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Any issue 20% below VWAP should not be allowed by ASIC IMO, I...

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McKhenry

726 Posts.

64

24/01/19

14:00

Post #: 37212490
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Originally posted by hotdog159: ↑

This is highly unusual.
Usually, a company short of cash will do a placement or rights issue, and say nothing about not otherwise being a going concern.
Those who bought 100k tickets in the convertible round did so having had deep discussions with management, and would not have bought without a sound funding plan.
So why bring up the 'not a going concern' now? This smells like last weeks fish.
Obviously a huge rights issue will follow at 0.5 cents or below, and we will be too scared to buy. That will leave the way clear for Coupolos, and the other insiders to get control on the cheap.
Then watch them sell down project ownership at a good price to develop the tenements. The first is meant to be largely funded, the second is in a hot area, and I was told by management last year that multiple funding options were being pursued.
We will know the fix is in, if they underwrite the rights. It makes me angry. I am sure this will happen, and we will get shafted.

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Any issue 20% below VWAP should not be allowed by ASIC IMO, I believe you may have hit the nail on the head though

CAS Price at posting: 2.0¢ Sentiment: Sell Disclosure: Held
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