The problem, Wabbs, is that they company is unlikely to do a CR at current levels (a 10% dilution would only raise about $2mm, which is not enough to do much at all really). The business is not "bleeding" cash (as some would like you to believe) but is roughly level in the water: so time is actually on their side a bit (particularly since with the support of the major shareholders, the Board will continue to survive proposed mutinies - again, despite what some would want you to believe). The extended test at RGN1 is alegedly cash flow positive (well, not negative at least), so it is more a side show now, as opposed to the main game.
So, ultimately, a farmin is now required to move forward. Empire has said on several occasions that talks are well progressed - but we simply don't know when and where such talks will be finalised. Nor do we know the resulting project dilution that will result from those talks. But guessing from the recent "noise" (the fact that Ken has found his pen again), I would say that there has been some recent "encouraging progress" and Ken is keen to publicly make it look like things are all good (to comfort the nerves of any potential partner, who may be worried by the sliding share price).
I don't see the point in arguing about the size of the pie we will give away: 20%, 40%, 50%, whatever. Fact is that we have to give some away in order to move forward. I think once we get an announcement (which will be some time in Q2, and that's about as close a guess as anyone could make I reckon) they we will see some sort of recovery in the SP. I strongly doubt they will even consider a CR sub 30 cents (it simply does not make sense) so the company will be keen to see a recovery sooner than later, so that eventually it can raise the capital it needs for its part of the deal.
As for MIN: strangely silent (and perhaps distracted by other things). I wouldn't be surprised if a farmin partner took out MIN's 20% at a later stage though (complete guess there).
Don't see the point in arguing about Boards, history, and the other stuff. I am slightly out of the money at the moment on this one (but not too far), but don't think it will be long before that changes. Just a guess.
Regards
Kit
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