Those are good points, especially with small caps like this that have a seemingly willing and cashed up majority shareholder(s). My concern is around the condition subsequent as it sounds like the debt syndicate want $20m raised and no less:
Conditions subsequent:
- PEA to undertake at least a $20m capital raising within three months of financial close
- One year dividend lock
If only half is raised are PEA in breach of their funding conditions?
Ann: Pacific Energy to Acquire Contract Power Group, page-5
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