Financing almost 1/2 filled
This was rather good news and yet the stock continues to be sold lower than the financing price and significantly below the flow through offering price. They suggested they had a 2 million lead order and insiders coming in for up to 1 million of the financing so they will likely even place a small portion of stock that is due to close tomorrow. It will be interesting to see how much more of the planned 5 miilion they actually get. Will they extend the closing date or sell out. I supsect the reported intial production is highly exagerated and that the average daily production over the medium term will be at least 50% less than initial numbers released. This is not out of the norm though. If it was not for Maquarie(lead undewriter) buying the stock, there would hardly be any buyers at all. This is somewhat concerning so I have decided to stick to the game plan and hold off on buying this stock. With the large amount of shares outstanding for such a small company, this stock is probably not a buy above .15 cents but of course just my opinion. Keeping on my radar though.....
Good luck to all