IMO shares are not going up as much as it should because market is thinking that they can get in at a lower price through a capital raising. With a cash balance of circa $13m at the end of Sep 2017, and spending circa $2m per quarter, I can't see the company needing to raise capital in the short term nor wanting to at current prices IMO!
Ann: Record High-Grade Intersection at T3, page-10
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