This is AGU we're talking about. There was no need for the 70m partly paid shares that raised just $7000 upfront either, but they are there to further dilute holders when converted. The line used at the time was about raising "working capital". $7000 doesn't go far, and the company never made a call last December when they could have.
30% of $5.5m is about $1.7m so that leaves $800k spare cash as of the end of June. At the rate PDY/AGU take to release quantifiable results, that money will be gone. I'm predicting another cap raising at about 2.5cps. Probably just the cynical side of my nature showing, though coupled with previous history it's a good possibility imo.
Will be pleasantly surprised if they wait until the next JORC upgrade before raising more cash.
AGU Price at posting:
2.9¢ Sentiment: None Disclosure: Held
