So, the extra 40m shares have issued. Who were the lucky ones eh? Sheesh, just 10c and 1 for 2 free options exercisable at 15c by 20/10/16. How could this be let happen? Was it a "hands up" job?
But how could it be? The company knew the money need on or before the 15/8 when it gave notice of the GM. Why did it get caught at this low price and why did it think it had to issue such generous options?
I hope that there is a satisfactory explanation. Otherwise, imo, it is suggestive of lack of diligence or a diminishment in power to external (but associated nevertheless) forces.
There are now 3.9m shares left available under R 7.1 (15%) and 42.6m to eligible entities under R 7.1A (extra 10%). The proposed AGM Resolutions will no doubt seek to refresh the rights under those 2 Rules. It will get more difficult for the average shareholders to vote these types of resolutions down, if not impossible, with BOE and its rich clients seemingly becoming a dominant force.
The Board needs to clearly demonstrate that it acts for all shareholders, as per its Corporate Governance Statement. I have to admit though that all of this sort of negative sentiment will dissipate IF and WHEN the company gets gold funding and/or either (or both) T10 /Forrest deliver a commercial base metal deposit.
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