they need to recapitalize again. almost as thought they are...

they need to recapitalize again. almost as thought they are going to IPO again. they have the company making and large prospect in lana conrina the asset and the new targets look huge.

however, don't have to be a genius to see that they are a $5mil company. They cannot do any traditional type of placement because they would barely be able to raise $900K and it'd just dillute existing shareholders to death. That is the major problem. No one is going to give them a pump now. They kinda blundered and fumbled the exciting from the lana corina discovery.

What they need now is a solid $6-8mil. Enough for them to drill Lana Corina and get an MRE out of it. Doesn't need to be big, but at least 30MT and show potential to increase it to 50Mt to 100Mt. If they can do that they may not need to ever seen any placement raises again and get strategic funding to advance the asset. or if valuation improves, they sure, undertake a placement to accelerate drilling.

I know there are alot of serious investors interested. very obvious they have a cracking asset. But no one is going to be buying or pumping the SP to trap themselves into a discounted capraise.

CPO is probably one of the saddest stories on the ASX. an Asset that could have had a WA1 type pump but instead, trading at a shell valuation. Should at least be $100mil now instead.

Think they are going to be very tight on cash to hit the next milestone at lana corina.

If they are really serious about progressing the asset, I'll take a large position after they recapitalize.