“This transaction is a true win-win for both CRM and UMC.
The A$27.2 million in placement proceeds allows UMC to advance its exploration drilling programme, complete the final feasibility and meet the estimated costs of overburden removal without any expected additional recourse to its shareholders.
Bungy, Matt was true to his word that he would look after shareholders after all by allowing us to particpate in the rights issue.
Going into production with only 185M shares on issue leaves a company producing 5-10 MTPA with plenty of upside in SP IMO.
Another 2MTPA offtake should see us in the $2-$2.50 range
And the real rabbit could be MT Robinson.
Cheers
UMC Price at posting:
$1.09 Sentiment: Buy Disclosure: Held
