RE: EmlToday 14:18
AS previously mentioned on here, I was surprised, no flabbergasted, with the recent fund raise.
Why did it fund raise at this time. ? Clearly, it did not expect an early approval of EIA otherwise it would have waited to get an humungous amount of cash flowing in. We had been told company had sufficient cash at hand to see it through 'til end of year. So probably, as a poster mentioned, the auditors would not sign off the A/cs as a 'going concern' for a further 12 months. The audited A/cs are issued sometime in April for YE '23, so time was of the essence. The PDMR's could have had a private loan to the company to see it through to EIA approval. If EIA was not to be approved, then no amount of cash would save the Moroccan operation. So, on the surface, it appears that it was a 'genuine' raise to further promote KMA and EIA approval, rather than my initial 'usual' thought of 'raise to continue to pay salaries. expenses and pension pot payments.'. Clearly, my initial thought and hope was that EIA would be resolved before end April. With the foregoing, this is extremely unlikely to happen. However, a further 8 weeks should be ufficient time to promote thefeasibility of the KMA process, and allay fears that concern Committee. So, by end of June it is then. sp will probably 'wobble' around current level during this time frame, unless RNS drops with either 'good or bad' news on developments. RNS drop,!!!, we should be so lucky.