The offer in December (2 months ago) was described as a: "21.7% discount to the 15 day VWAP... of $0.281 per share" and was to raise $9.9 million.
This offer in February is described as a: "30.1% discount to the 15 day VWAP... of $0.229" per share and is trying to raise $7.5 million.
So effectively a 55+% discount over 2 months.
What an abysmal display from management specifically attacking the little investors on the register. This shows poor financial controlling from the finance team and poor governance oversight from the rest of the board.
They really needed to raise $17.4 million - to undercook a capital raising by effectively 80% (e.g. needed to raise 80% more than they did) is astounding.
At least this put the options they all decided to give themselves (with our approval) so far out-of-the-money that they will also suffer.
Pretty shocked to be honest - have never seen this before (two capital raises so close together and wtih both at such a large discount)
GNX Price at posting:
22.0¢ Sentiment: Buy Disclosure: Held
