There was $39M available at 31 December according to quarterly report. This was roughly 3 Qtrs of cash at current rate of expenditure. Given increasing depth it is reasonable to expect that the rate of expenditure will increase. Accordingly, the company is within the window of needing to raise capital in my view.
With respect to MUFG selling to raise cash to purchase at a lower price in a CR, I'd be surprised. If a large shareholder sold shares with the expectation of buying discounted stock I wouldn't provide it to them, that wouldn't be the type of shareholder I'd encourage to the register. If there was however some sort of sweetheart deal I would question the integrity of management.
SPR Price at posting:
62.5¢ Sentiment: None Disclosure: Not Held
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