Oh how I wish you were right punter but, being a suspicious old bastard, I rang IVZ ... Scott answered the phone and affirmed we are not funded for the drill with this CR, he expected to spud early Q3 and that this well will be payed-far the same way as Mukuyu 1 was ... which I presume is a second CR? (hope I'm wrong).
FROM PROSPECTUS:
5.2 Use of fundsFunds raised under the Placement and the SPP Offer, which could total up to$20,000,000 are intended to be used in accordance with the table set out below.The use of funds table is set out on the basis that the Company raises the full$20,000,000
roceeds of the SPP Offer andPlacement ($’million) %
Preparation for Mukuyu-2 Well (includinglong lead time items) 1$13.0 65.0%2D Seismic and processing of Easternleads on trend with Mukuyu to drill readytargets1$4.0 20.0%Ngamo-Gwayi-Sikumi Projectdevelopment2$0.5 2.5%Expenses of the Offer 3 $0.40 2.0%General working capital $2.1 10.5%Total $20,000,000 100%
