ML, what project on this earth could cost more than 18m!? Now by that I should rephrase it to 'What project, that a small player can afford, could possibly cost more than 18m?' For them to issue a BUNCH of shares that would severely dilute the current holders, they would require shareholder approval.. Now I do not see them getting any sort of approval at all in that regard.. More like a slap in the face and a 'get out' message to go with it. Once they have drilled a well and hit the black stuff, THEN they may go nuts and purchase new assets and go full steam ahead. For now I say we sit tight and wait..
I remember someone posting that they heard an additional 40 - 50m shares may be issued to buy a new asset... Well if that's the case they have 40 - 50m shares in the form of options that could be exercised in jut over a month so here's hoping that's where that came from! If not then 40 - 50m new shares would require shareholder approval and I know where my vote will be going!
When govt approval is finally given, I see this going up quite substantially. So many long term holders have sold out (just like ML) because of uncertainty and when this uncertainty is cleared up, they'll be back in and paying a premium to do so. So far all I've gotten out of this investment is that the Morocco govt are slower than snails and I'd probably die from a blister before one of their govt ministers could apply first aid.
TPT Price at posting:
22.0¢ Sentiment: LT Buy Disclosure: Held
