I don't believe new management had too many options to raise news funds given how the number of shares on issue has been blown away by Bergen. Going back to shareholders for further funds is out of the question until they hit some decent drill results at Mt Adrah or with the other JVs.
I agree, 50% is too much but SOC is not in a position to be dictate terms at potential investors at this point. Getting back to drilling at Mt Adrah as quickly as possible on the hand is a good move. Probably the only move possible to get some market interest back at this stage.
New management are slowing turning this ship around from the wreck that they were inherited with.
Haplo
I don't believe new management had too many options to raise...
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