My bet is small CR to get them through the time-line slippage...

My bet is small CR to get them through the time-line slippage related to yesterdays EPA announcement. Can't be sure though, what they do will show new management's true colours to some extent. Another small SPP to get them through extension is a tick, a CR associated with a premium off-take deal is a tick, a small placement to broker is a cross, a large CR to brokers is a massive fail.

I put my hand up to admit I was blindsided by both the EPA Ann and this CR. $3M raise in Nov (and the $2M NST loan still in place) meant $3M net funding should have been enough to see them through to a financing deal and final CR if required. In fact at end of Dec 18, Qrtly had them with $2.5M plus $1M undrawn NST loan fascility and an expected Mar Qtrly spend of $870k which would have left them with plenty of funds if the funding and offtake deals were to be finalised during the 2nd Qtr as they have kept stating in presentations etc. Certainly explains the sellers coming in this last week, some things never change lol.

good luck