Ann: A$20 million Equity Raising Completed, page-3

- Over-subscribed.
- Clear explanation of where the money will be spent and why (i.e. to reduce hedging costs and invest in high return wells).

One year ago, if you said to me Calima would raise $20 million in 4 days at reasonable discount, I wouldn't have believed you. Back when we were trying to complete Montney, raising $20 million (around the amount needed) sounded like pie-in-the-sky.
Notwithstanding that we remain undervalued, in practical terms, we are beginning to look and act like a solid mid-tier producer with good access to capital markets (if and when needed).