It is curious right. Assuming you're correct, they couldn't have known when they would need the drill rig money relative to the seismic results being released. And 100% couldn't have known what the share price was going to be when they needed the money to book the rig and didn't have the seismic results yet.
I do agree with you though, the SPP tacked on doesn't make a heap of sense. If it was, as you suspect, to reward loyal holders then good on them. But perhaps they thought they might have a revolt on their hands if they raised $5M at 10c to instos only. Retail getting a little wobbly with the Cluff deal sending the share price south. I reckon maybe they were a little nervous how the raise would impact the share price if they didn't take retail along for the ride?
Pure speculation on a lazy Tuesday though...
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Last
7.1¢ |
Change
-0.003(4.05%) |
Mkt cap ! $107.6M |
Open | High | Low | Value | Volume |
7.5¢ | 7.5¢ | 7.1¢ | $46.18K | 642.0K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 164923 | 7.1¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
7.2¢ | 150000 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 164923 | 0.071 |
7 | 349914 | 0.070 |
3 | 536268 | 0.069 |
4 | 349117 | 0.068 |
5 | 314984 | 0.067 |
Price($) | Vol. | No. |
---|---|---|
0.072 | 150000 | 1 |
0.075 | 244808 | 1 |
0.076 | 604216 | 3 |
0.077 | 590022 | 8 |
0.078 | 648125 | 7 |
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