Details of Capital raise by Mid-January a bit of a stretch
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Details of Capital raise by Mid-January a bit of a stretch
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Mkt cap ! $6.254M
$6.25m ASX Cap - at what level do smallcaps falling off the radar get shown the door over there ? ;)
Progressed the required documentation for the Rights Issue with the
intention now being to open the Rights Issue to Shareholders in February 2023.
$490k left in the bank at the end of the quarter
Still stating "This plan aims to produce gold and generate revenues in the second half of 2023, with positive cashflow by late 2023".
Guesses they remain for sure. The 21/12/22 Update from NTL said 'We expect to open the rights issue in mid January with full details of the terms will be confirmed then.' so being deferred to February suggests either the Board remains undecided while they were waiting on more costings, or they have noted the SP and gold price firming and wanted to delay a little to not make the offer as generous, or they simply have not got their act together. I'm disappointed that an acknowledgement and reason for the announcement delay has not been given as without one I assume the latter.
My latest guess is a 0.25c purchase price on a 1 for 2 renounceable with a similar number of options expiring in 2 years time at 0.5c.
Why are they doing a 10 to 1 consolidation?
It will still be a penny dreadful.
I would have thought 100 to 1 or more would be a more sensible ratio.
Looks better for tha capital raise
And no mention of delisting from ASX.
Decent volumes again, giving lack of usual volume in NTL.