Ann: Drilling Update Below Savannah 900 Fault, page-3

With that kind of “analysis” I”ll suggest you might just stay dead wrong on this one, as you have been so far, and on so many others too.

From my observations Zeta have not been the smartest of investor in the resources space, and I suspect they are acting in a terminal phase of damage control with this one, perhaps some wishful thinking wrt their existing holding led them to believe a 50% discount was too good to pass on.

Note the round number of $10mm, when I suspect if they’d wanted 19.9% then they could have instead offered more in the CR. I suspect $10mm is is what they decided was their maximum appetite to risk on this further “gamble”, in which case they are unlikely to permit themselves to buy more any time soon.