You are speaking my words. We have 2 main projects - Seychelles and La Bella. Before we go for a spending spree, we must move at least one of those projects forward.
Initially, I thought the had an actual acquisition opportunity on hand which they wanted to realise. But seeing the table in the prospectus what the money is for, my thought were "YOU GOTTA BE KIDDING!!!"
a) money is earmarket for potential acquisition to only roughly 30%. With that amount of money, what serious project ("near term producing") can be acquired?
b) 50% (!!!!) of the value of the potential acquisition is for evaluation. Did I really read that right?!?
c) dual listing ... we are getting ahead of ourselves. I understand the argument for it, but for what stage our company is in better save our money for now. We can talk about it once La Bella is under way and/or Seychelles further progressed.
We are going to have in excess of 2 billion shares!! This is crazy. I know we want to consolidate which is even crazier. We are not in a league that we would attract funds etc. even after consolidation. All consolidation I can recall are followed by a further drop in shareprice, e.g. shareholders once more a footing the bill.
No money from me. Period. And I will be very careful what I am going to vote YES going forward ...
QFY Price at posting:
0.9¢ Sentiment: Hold Disclosure: Held
(20min delay)