I have been a supporter and shareholder of NTL so I should provide some commentary.
I first bought NTL in April 2015.
I participated in the 2016 CR and also the shortfall offer.
I did not participate in the 2017 CR (My opinion is the 2017 CR was a mistake – especially with NTLOA in the money) [Note I did not hold NTLOA].
Following the quarterly in April 2019 I exited NTL in full.
Here are some excerpts from their announcements during my time as a shareholder.
Offer Document - 20/5/2016, 4:32 pm RIGHT
"The first funds raised will be applied to initiating the bulk sampling project which contemplates that NTL will extract on average 650 tonnes per month for a period of 18 months to 24 months"
NTL successfully raises $4.69M, 5/7/2016, 2:13 pm GENERAL
“Highlights
• Successful completion of rights issue raises approximately $4.7M.
• Board initiates the bulk sampling/trial mining at Talisman Mine. “
NTL successfully raises a further $1.77M, 17/8/2016, 2:18 pm GENERAL
“NTL SUCCESSFULLY RAISES A FURTHER $1.77M”
“The total amount raised inclusive of the shortfall stands at $6.46M NZD with a current Market capitalisation of 14.5M NZD. “
Half Yearly Report - 14/12/2016, 2:04 pm INTERIM
"The company has successfully raised over $6 million of which $2.1 million will be used to fund the company’s activities relating to the bulk sampling project and corporate overheads for 18 months. Surplus revenues from the bulk sampling project are expected to provide a further $1.5 million."
"It is currently not expected that the company will require further funds for the completion of the bankable feasibility study, applications for mining consents and phase 2 of mining"
"The directors expect that the company’s financial obligations can be comfortably met for 24 months and beyond from current and future cash resources."
Annual Report 2017 - Amended - 4/7/2017, 10:23 am ANNREP
"ACTIVITIES THIS YEAR HAVE CULMINATED IN THE SECURING OF FUNDS NECESSARY TO COMPLETE THE FIRST STAGE OF TRANSITIONING THE COMPANY FROM AN EXPLORER TO PRODUCER."
[Side note here. SP closed at $0.027 NZD on 27/08/2017 prior to next announcement and less than 5 months from Annual Report 2017 previously quote.]
Same Class Equity Offer (Share Purchase Plan) - 28/8/2017, 1:12 pm OFFER
"...new listed shares at an issue price of NZD 2.2 cents per share"
NTL Issue of Shares - amended price of existing options, 3/10/2017, 12:54 pm SECISSUE
“k Number of securities in … existence after issue 118,530,578 28/22/17 AUD $0.022 options (NTLOA):
[Side note here. If all remaining options had converted that would be $2,607,672 AUD. However the sp closing at 03/10/2017 was $0.020 NZD – options no longer in the money.]
New Talisman Gold Mines Limited Options (“NTLOA”) – Expiry, 6/12/2017, 1:26 pm MEMO
Quarterly Cashflow Report, 31/1/2018, 3:21 pm GENERAL
“(a) Cash proceeds from issues of shares, options, etc 1,924,661 “
So in my opinion the NTLOA holders got screwed, 2017 CR raised less than they would have brought in anyway, and the over $6m raised back in 2016 should have taken us a lot further than we now are in 2019 with funds running low and another CR on the books.