The quarterly released last week said that they had a cash runway of 2.86 quarters in hand: no doubt this will be to boost that.
With the Jewell well about to flow and Rangers and Flames also in the pipeline, and with an operating deficit of nearly zero, I don't think it's bad for the long term prospects of the company.
However they are still active in the development of their new wells, so the money for that has to come from somewhere. My pick is that that is what this is for.
Hopefully not a pump and dump, but we'll find out.
Ann: Trading Halt, page-90
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