Including some working capital you'd need 8-9m. On current market cap that is essentially a 1:3 cap raise. That is prior to any discount. Realistically you'd be looking at up to 40%dilution once discounts are factored in. I'm not sure exactly what $$$ have been spent so far in total, but I have a feeling that giving up a 10% stake (20% of BYE's share) would lower the risk whilst also diluting existing holders less. Really comes down to how any cap raising was performed.
A placement to sophisticated/institutions would see all holders essentially diluted, and worse off than a farm out. A rights issue would see no net dilution to holders taking part, but would be unlikely to be taken up in full due to the scale needed. A farm out would see future revenue lost, but preserve the capital structure. Downsides to everything. Personally I'm hoping for a MEL farm-in as that's where my interests are - but they only have 10m in the bank thanks to a stupid return of capital - so the risk gets quite high that point, given that MEL have already funded the convertible note for the same project.
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Last
5.9¢ |
Change
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Mkt cap ! $61.49M |
Open | High | Low | Value | Volume |
6.0¢ | 6.0¢ | 5.7¢ | $16.61K | 283.7K |
Buyers (Bids)
No. | Vol. | Price($) |
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1 | 8750 | 5.6¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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5.9¢ | 41961 | 1 |
View Market Depth
No. | Vol. | Price($) |
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1 | 8750 | 0.056 |
4 | 1396634 | 0.055 |
3 | 1838999 | 0.054 |
5 | 461602 | 0.053 |
1 | 111999 | 0.052 |
Price($) | Vol. | No. |
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0.059 | 41961 | 1 |
0.060 | 333999 | 2 |
0.064 | 25558 | 1 |
0.065 | 25165 | 1 |
0.066 | 78500 | 1 |
Last trade - 12.45pm 07/05/2024 (20 minute delay) ? |
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Open | High | Low | Volume | ||
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Last updated 10.00am 07/05/2024 ? |
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