've earnt over the past quarter. In other words, they have cash, an operating mine and reading the last presentation are heading toward being a very cheap operator once Pearse comes online in the next 6-9 months (sub-zero??). Also, it means they must be almost 50% cash backed.... 50% cash backed in an operating miner and people are selling??