10mil USD is a bit low for what they need to do so to go deepening the well as well as flow testing, so looks more like an amount to tie them over until PPSA is signed and they can get that elusive farm in ?
And it is kinda strange 2 day trading halt for a raise that is not completed? Can't tell if Mutupa is just underwriting 5mil of it or has taken 5million of the entire placement
Its also getting dicey to whether they are even doing anything this year with the rig if they are still in the phase of
"The Company is nearing completion of the well test design study and contract negotiations for the provision of well services and equipment." Thought this should have been done a couple of months ago
Positive is they managed to get this away at 10c but still shake my head that this could have been done months ago during the Rights Issue at 10c and they've just wasted 4 months of an idle rig paying for it for the same result ?
IVZ Price at posting:
7.8¢ Sentiment: Hold Disclosure: Held
