Sadly, a typical story. When things are going good, the directors' first impulse is to protect equity so the share price keeps going up, not to protect the project by raising sufficient cash. If you think this is bad, consider MBN which could have raised half a billion dollars at $8/sh without a sweat, now its at $1.75-1.90 and sweating on a piddly $80M debt.
I don't think Noble will come to the party - they don't need to. Reed Resources has barrambi, interment has this monster of a coquina deposit in Queensland, let alone Aurox with Balla Balla, NiPlats or even Thundelarra. The world is awash in vanadium, its sloshing around the place.
Sorry to say, but it might be third or fourth time lucky for the Windimurra deposit.
today's west australian, page-2
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