Beware the cult, page-65

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El Jefe

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19/04/16

20:31

Post #: 17547652
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Originally posted by Hotazel ↑

Hi Doc,
I don't think that is right.. looking at the statements, and them having accounted for expenses (whatever), there seems to be net cash of $60mil. Some time ago, on my back of envelope calcs I worked on some 18mil spend in the Dec qrt and I then arrived at some $60mil at end of Dec as well (close enough). I could be wrong but if we have an accountant on board to have a look at this, it would be helpful.

So working on the $60 mil, plus the $60 mil raise = $120 mil less $26mil (make it $30mil) forecasted for the March qrt, still leaving $90 mil in the kitty... AND THAT!! dear HC posters is my beef... Why raise $60 mil,and dilute by 16%, when they really needed to only raise $40 mil and dilute by 10.2%.

$90mil - $30mil (to take as to end June with SNE4 completed) - $30mil ( this is being extremely generous. .. to take us till end August and the last 2 contingent wells truly covered, plus, plus ,plus)... and then they'd still be sitting with $30mil to spare in the kitty. There'd have been more than enough room and scope to then do a CR at a higher price. I think this is a big stuff up at expense of long termers ( and by that I don't mean those who jumped on board mid 2014 when FAN was already well underway and wish to describe themselves as "longtermers".)

Just as an example, because I won't be visiting here again soon, had a gutful of all the showered "praises" because so many wish to stand ignorant to the big issue..namely.. "excessive money grab at expense of long termers who invested a lot at an early stage, when they could have postponed the raising of some $20mil till a much later date .. if indeed such funds were then needed... Far could have saved a 6% dilution in the process... As stated in earlier post, the $60mil at this stage will be more than acceptable if there is good justification for it... to date there is none.

Ciao

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More to the point if we dont have the $90M where is all the money going and how long before the next CR. If best part of $50m was used in the last quarter, with $70M now we will be looking at another CR before the year is out?

FAR Price at posting: 8.8¢ Sentiment: Hold Disclosure: Held
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Last 50.0¢		Change -0.005(0.99%)		Mkt cap ! $46.20M

Open	High	Low	Value	Volume
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