I agree with those that are suggesting a cornerstone investor is the likely participant in this CR. The issue of what is material is IMO 5% or more. I'm guessing something like 100mm shares to a cornerstone investor at a premium, say 12cps to raise $12mm and speed up the development of Surprise and get oil flowing quickly. This will help to get CTPO over the line and give the company the boost in funds it needs to fully develop Surprise. The logical participants IMO are Santos or Total which for them would be chicken feed and allow them to leverage into the permits that they have not farmed into, incl each others.
ANZ
material captial raising, page-36
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