Well picked up,I won't be subscribing at .6875,who does their proof reading!
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The operational project plan requires a $1.5M investment over 24 months and has the potential
to generate over 8000 ounces during the period.
https://www.nzx.com/announcements/335634
Paying for 5 new shares and getting 6 makes the effective price 0.5729c, (ignoring any cost of capital considerations by waiting for a year for the sixth share)
I thought it was a bit strange there was no pro rata aspect to the SPP. Do I understand it correctly that any shareholder, no matter how many shares held, can buy between NZ$1k and $15k worth (in $1k multiples)?
It was nice to get some information about what's happening at the mine - better late than never.
I thought the chairman made a pretty solid and convincing case for production to start in the near to medium future.
Price of gold is still climbing.
Mr Market doesn't seem too impressed with this though.
I can't see this SPP raising much,with the SP currently at .006c and a buyers drying up,there is no motivation to buy more shares above the market price.I did last time and boy do I regret it.They have sat on a pile of ore for at least a year and done nothing with it.They are now talking about refining said ore,but it's to little to late I'm afraid.
I presume they did some research before announcing the SPP it would be interesting to see who supported it and why.
Unless the Resource Consent gets granted toot-sweet there's absolutely no incentive to participate in this SPP...
Sadly there will be investors who feel dammed if they do and dammed if they dont .In too deep? Wishing and hoping and justifying putting more in? Who wants to crystallise a loss and bail? That is something one needs to man up to sometimes. Support yet another cap raise and trust them or cut your losses and learn not to repeat the experience. Its just one more time , or one less.
What they need to do:
- move majority of wage to variable incentive that’s aligned to share price or skeleton draw until cash positive.
- sharper more regular comms and marketing on progress regardless of size of announcement.
- plan a proper investor roadshow to respectable fund managers.
- And get proactive on existing shareholder registry with communication.
- and MH and CN etc should be buying material $ amounts on market. Zero confidence in their company shows with no buy in from them....a large buy announcement prior to this would have been reasonably smart?
My 2c
This from a top 20 holder just under a year ago.
I just hope before anyone puts any more of their hard earned money into this 'rinse and repeat' company, they go back on this thread one year to 01 June 2018 and spend an hour reading. You owe it to yourself to do this at least!!!
And if ya want to go back a bit further, you'll be able to read the shambles around the last SPP. People buying at 3 cents per share, thousands of people around NZ hitting F5 refreshing waiting for analysis and assaying reports when all that came out was the Director issuing a disclosure notice for his removal as a beneficiary from his family trust. Then from memory the SPP @ 2.2c when no one expected it and everyone was still waiting for the reports to come out. The share price absolutely collapsed. Very little raised in the SPP but the Company still had the audacity to call the SPP a success. And I could go on, but it just depresses me. :scared::scared::scared:
LET the fish heads show the way and indicate their commitment to the SPP with a line in the sand/public statement as to their absolute committed SPP buying !