The coal deposits are isolated, depleted and/or deep.The...

The coal deposits are isolated, depleted and/or deep.
The supposed strategy is UCG.

There is nothing exciting regarding their coal leases, many such deposits exist.

Ask yourself, what do they have?:
1) technology = NO
2) in-house expertise (ie UCG) = NO
3) a positive track record = NO
4) significant cash = NO
5) institutional support or interest = NO
6) trading liquidity = NO
7) proven resource base = Still very early days

A chain is as strong as its weakest link. This chain has no links at all.

We now have the following situation
LBY offers a 1:2 @3.5cps
includes a free option for each new share

The share price now has a rally due to shareholders believing that they are getting cheap shares. Also due to this being a thinnly traded stock its not hard to drive the price up, short term. The shareholders receive a free option for each new share and feel even better when they exercise at 7.5cps, at a future time when the sp is 9cps (my guess). The sp then begins its eventual slide back to 4cps (my guess)

The money received from the capital raising is used in an endeavour to find something to excite the market. The other cash available in LBY goes in management salaries etc. In all probability nothing much substantial long term comes from the money investing in exploration. The process is then repeated, in a similar form in another year or so.

After the capital raising and exercise of the options there will be double the number of shares on issue. Hence the shareholders poured more funds into LBY have just maintained their percent holding in a company that is worth about 4cps (my guess).

This company will probably never develop anything of value. I strongly suspect that there will be more capital raisings. It is the only way that they can keep paying management.

Read the Chairmans resignation letter to shareholders. He knew what was going on, hence did not want to be associated.

Do your own research. These opinions are mine and mine alone. I would be interested if anybody can provide something positive on LBY.