It is rather amazing that they should do a capital raising when they have no viable projects or business plan. The first reason given for doing the raising is to pay for the costs of the issue! It sounds more like a charity: Please donate. It indicates a present lack of ideas.
PTR could not raise $5M when it had an offer of an ARENA grant of $13M (gratis) and after it had already achieved admirable success with its first Paralana working well. Now it wants $500k with nothing to offer and the Paralana project abandoned.
I must say that I do feel sorry for Kallis as he had put heart and soul into the geothermal project and was within a whisker of funding the circulating well pair before JV partner TruEnergy pulled out.
Juke
PTR Price at posting:
0.3¢ Sentiment: None Disclosure: Not Held
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