I'm not happy about this quote in this announcement.
Any funds raised upon the exercise of any of the Bonus Options will be allocated to the Company’s Paradox Brine Project on production well drilling, re-entry of wells aimed at increasing the JORC Resource and production plant engineering) and for general working capital purposes.
I expect money to be allocated for the Bull project, not just the Paradox Basin project.
There would also be other investors who want to see a bit more commitment to the Bull project, as the Paradox Basin project will most likely see sideway action in the share price with the usual ups and downs for about 3 years, maybe longer until a change of administration in the USA.
I just don't see management being able to commit to there timeline on the Paradox Basin project, a binding Tetra deal will change things in regards to the share price, but I do not see production starting in 2 years, more likely 3 to 4 years in my opinion.
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Ann: Bonus Option Issue Prospectus, page-5
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7 | 377402 | 0.076 |
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