Well 16.65M*$0.2 - $1.66M = $1.67M looks be right, but if the share price is a $0.4, we end up selling twice as many shares as we need too.
Seem to me that if a drilling announcement is immanent, then whats it matter if the cash balance is ~$900k before or after this announcement, except that after the announcement we could have sold less shares for the $1.67m or raised more, without polluting the capital structure with options.
So, it may be a vote of confidence if management and friends are in on this debt instrument, but its an expensive vote of confidence for shareholders.
Like usual, we are all happy for management to dilute the buggery out of us when the share price is going up, but the reality is that this dilution has a cost, and we are wearing it.
Hope we are at 30 on Monday.
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Well 16.65M*$0.2 - $1.66M = $1.67M looks be right, but if the...
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