Based on the last Quarterly ' estimated ' forward cash outflows of $320,000 - this raise of what $591,236 from shareholders would barely cover the next Quarter let alone the drilling campaign itself if it wasn't fully underwritten by DJ Carmichael Pty Limited . Still a very precarious position to be in at the present moment. And I guess a fair bit of control will now pass to DJ Carmichael Pty Limited. Wonder what will happen with that.
I can see why they ( DJ's ) are involved though. If it goes ' pear shaped ' from here , at least they will be able to backdoor the tenements into some other ' newfangled ' spin off IPO.......
Ann: Close of Rights Issue and Shortfall Notification, page-6
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