Bit of a shock to start with but soon realised most if not all placing shares have already been forward sold . The large volumes of recent days led me to believe option shares had been triggered above 2p /share but the volume soon changed my mind since Xtract Resources has issued only a few option shares .
So why was the need for the placing ? following paragraph taken from attached RNS :
The Board are particularly optimistic on the fundamentals for copper price increase and recognise the necessary and indeed accelerated expenditure will place the company in a strong short term position with its Zambian copper assets. Additionally, the fundamentals for gold indicate strength and as such returns from our Mozambique gold assets will also be assisted by this placing.
Following the placement of 83,333,333 new Ordinary Shares of 0.02p each the Company will have 438,508,052 Ordinary Shares in issue with voting rights. Not to many considering the last placement was done on 14th November 2017 .
I did a dummy top up and was asked 1.345p/share but read the L.S.E. bulletin Board before pressing the buy since Kat and her many pseudonyms ( user names ) was already bashing in style . Sadly not many sellers but I’ll see what happens tomorrow and hopefully get in as near the 1.20p /share as possible . Aye , my trading tranches might just about to be reloaded before the Sino 2 alluvial profits RNS … brilliant timing Mr.Colin Bird …