today is approval day, page-212

Hi Phantom,

Yes: I stand corrected, as far as I can see. I remembered that we were free-carried for Seaclem but can't see anything to suggest that it was on-going in the JV. I think you are right. My apologies.

Given BUY have already had their 'cut-throat 1c' CR to 'sophisticates' to fund other 2021 projects, I can only imagine that management will do another CR once NOPTA approval comes through. After all, you only need funds for PEP-11 if it is approved.

My suspicion is that management will offer a quick SPP to all holders (no doubt underwritten) upon NOPTA approval. If Baleen was a success, then future funding will be easy. If it is a duster (and that is possible, no matter what percentages of success are thrown around), BUY will need shareholder investment at some stage in the future. BUY need to cover this possibility, as well as raise a few extra $. Shareholders were burnt badly with the last CR. I believe Phil Kelso will be aware of this (you'd have to be living under a rock to miss this) and use the positivity of a NOPTA 'yes' to offer this and win back some lost SH good-will. I'm very hopeful that, if shareholders sit tight, we will get a bonus after approval.
Again, we have no proof one way or the other at present, but I suspect that this approach would make strategic sense for management going forward.

Take care, and stay safe.