We're hearing a good deal of talk from the industry that money is getting harder to raise. During the week, two floats were canned due to market conditions while several other IPOs have "to be advised" as to listing dates.
It's no surprise; this always happens when markets go sour.
So far, thank goodness, the closing of wallets seems to be selective. Money is still available but it is starting to look as if investors are being more selective.
If the market weakens further, then fewer and fewer juniors will find checks being handed overówith the consequential cancellation of drill programs and staff layoffs. We'll be keeping an eye on cash levels when the quarterlies hit next month.
The announcement also reminds us of the numbers of balls in the air for REE miners.
Having deep-pocketed backers helps.