Given the debt facility we just got, was this really necessary?
Unless the well we're about to test is a dud, isn't this a really, really bad time to be raising money like this?
I'd say I'm very worried since raising capital just before big news is announced usually means the news is going to be bad... well, I'll say that anyway, but hopefully the sophisticated investors weren't stupid enough to buy based on knowing nothing more than I do, and they have reason to believe the well will be good, in which case this is a dodgy deal for friends, which sucks because it means management is selling us out, but at least it would mean they have faith in success. Or perhaps the sophies are just stupid and being taken advantage of, in which case we're all screwed.
Either way I'm inclined to dislike management and lose faith in their integrity and desire to look after shareholders.
PYM Price at posting:
9.0¢ Sentiment: None Disclosure: Held
