re: Ann: Raising up to $US17.5m to fast track...
Dis - you've hit the nail on the head...
"Or perhaps they had to clear the convertible notes as a condition of their RBL."
goodbye Iroquois, hello Ptolemy & RBL.
Good news for AOK, a few points;
- effectively raising $10M through equity. interest at 11.75% is a little high, but only just over $2M p.a. which isn't that big an issue. was above market price which is always a positive. - cornerstone investor which will continue to support/drive AOK and what us shareholders all want. - 3 board spots. from memory Kwang Hou Hung wasn't replaced, and a couple of others have to go. happy for Ptolmey to have 3 board spots. will drive AOK hard, what we want. - paves the way for a RBL in the coming month or two. - secured short term funding issue. i'm guessing AOK had about $2M in the bank
What I want to see by Christmas - second rig. this is a must - average 1,000boe/d in October - RBL finalised and $15M+ (3rd rig in Jan/Feb) - maybe a small increase in acreage but only if near snake river.
Happy to hold for now...still waiting on September numbers...
AOK Price at posting:
14.0¢ Sentiment: LT Buy Disclosure: Held