This stock continues to amaze me. After the 2 for 5 rights at 2cts, it has around 825 mil shares. At 4.8cts, the market cap is around $40 mil. Net cash is roughly what it raised from the rights issue... which is $5.4 mil.
Guess some folks must think that its technology is worth the difference. 9 months till 31st Dec showed a revenue of only $438K with losses of $4.1 mil. Cash declined to $2.1 mil from $5.6 mil. Shareholder loan of $2.75 mil.
Yesterday's 65% rise in the share price increased its market value by $15.6 mil and is probably attributed to Mr Ching of Oxley Holdings paying $650K to apply for 32.5 mil rights shares at 2cts. A few years back, Mr Ching converted his $5 mil loan to the company to shares at 20cts each.