It’s not a hard and fast rule but it may help. At the moment unless we get some fundamental price movement / re rate we will need to raise $15m for the Carola payment plus perhaps $10m for exploration and development ($25m total). With a MC of circa $100m that would require 25% additional shares which brings us up to circa 4 billion.
Will we need to raise again in 2023? Yes probably. How many will we have after that? 5 billion?
It just need to be rationalised at some point. Now? Later? I guess this comes back to having a plan from management (I’m sure they do it’s just not in any way communicated properly).
Ann: Hot Chili Commences TSXV Dual Listing Process, page-28
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