Fair enough @boysy1 so add another $1m to perforate complete and connect O-3 and MEL needs $4m.
I can't see that amount coming in the form of fresh equity and I think if Glennon would have aready considered increasing their facilility. MEL needs a new lender. Any new lender coming into MEL would rank alongside Glennon so the real question for them is how secure their capital is if MEL fails.
- On a reserves/resources basis MEL claims to be well undervalued at $0.19/GJ compared to market $1/GJ (are there comparable sales to back this up?)
- Cashflow from O-2/3 is unknown but a reasonable result would provide enough cashflow to cover the loan
So the first question is whether MEL, with Odin-3 connected, would be worth $6m in a forced sale? Clearly this is risky lending and the pricing would need to reflect that. Maybe in convertible note territory with a 15% interest rate?
Fresh debt is far from certain. I do think though it is possible and remains MEL's best way forward as an independent company.
Do you see any alternatives apart from falling into administration? Could VEN make a script offer or would Newhope mop VEN and MEL up? I think we are all white knuckling right now and I am open to suggestions!!
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Mkt cap ! $5.830M |
Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
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3 | 2105211 | 0.4¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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0.5¢ | 3778476 | 8 |
View Market Depth
No. | Vol. | Price($) |
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3 | 2105211 | 0.004 |
13 | 25157992 | 0.003 |
11 | 23270899 | 0.002 |
10 | 64636865 | 0.001 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
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0.005 | 3778476 | 8 |
0.006 | 1458000 | 2 |
0.007 | 100002 | 1 |
0.009 | 80000 | 1 |
0.010 | 1000000 | 1 |
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