Ann: Retail Entitlement Offer Booklet, page-20

This capital raise basically address'es the biggest risk i can see - which is not being able to pay the bills that get this dog into production.
Of course price of labor/plant and equipment can still rise and probably will rise but i'd say delays would be the biggest risk from this point. If 2024 production becomes 2025 then what i think is the lowest price now will clearly not be the case.

i'll participate in this raising as i did in the last one and see any dips below 10 cents as a buying opportunity - at least as long as there isn't a sniff of delays. PEN is far from out of the tunnel yet but i think the light at the end of that tunnel is distinguishable enough to confirm its not an oncoming train.

To me PEN is worth accumulating considering it hasn't moved compared to some if its restart peers
TOE i own but its a speculation stock (<1% of the portfolio)