By Ben Turney | Wednesday 14 October 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
This morning, Sula Iron & Gold (SULA) delivered one of the limpest imaginable excuses for a deeply discounted placement. Apparently the company has signed an NDA with a Tier 1 international gold producer, which is going to send one of its staff monkeys to observe drilling at Sula’s Ferensola gold project in November. This is why Sula has slaughtered its shareholders this morning, to raise £500,000 before expenses at 0.3p (an all time low for the share price, 40% below yesterday’s close). It is most definitely not to keep the PLC lights on and cover its c.£1.65million in annual admin costs.
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