PEX 0.00% 12.5¢ peel mining limited

Saturn Metals announced a capital raising today. Unbelievable...

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    Saturn Metals announced a capital raising today. Unbelievable !

    I'm scratching my head here wondering what the hell have these guys been thinking of since the Corona Virus started. They knew months ago they would need to raise more money by the end of the current quarter.

    One only had to look at the cash balance at December 31 then subtract the expected spend for the March quarter. From memory i think that was going to leave them with about $1.3M by March 31.But instead of raising cash when the price was in excess of $0.50 ( pre Corona scare hitting the markets i might add ) they wait until it hits a multi month low of $0.30

    One expects this sort of lunacy from Peel who have well worn form in this regard. But not from Saturn.

    This is probably the result of greed. Holding out thinking they could get away with a raising at much higher prices. Idiots !
 
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