"I thought they would have had enough money to get thru to drilling."
oh, there is no way I thought they wouldn't raise before drilling - drilling costs money -
but, I really didn't think they would raise until they got these results out for the samples -
why?
because a. at their current cash burn - there was no urgency - and it is so very easy these days to come up with some great surface sample assays -
because - you can walk the field and use an xrf gun as you go - now, that's not really cheating - it just gives you an express quickie look at what you would find anyway - but, the gun can zoom you in to the better areas easily.
and, it looks great to a market.
Of course - if there was bugger all there - then, you are stuffed - but, on the ground we are talking about ----------- that is very very highly unlikely.
So, I am a bit bemused by the timing of the raise - not so much by the raise itself.
Also - because of the director (own money) buying a few weeks back - and, now the raise -
before sample results and before going to Stage 2 (which may well need the funding - yes, I can see that one) ---
it sort of makes me think - that existing shareholders 'might' get a chance of buying here
?????? - why else would directors have brought in in that cluster?
Personally - I would have just gone for an institutional or sop. investor raise - and, the directors could have taken some of that up with their own money anyway -
but, who knows -------
I guess we shall find out in the days ahead.
Of course - my confusion on the timing (mainly to do withe the probable raise price) - might be unwarranted - who knows - perhaps a deal is done for a raise at a premium (hmmm - laughter all round - but, it does happen - like pigs flying occasionally) - because of the negotiations (said to be underway) for stage 2.
Anyway - we wait ----------- pretty certain this is a good project -- but, we shall see.
(20min delay)