If there is a drilling decision on Beehive I don't think that there would be any problem with liquidity . MAY after issuing the TO shares would still be a microcap and the Beehive drill will attract a lot of speculative money . There would be a lot of ex MEL shareholders getting out but I tink that there would be plenty to buy their shares .
Who knows what Purcell would do with his new and existing MAY shares but I doubt he would sell them too cheap .
The BUY shares would mean that MAY would not need to raise cash from shareholders and could even do things in Cuba before the Beehive drill .
The FI to Beehive ( if it was to happen ) is structured that MAY is free carried for the drilling and their costs after that are only recovered from their 20% share of production income . No production income then no liability for costs after the drilling of Beehive . A discovery at Beehive would be massive for them . I certainly would keep a % of any MAY shares for the drill .
All of us here are investing in hyper risky microcap oil and gas exploration companies when it is all said and done .
MEL Price at posting:
4.8¢ Sentiment: Hold Disclosure: Held
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