The last CR was by way of a "placement" under listing rule 7.1....

The last CR was by way of a "placement" under listing rule 7.1. These don't have to be offered to shareholders and don't require full prospectus disclosure etc. They may also be issued at a deep discount - and made available to clients of a particular broker or others and need not be be made available to existing shareholders. If I recall correctly, MIN got their shares from such a placement. The discount given to broker clients can hold the price down for a period, whilst stag buyers sell out for a profit roughly equivalent to the discount. When the company has good prospects, I feel such placements have a bit of a "whiff" about them.

However, i understand that the company can only make one such placement every 12 months, so any capital raise before about September, will need to be made available to all. no doubt there will be another significant discount to encourage holders to take their share. So, before the bank balance gets too low, expect a fairly significant capital raise to cover the costs of CR disclosure etc, on the back of a trading halt and good news update. There might even be a book build with insto's if the news is sufficiently good.

Then with cobalt prices increasing, good gold results and a health bank balance and insto's on board, maybe we patient shareholders can hope for a re-rate.

Patience will reward on this one, I believe.