Not saying they will raise money (and there are other alternatives) but there is not much cash left.
They had $101k at the end of September quarter. They raised $2.7 million in mid-October.
The planned expenditure was:
Long lead items and project planning on Odin field: $0.45M (not sure if they already spent all the allocated funds?)
Renewable energy projects: $0.75M (I think they spent around $100k, and they were trying to recover it)
Completion of activities on Vali Gas project: $1.50M (not sure if they already spent all the allocated funds?)
So, putting the $101k they had plus $750k (green energy project) leaves us $850k for other expenditures. One quarter already passed, and we are in the second quarter.
MEL Price at posting:
2.0¢ Sentiment: Buy Disclosure: Held
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