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
4.4¢ |
Change
-0.001(2.22%) |
Mkt cap ! $47.46M |
Open | High | Low | Value | Volume |
4.6¢ | 4.7¢ | 4.4¢ | $148.1K | 3.301M |
Buyers (Bids)
No. | Vol. | Price($) |
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1 | 6058 | 4.4¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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4.5¢ | 504824 | 1 |
View Market Depth
No. | Vol. | Price($) |
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1 | 6058 | 0.044 |
2 | 26744 | 0.043 |
3 | 450000 | 0.042 |
1 | 2300000 | 0.041 |
6 | 382195 | 0.040 |
Price($) | Vol. | No. |
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0.045 | 504824 | 1 |
0.046 | 398883 | 1 |
0.047 | 100000 | 1 |
0.048 | 11697 | 1 |
0.049 | 15594 | 1 |
Last trade - 15.56pm 16/05/2024 (20 minute delay) ? |
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Last
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Change
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Open | High | Low | Volume | ||
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Last updated 15.36pm 16/05/2024 ? |
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