I am still trying to get my head around the Roth raising. The...

I am still trying to get my head around the Roth raising. The latest presentation says cash on hand at March 1st is $6.6 million. The raising was $4 million (minus fees I imagine).

So without the raising PEK would still have ~$2.6 million cash. So then why did RB, AH and co. not wait until after the JORC release? They must have known that they would be releasing it by early March (in time for the offshore presentations), so then why not wait? It turned out to be less than 2 weeks after the Roth placement that the JORC was released.

Even if they had assumed the placement getters would be long term holders, it still makes no sense to risk them dumping. I am of course assuming that Roth have been the prime cause of the weak share price (along with Zari - but the Zari placement was necessary to the long term viability of the project).

Now it seems we may have missed a wonderful re-rating opportunity. It is still too early to tell what effect the presentations may have on foreign interest, but at the very least we will not have been able to take full advantage of the initial impetus of the JORC on the SP.

If we do have to raise more capital within a couple of months as a few posters have been saying, this error of judgement by AH and co. could prove extremely costly in terms of potential dilution. It is of little comfort that AH is himself a large shareholder.

Hopefully the presentation goes well and the SP picks up, because these early stages of development, and the necessary dilution that occurs in bringing a project to BFS, are extremely important to any future share price valuations.