The modus operandi for this company, is and always will be, raise funds, explore, prove up, sell (keeping back a royalty for the future), and finally use the money to repeat. We have tried buying a mine so we can receive an income but it didn't work. And I doubt AB or even RRR is going to give it another go. So far, the final hurdle of selling is proving difficult, therefore, to raise funds we have had to diliute. Unfortuately, this has been at a terribly low price and which has meant many of our (PIs) investments have been decimated. But, RRR will sell Greenland and (probably) receive a royalty. RRR will receive further trances of $4mil from APFand 0.75% royalty when Mount Ida goes into production. And RRR will realise some value in Kenya. And maybe RRR will find something in Ivory Coast.
Not much in comparison to the 113m issued (30th May), the 40m converted in the first tranche of the current £550K CLN and whatever additional volume they have been converting since then. Still £460Ks worth to go. Yes it's better for us if they convert at higher SPs but TBH, if we're resigned to raising these kind of sums mostly for debts and working capital then it's all bad imo. You say it is not affecting the price negatively but I don't agree. This buying and the news flow we had might well have lifted us out of the doldrums were it not for the dilution. If we need to raise these sums then imo the proceeds should be dedicated to projects that will provide cash such that further dilution is vastly minimised.
Yes, at the end of the day we need the cash and it's best that they can dump into this volume and not effect the price negatively as opposed to trying to convert in the low 0.20's, which would have been catastrophic for us.
Dukey, I'd imagine YA are converting in to the volume as there has been a 4 million & 2 million sell over on ISDX so far today (over 11 million volume), but I'd still have expected some more positive movement.
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