Placement SharesWell I am disappointed that no offtake agreement has been announced so far. It looked like all the pieces were falling into place ... stock options granted, SMC site selected and stock price and share volumes rising.
I thought the offtake agreement was coming as it was logical to get this done before the CAD 65 cent placement shares became free trading. Didn't happen and placement shares are now free trading.
Glass half empty ... no offtake agreement and no funding in place for SMC yet.
Glass half full ... just over 7 million placement shares became free trading. Looks like the vast majority of the placement shareholders have held onto their shares. They could have easily tried to dump all of their shares above the 65 cent placment price for a nice profit and just held onto the warrants. They didn't do this so it is promising that the shares were placed with strong hands who have held rather than sold.
By the way, if the stock price continues to climb back up again then short term operating funds could come from the exercise of the CAD 85 cent warrants held by friendly shareholders.
Note that my impatience is slowly building but not to the level of Pip.