Yes another 3b and everyone is focusing on the issue at 1.33cents, but what about the mysterious issue of shares at no deemed value issued in satisfaction of "borrowing costs". This is the second such transaction in a month with a total of 10.65m shares issued "in part satisfaction of borrowing costs".
What are these borrowing costs? Could they be procuration/facilitation fees or similar for the innovative $300m financing facility?
Who knows? The A team don't really believe in explaining too much.
Obviously the burn rate has increased at FAS. They have raised $650k in the past month so nobody at FAS seems to be worried about solvency nor that the magic billion of shares on issue is getting even closer based on the current burn rate. Wait til the end of July top up of the bank account, which based on current sales will barely be above 1c.
As every other miner both junior and majors in these very precarious times are being super cautious and limiting spending, the A Team at FAS is stepping up the pace.
Needless to say no cut back on the very generous consultancies that will be exposed in the upcoming 2012 Annual report.
Crazy brave or just crazy? Time will tell.
FAS Price at posting:
1.4¢ Sentiment: None Disclosure: Not Held
