A cynic could view this project acquisition and share placement as purely a play to dilute existing shareholders and provide a lower entry price for the "management" and associates. Commercially, why would you raise 300K at record low prices while 1.8 is still in the kitty.
This is the same group who are bailing out of KMC (who are in suspension and looking down the barrel of no return) into a new vehicle that still has finances with which to pay for first class tickets round the world.
Someone should investigate who the placement went too (if it went to related parties) and ask why of all projects available for sale why this one?
Also were those who partook in the placement on the 21st privy to the proposed project acquisition (which the announcement says was signed on on the 20th). Would this not deem material information making this inside information for the participants?
Would love ASX to look at this one.
NTM Price at posting:
3.1¢ Sentiment: None Disclosure: Held
