LNY (ASX) News: LNY Laneway Resources Says Co To Undertake Capital Raising Of Up To $3 Million

Originally posted by gassed ↑

G'day tomato69. I can't agree. Renison was never going to develop Agate Creek. They were a financial disaster.
LNY have applications with the TOs and the DNRM to develop Agate Creek. Approvals for both of those will see LNY become a seriously different company to what it is now.
Frankly, this CR was inevitable. They need to prove to the DNRM that they are capable of mining Agate Creek and just basically to pay all the fees and guarantees. They would have been kicked out of the office if they went with what they had on 27 June, debt, no cash and no income. That all changes with this announcement.
And I'm happy that they are using CNs and have not put 133 million shares into the public hands and no doubt have issued them to more "professional" holders who wouldn't be flooding the market when those next announcements are made. They need those announcements to turn their SP on its head.
And paying 15% on the CNs suggests to me that those announcements can't be too far off, as they wouldn't want to be paying 15% on $2 mil if they had no idea when they would be getting the go ahead.
LNY is not Renison!!!! LNY is closing in on being a gold producer with over $600 million worth of gold to process.

Expand

This CR doesn't sit right with me @gassed. IMO boardroom discussions have been as such:-

"Lets not tell the SH what is going on, that way we can keep the share price suppressed for as long as we want."
" Now we are almost there lets issue some shares to ourselves so that WE can make a heap more money. But need to issue them at a premium so as to make it look good to the SH"

IMO stinks of insider trading if the TO agreement announced soon.

News: LNY Laneway Resources Says Co To Undertake Capital Raising Of Up To $3 Million, page-11