By Ben Turney | Thursday 19 June 2014
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.
On January 17th, Edenville Energy (EDL) caused outrage among its shareholders when it placed £1.4million at 0.07p. This was a greater than 50% discount and illustrates exactly the problem, which faces cash strapped junior would-be miners. Without sufficient backing, the “assets” these companies own are, to all intents and purpose, worthless. Today, Edenville has hardly helped any attempts at making a value case for this stock, as it placed again. This time it raised £250,000 at 0.06p. Further dilution, for such a small amount and at this awful price further calls into question Edenville’s viability. Oh, but hang on moment, I heard its shareholders cry, what about the Expression of Interest the company signed only nine days ago? Well...
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