Yes - they would have had enough cash to get initial drilling done and a successful drill - matching 8.8% would have sent the SP north and would have resulted in greater returns from the CR.
Mindful of the fact that the 8.8% reading from water drilling was not known at that time and there may have been concerns that the first hole could have yielded poorer results. They got in first just in case.
Anyway, a good drill result by Christmas might mean a double digit SP - all exciting stuff at the moment.
Selling now seems to be a less than well thought out plan. 8.8% in the water drilling may point to a good drilling result and a gamble on that happening seems a better option to me.
BNL Price at posting:
6.0¢ Sentiment: Buy Disclosure: Held
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