Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
I was more concerned at previous placings. The speed he’s going at now it’s not so much the price as the price action before hand which was disgusting, which ultimately contributed to the 11p.
A poster used an analogy of ripping the band aid off. It’s done now and we have a large amount of money.
The mention of institutional investor on board, fox Davies dealt with them and Novum the rest as flippers?
Decent advice on corporate activity wouldn’t go a miss though.
Extra cash could be for the upcoming T and T commitment and working capital without sailing so close to the edge?
All hinges on the testing results now. Certainly wouldn’t expect another raise prior to those results. If they are positive they can raise the drilling costs at a much higher rate.
Yes plus what’s owed but something had to give to keep the working interest and no debt. Not outrageous at the moment. I would have been happy with 500 million shares and everything tested. 50m or so over that, assuming testing gets done, isn’t bad.
PG has said previously he knows the corporate side. This isn’t the first time he’s done a placing that was timed or priced poorly. He needs his ego to step aside a bit, get someone in who can advise him properly and concentrate on what he’s good at. It’s not saving money if the dilution is higher than it should be on most occasions.
He still has the 75% and no debt and £10m in the bank. If the testing gets done this time and it’s positive it may be a case of the end justified the means. Got to get it over the line for that to be the case.
Decent volume today, few more of those and a new prospectus and cpr should see PRD flying again.
I can’t see them putting a deposit on the trucks or anything else before the financial modelling is done and they’ll need the testing results to prove flow rates before then.
Sounds like the long lead items for the next drill but until PG does a comprehensive follow up to this placing who knows.