Thoughts on ITM’s SPP
Do you have a view on ITM's Share Purchase Plan in light of their recent impressive upgrades to their exploration activities.
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Answer
Hi Jill,
Our first thought when we see a $1.8mn SPP by an ASX company with a market cap. of just $9.2mn is its a raise to stay afloat although this clearly isn’t always the case.
- ITM has announced a Share Purchase Plan (SPP) to raise $1 million, offering existing eligible shareholders the chance to buy new shares without brokerage fees at a discount. Shareholders from Australia and New Zealand can participate, with the SPP price set at $0.071 per share, a 19.9% discount from recent average prices.
Having witnessed the stocks ongoing decline we could not be buyers of ITM, noting they raised money in 2022 at 25c, not a great track record in recent years.
