They had been trying to raise $700,000.00 since late October 2018 They extended the closing date to 28-Dec-2018 then extended it again until 18-Jan-2019 and raised a total of $38,825.00
So in 3 months they raised ~$38.8k at 1c each plus a free oppy..... Closing sp today = .6c
Ann. 18-Jan-2019. And it’s for real, CVS did say the following....Which I thought was amusing re: why they extended the closing date, twice!
“As announced on 24 October 2018, Cervantes Corporation Ltd (ASX: CVS, Cervantes, the Company) engaged in a capital raising of $700,000 by way of a Prospectus.
The prospectus closing date had been extended ((twice)) to allow any new investors and current shareholders to participate ((arm twisting??))
before the Company engages other methods to fund exploration of the current projects.
The Company advises that the Prospectus, as announced 24 October 2018, is now closed.”
It sounds like the next option to raise might be the so called “death spiral finance”
You be the judge!
CVS Price at posting:
0.6¢ Sentiment: None Disclosure: Not Held
