Let's get a few things straight about the cap raising. there were 430,000,000 shares issued to sophisticated investors at 0.027 cents,then in a SPP (by the way no one wanted a bar of and was eventually taken up by out Thai friend) joe blogs was offered shares to raise another &6,000,000. another 220,000,000 shares were dished out for that. The company was diluted by a massive 40%. Could of been a lot less had they done it sooner.
" The irony in this it was HC posters who were saying they were well short of funds leading into their drilling commitments"
Really,. In May 2012 I attended the AGM in Perth, stood up at question time and asked Phil to his face was there a cap raising on the agenda as I couldn't see where all the money was coming from. Answer: "Not at this point in time" Now if I knew that the cash was low then and the sp was 4.1 cents at the time are we to believe that they had no idea money would be needed in November. They let the sp drift lower and lower until a placing was done at 2.7 cents. That's company strategy for you.! pft!
NDO Price at posting:
3.3¢ Sentiment: Hold Disclosure: Held
