They have basically de-risked in a very risky macro environment.
Whilst not happy with the executed price, was happy with the strategy of doing it.
It de-risks the remaining 50% somewhat but also allows for commercial upside. The $6m will ensure no dilution for a while and allow them to have more bargaining power with the L7 permit.
So whilst the long term holders my self included will be unhappy today, hopefully they use the cash raised to ensure a better deal on L7 with whomever they partner with
Ann: Triangle Monetises State Gas Shares, page-43
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