GT55, "Mate if they already had approval at a previous AGM they...

GT55,

"Mate if they already had approval at a previous AGM they don’t have to ask you squat!"

I haven't check previous AGM, if 2016 AGM holders approved 15% placement capacity than the board has 1 year to do 15% placement without anymore approval. That 15% placement approval only valid for 1 year.

"They had a raise I think around 50c at the time, well what’s happened since then ??? Down to 6c again for years before this year."

Yes, because:
1) Copper price drop below US$1.8/lb (from US$4.5/lb; more than 50% drop) beyond our control
2) Those placements at 50c were to fund managers. They lost their patience and/or changed new managers don't want investing in exploration companies. For whatever reason, their lost is my profit. Thank you!
3) A large portion of share price collapse in 2013-14 were due to they selling out; as I said before we are better to have happy large holders than unhappy ones. They pushed our share price down. I think initially PEX share price dropped from 50c to 25c (due to copper price drop) than they really smashed us down to 5c. I was a happy buyer at 5-10c.

"You raise the money at the best aviable price when you can, you don’t get a premium because you want the deal done quickly when the opportunity arises."

Depends, if commodity prices collapsing than we need to take whatever we can get. However, zinc prices going up because Glencore shut down large production and, most importantly, several largest zinc mines closed (run out of zinc). It will take a few years (or several years) for supply to come back up. Yes, we need to hurry with zinc but we could have capital raising at premium instead of discount. If you got high grades in hottest commodity, we have more bargaining power. If zinc price is at US$1000/t (instead of $3000/t) than we don't have any bargaining power. Nevertheless, I'm happy with 40c raising to mainly SBM knowing they are not fund managers but a successful miner who has deep pocket and can help us later on down the track or already helping us. If 40c raising mainly to Mr XYZ or fund managers, I won't be as happy. You have to ask yourself why SBM happy to buy more? What they see in PEX and you don't?

Just IMHO