Lucky for us they got the 4mm placement away. There looks to be enough cash to keep the lights on for another 12 months. The listed options expire late May 2024. By that time, there probably will have been a fair amount of cash depletion.
Perhaps if investors want exposure, they are best holding the listed options which give upside to exploration success, and limited downside.
If the options expire out of the money, it's likely Reach will have to rattle the tin within 3-6 months of the expiration date of the options, which would be very dilutive the ordinary shares anyway, assuming there was no material change in that small window, late May 24 to possibly November 24.
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