Ahjay that's the big issue - most here would have averages over the 1c. However most ( as I see it) dont agree with you regarding the position EGO finds itself in. If I was out there I would not pay 1.2c. The revelations have been many and really the cash flow very average. I think it may me worth 1.2 c if we find more gas and put the company on a pathway to cash flow positive - even if we use that cash flow to fund exploration. To do that i reckon we need $10 million minimum and you have two choices.
I think an underwritten CR is the fairest - those not wanting dilution or the top payment can decide individually to put their funds in. At 0.4c its about 33% more shares so you have to fund about 25% of your investment value to stay all square.
I believe if you want a truly unfettered company you have to have no shareholder more than 10% beyond 10% the next hurdle for me is 26% but in reality I see no threat if ERM underwrite and ended up with 20%. As they are infrastructure power merchants what would be the threat - I cannot see them wanting to own an explorer so really why would their objectives be any different to ours. What is holding things up is that they cannot drill without EGO having funds to drill.
I think the deal is far too complicated.
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