Well the quarterly reveals no rabbit to be pulled out of the hat, so the long slow decline will continue, but probably the decline will get a bit steeper and quicker soon.
Amazing really that they closed on a net $3m in the June 07 rights issue and at 30 June they had cash on hand of $2.5m. Must have had a lot of cash in the bank going into the raising.
This is the third time in three years cash has been allowed to run down to such precipitous levels.
The pity is that on current spending they will be back rattling the tin by November. Given the track record to date of ever decreasing issue prices, this one will be around 6-7 cents (probably with a truck load of options).
Of course with now six directors to run this " emerging producer", last quarter's directors cost of $209k will ratchet up even further.
Can hardly wait for the directors to hold their hands out for options this year, pity is by the time they ram it through, it could be all over.
It listed three years ago and after raising $14m since the IPO (yes $14m), they have added zero value to their projects in the greatest bull market of all time.
A legendry effort really.
One of the worst performers around.
OLY Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
