MMI completes their capital raise. Extra 900+m odd shares at 4.1c.

$40m will be used to pay down debt and increase working capital which was already low from the last quarterly. Might be due to timing issues with cashflow from customers

I guess a good time given the share price rally.

$4m SPP for retail holders.

Not sure about this Kaolin route though. Hope they don't turn into another HPA company

I don't have a big holding here. The SRL is much bigger than the personal one.

Seems like a good move in transferring value from the debtholders to the equityholders - but at the expense of more upside

[held]

Throwing the Saltwater Croc into the mix

Loading triples to up to 3000 wmt/h. Average rate of 2000 wmt/h so at least a doubling from the current rate of 1000 wmt/h. Plus better resilience to bad weather. Target of 7m WMT becoming likely.

[held]

All I'm going to say is that there is something not quite right here

Now trading at market cap of 200m but still below the NPV.

Sometimes you can't use NPV or NTA as a guide for future returns - especially when it is a mining company that always seem to trade at deep discounts and are always price-takers.

Especially when it is an out of favour metal such as bauxite

But I do remember doing something like this before with Red5 and totally missed an opportunity.

An opportunity sitting in plain sight, or one to avoid?