The 2016 raise at 3.8c was a real kick in the teeth for those...

The 2016 raise at 3.8c was a real kick in the teeth for those that participated in it. The share price collapsed as soon as the raise was completed and has been on a consistent downward trajectory every since. The price is around 1c now, in pre-consol terms.

But at least after that raise the company’s treasury was flush with capital. $10+m in shareholder funds iirc. As Tang says, the company was well positioned. A highly prospective tenements at Alacran and enough money in the bank to keep the wolves at bay for a very long time

But the money seems to have been spent so quickly. And not even on the tenements themselves, mostly just the salaries and admin. The company never tightened its belt imo. To the contrary, spending seemed to escalate to higher and higher levels

And when the money dwindled to nothing we really had very little to show for it, except a couple of ‘marginal’ little tenements and an industry award for our MD. And then the next cap raise rolled around.

I imagine its getting harder and harder for the company to raise money. Almost anyone that every participated in a raise (that has not sold) is facing a loss, many lost a large majority of their capital.

The company may be forced to offer ever more and more generous terms to secure the next lot of cash. Low ball raises. Throw in lots of free options to further sweeten the deal. Whatever it takes to source pesos for salaries, admin, etc