...A bridge too far :) ...Lets compare what we got from this rights offering:
III announcesd in May 2022 that it will conduct a rights offering (the "Rights Offering") to raise gross proceeds of up to approximately C$53,730,456 through the issuance of rights ("Rights") to subscribe for an aggregate of 17,674,492 common shares of the Company ("Common Shares") at a subscription price of C$3.04 per Common Share.
The Company will issue a total of 13,475,400 common shares in the Rights Offering for gross proceeds of approximately $41.0 million.
This offering was undersubscribed, overvalued, and a mess. The company, who owes a 40 billion dollar (by conservative value of in ground ore) asset couldnt give away their stock. Why you ask? Is it the 200 million dollar bill for block cave that NC is palnning (the bill is over 600 mil btw - conservative estimate of which 30% is III issue)? Is it the collapsing price of raw metals (Cu down from 4.5 to 3.8)? Is it the raising interest rates that will make borrowing unsustanable for a msimenaged piece of do do that III is? Or, is it the stupidity of holding out to open MP while the price of Cu was sky high and finally open it up when recesion is on the horizion...... hmmm....I dont know.