RE:RE:RE:No volume in the $1.70,s The amount of verifiably false speculation and information on here is mindboggling, especially for folks who say they are investors and bullish.
In all of Adam's THC presentation the indication has been all along that they would scale up to more rigs after a raise.
Scaling up drilling operation takes time, effort and money. You can't go from 0 rigs to 5 rigs in 6 months. It simply doesn't work that way. You have to carefully scale up the team, make sure the QA/QC processes are in place to actually "digest" i.e. log, transport and process, that amount of core. With rigs drilling 40m+ per day that's a lot of core coming out of the ground.
Look how long it has taken FILO or SLS to scale up to additional rigs. It is not something that can happen overnight. Otherwise you end up with a mess where core isn't logged properly and you are wasting funds on rigs that can't drill at full capacity because the processes aren't up to the task of handling that much core.
We need additional rig and I want them on the property asap and I believe after 8 months of drilling and 4 months with 3 rigs they are probably ready to scale up and have the team in place.
Drilling costs a lot of money. Based on financials they spent $7.5m in 2H2021, a lot of that wsa with 2 rigs and only 3 rigs for 6 weeks or so. Scaling up to 5 rigs will probably result in cash burn of $2.5m-$3m per month. That is not something you want to start doing before you have sufficient funds in your treasury to sustain it for a year+.
With this raise they will have the runway to drill 40-50,000m and substantially more if warrants are exercised.
I do not believe this was a "friends and family" round. There was likely participation by some select retail, but by and large this will have been institutional investors, hence the full warrant. To attract institutional investors Adam has been doing 3-4 extensive trips to Europe in the last 6 months.
And yes ideally we would have all liked to have seen a financing closer to $3CAD, but attracting institutional investors without drill results was not feasible and OCO was clearly overvalued at ATH last year. It is now undervalued and I expect a quick correct following closure of the PP when buying on the open market starts again and the release of positive assay results.
In general, please stop coming up with BS speculations here. If you have questions reach out to Adam directly. He will get back to you, usually same day. And if you remain that skeptical and negative on the team and Oco's prospects then do yourself and all of us a favor and get out of your position.