Yes that's a balanced and generous take on the debacle. It would be okay if they weren't repeating the same mistake as last year. Now we have an even larger overhang of shares with the underwriters at 7c and who's knows with the attached free option how that price will play out.
I had reservations when this management decided to split the of focus of the companies efforts by engaging in a gold play. All ok if you have the funds for such a wild stab in the dark. I would have thought it more prudent to find a partner on this gold program to share cost and shift of focus. It takes emense effort and focus to bring one project on without trying for two.
My honest feeling is that it has been a little lack of maturity experience on the part of this management team and board. Matt Shackletton is always engaging, but I would like some very clear ideas from them how they propose to bring these projects to fruition and more particularly the phosphate project, which most shareholders bought into the company for, with the current level of funding. Just imagine a backdrop of sub 7c share price next capital raising. If the current drilling proves to be duster or just average it really going to impact ..... well reality may be very costly
APC Price at posting:
5.5¢ Sentiment: None Disclosure: Held
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