"Corporate costs of $9 million". Sorry but that's exorbitant.
Said it yesterday, this was a means to get institutional investors in when they missed the boat. There's nothing new here- there was no need to raise these funds now at 40c. They had a large capital buffer, the raise could have happened in the March quarter of next year post further drilling results and quite probably at much higher prices. I think this was poorly done for the benefit of institutional 'mates'. Not happy but it's the way corporates work, insiders usually get the running as has happened here.
SPR Price at posting:
39.0¢ Sentiment: Buy Disclosure: Held
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