re: Ann: Subscription and Underwriting Arrang... Investormate,
My initial email was related specifically to the drilling costs for the DSO first-run, rather than the CMIC-deal-dependant arrangement with Casimir. I was a bit stumped as to why EMG would be funding this outside of the JV and wanted confirmation about how these costs would be dealt with if the JV gets the go-ahead.
I'm a bit reluctant to post personal replies publicly but it's probably fair to say the company sees the drilling for the DSO as overdue and value-adding. Would have happened sooner I think if CMIC had completed.
I responded with my concerns over the second part of the deal (mainly massive dilution).
Just remember there seems to be two parts to the deal. Part 1 the placement of 5mil shares (completed today) as part of the deal for underwriting the options and the other is dependant on the CMIC placement completing.
If the CMIC deal does go through I will be bitterly disappointed they didn't raise cash via a rights issue post the JV completion. The quantum of securities as part of Option B is too high based on what we know.
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