SPP non underwritten = under supported

Very frustrating and confusing watching this play out now, I think I overestimated the Board and management to my detriment. After 12 years it appears that it has become a lifestyle company for some. Seeking more funds to explore the “hot” commodities whilst keeping a job and doing the minimal.

With all the much talked about diversified “we have this, we have that” commodities the company can’t focus on one or two exploration plays (explore, sterilize = move on, discover = mine). Still no drilling, only more pending tenements and soft JV farm in’s. The scatter gun or ADD approach.

ILC appears to have found a JV partner via a common Director to pass on their other low priority projects and still keep some skin in the game – go figure. This is not a company maker, nor is chasing the periodic table in an adhoc nature.

Like the failed Fat Prophets report, management came up with this new JV through the common Director to get something out to the market before the “non-underwritten woefully under supported SPP closing date so they can extend it as they have no additional exploration news to report of note despite promising otherwise, this is embarrassing timing again.

Most non-underwritten SPP plans are under supported (30-40% take up), it would have been more prudent and professional to close it today.

Mistake after mistake, very disappointing and not helpful, at this point of time whilst the SPP is open and above the current price.