groundswell, the low cash balance is worrying me and the longer it persists, the more dilution we can expect (imo).
However, the delay of 6 weeks appears to cost shareholders around $45k just in management salaries based on the quarterly's estimated administration outflows for the next quarter.
Will a placement of 0.5 cents be achieved this time considering the latest placement was at 0.8 cents? I have a hunch that 0.4 cents is more likely considering the placement participants usually demand a discount and there has been some selling at 0.5 cents already. If the existing placement underwriters take up more shares they would want a bargain to minimise risk of not so appetising drilling results. The problem for Alloy shareholders is if Alloy raise $0.9m at 0.4 cents per share, that would add over 50% more shares on issue, significantly diluting existing shareholders. Let's hope management have something more appetising considering their cash position.
There is a very odd buy order at 0.4 cents for 10 units of AYR shares. Does anyone know why such an order would exist?
I'm very disappointed with the way events transpired and I hope management have a trump card to play. I continue to hold reluctantly, hoping for a change in fortunes. Let's hope management can deliver some good news.
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