re: Ann: Moly Mines welcomes major Strategic ...
Interesting ann. with a few mistakes. e.g. On P3 under 'Completion of the Subscription Agreement' last para. "...........approximately 54% (refer table below) in Moly Mines". There was no table on my copy.
If Hanlong have 54% with 207.1 million shares then the balance of 46% equates to 176.6 million. If the SPP is capped at 20 million shares then this is equivalent to a 1 for 9 rights issue or 1 for 6 with a scale back perhaps.
At 1 for 6 at $0.747 (say 75c) the theoretical post issue share price is around $1.16. At 1 for 9 the sp is about $1.18. If my arithmetic is close enough then quitting now rather than waiting for all the approvals may be a better option.
Comments?
MOL Price at posting:
$1.41 Sentiment: LT Sell Disclosure: Held
