"as we will have to vote on any jv if it is forthcoming."
I'm not sure if this is the case and until I see the JV announced I'm not convinced it's not just a ploy to encourage people into the offering. I'm not throwing good money after bad until I see a decent piece of good news. Let the bigger players and the more foolish do the heavy lifting and pray that they are strong enough to lift this thing back to where there is oxygen for shareholders because at the moment we are still suffocating, close to death.
I had as similar experience not long ago with KDR (maybe not as dire as this though...but not far off). They weren't looking all that flash hot with cash flow having botched up attempts to restart mining at the Burbanks gold mine near Coogardie by going mining without a big enough reserve/resource (sounds familiar except here we know we can't properly even prove one...more risk again!!!). When they started getting desperately short on money they bought a new gold asset (Mt Holland) and put their hand out to shareholders for a raising at 8.5cents to keep going at Burbanks and start looking at the gold potential at Mt Holland. My buy in average was about 13cents and I decided not to throw good money after bad on that raising and let the bigger players do the heavy lifting. Fortunately for me the company lifted itself out of the suffocation zone with a lucky lithium find at Mt Holland and went on to make a peak of 82cents. Do I consider the decision not to take up the 8.5cent raising stupid? No. It was intelligent because if not but for the lucky lithium find I may have found myself even deeper underwater if I had have participated and no luck came my way from their gold plans, whereas by not acting the shares I'd already bought all came into the money nicely. At the time of the Kidman raising there were better things that I could see to put my money into. That's what you have to ask yourself all the time. Why throw money into the OGX raising unless you can honestly stand with your hand on your heart and say that you actually can't see a better opportunity on the market anywhere else. Being an existing shareholder or being in love with the company or having spent hours doing research are not a good enough reasons in my book to subscribe unless you are very confident in the company's prospects or they are offering you shares at a heavy discount. With OGX you don't know if the offering represents a discount or not as the shares haven't been trading. Working on past share prices is not a reliable measure at this point in time either. The market is a monster that can take your hard earned money away and must be respected IMO and share trading is not a game or a hobby unless you've got more money than sense. Esh
OGX Price at posting:
11.5¢ Sentiment: None Disclosure: Held
