RE: Is the bod trying to bankrupt this company6 Dec 2023 17:04
Cameron they were approached if you read it in logical order looks like they had an unsolicited approached as they did their sums said ok yes we could do with more ballast funds to avoid any delays let’s discuss. I think as this fell from 3.10- 3.30 region on that RNS they aren’t so desperate to get funds this way as to offer them nearly a 50% discount ref current ‘panic selling’ SP like I said this is oversold and an overreaction. They also stated other finance options available. I really think it’ll be an interim low amount. IMHO GLA DYOR
‘Having completed the costing exercise, the Company has identified a need for additional funds before Itumbula can be drilled. In addition, the Company is in receipt of a number of unsolicited approaches from potential investors and, in light of the findings of the costing exercise, is advancing these discussions while also assessing other financing options. The Company is confident of securing the additional funding in the near future so as to realise the cost synergies of avoiding a delay to the drilling of Itumbula and will provide an update in due course.‘