Great to see that the company has raised in the last month from the rights issue & issue of 645,000 convertible notes in excess of $ 3.3million . Assuming that there are no hiccups with the new Tomra there should be sufficient funds for ongoing uninterrupted production for at least the next 4-6 months.
Depending on success in the short term, I can see the Gutnick clan introducing additional Tomra machines. Do not under estimate Gutnick. I remember Gutnicks heydays approx 20 years ago when there were no drill rigs available in Western Australia because Gutnick companies were using most of them. IFF there is a whiff of large gem quality and/or colour diamonds WATCH this stock run. We have the best jockey in the saddle to bring this to fruition - the next diamond mine to take over from Argyle !
Whatever hopes that brokers & short term traders had of getting some of the cheap shortfall stock at 0.5 cents have now been dashed. The only way to get set now is on-market. I believe that nearly all the shortfall stock etc has been put away in strong hands. I would not expect the shares to trade for much longer at the 0.6/0.7 level.
MED Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
