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Because a new funding deal is not in place is my suspicion. They need cash to buy them time to restratify and get new commercial direction in place. I'm trying to remain unbiased here.
It needs to be funding related as they are running out of cash fast.
Rockfire Resources plc (LON: ROCK), the gold and base-metal explorer, is pleased to announce that it has made application to the London Stock Exchange for the admission to trading on AIM ("Admission") of 12,333,333 new ordinary shares of 0.1p each in the Company ("New Ordinary Shares"). The New Ordinary Shares are being issued pursuant to the exercise of warrants to subscribe for Ordinary Shares.
The New Ordinary Shares rank pari passu in all respects with the Company's existing ordinary shares and Admission is expected to become effective on 19 December 2019.
David Price, Chief Executive Officer of Rockfire, commented:
"To see the exercise of warrants is pleasing, as this provides additional working capital for our on-going exploration plans. To date, the Company has received £278,000 from the exercise of warrants - money which will be used for further drilling at Plateau."
"I would like to thank our shareholders for their continued support of the Company and for showing a high level of confidence in where we plan to take Rockfire in the future."
Never seen such sideways movement on a stock considering the news flow... baffled. Still upside potential, but scratching my head at the last 24hrs price action.
Fingers crossed Ricky. GLA
I've joined the party - GLA
I suspect FUM is scrabbling to find support for funding whilst also scrabbling to quickly get their ducks in a row for the new strategy on DermaSys for reg approval and commercial launch. I believe there is still a future for FUM, but there are some challenging times ahead in the near term, more funding related more than anything. This is going to reflect in the SP, and I suspect we are looking at new lows in the short term.
It's not over for FUM, but temporarily they are facing tough times and I will sit on the sidelines for the moment until the funding scenario is clearer. GLA
In English Scruffee? :-)
Taken out, as in company acquired?
Bruce, my gut tells me that also. Range between 10-20p until further announcements are made on next steps. Confirmation of IP tied up is an important one, in addition to response from regulators on further trials. Sooner the better on that front, as it will give an understanding on what cash needed to keep FUM running in the interim.
Where do we honestly think this is going from here folks. No BS.
I am reassured to see that this is some of the most constructive and objective debate I have observed on this forum pertaining to FUM for some time. I lost big time yesterday, but got out earlyish yesterday and rebought lower. Like many here, I have further digested the news and believe there is still solid commercial merit to FUM and DermaSys, albeit in a different form of commercial and regulatory pathway.
In my opinion, FUM need to beef up their commercial team and bolster the BOD with further additions with demonstrable experience in these realms. With that in place, I believe this has solid legs to progress forward IMHO. I will mobilise a buy on a further dip.
GLA
Thanks for asking, I'm keen to know also.
For it is worth, the unexpected news still has commercial merit and therefore is far from failure. I should have known to use more caution when approaching these types of events, but hey ho. I'll be having a stiff drink tonight.
The DermSys platform has proved effective here, however the focus was on MED and in that respect there is no getting away from these results being dissapointing. FUM still has a future and commercial prospects, but they will need to sharply refocus.
Kudos. Big balls. If this drops to ATL then I will revisit a buy.
Just wow...
No news released first thing. Wonder if this will be today or next few days now?
Calm before the storm folks... I think we will see some action late afternoon into Monday. Strap in! My bags are loaded. The dice is rolled. GLA
It isn't an OTC, and won't be for a while. So you are talking about reimbursement in the US through insurers. They have deep pockets and are far less price-sensitive than the European markets/payers/regulators.
The OTC switch opportunity will be further down the line, but will present an opportunity for further commercial rights for FUM.
15 days? I suspect it's more like 5 days...