Ann: Trading Halt, page-189

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Nergel

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27/12/21

15:19

Post #: 58528669
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Originally posted by Davy Boy: ↑

On the plus side we now absolutely know that the drilling rig contract will be signed very soon.
The CR is for a letter of credit for drilling rig operator + 2nd well items.
I think the ink will hit the page very soon after the CR is tidied up IMO.
So what have we to come.
1. Seismic upgrade/s. It seems to me that drilling the second well in a different target means that that must be a material target also,
2. Another farm in offer trumping Cluff or will IVZ bring in more than 1 partner? Don't rule this out IMO.
3. Drilling contract signed, I believe this will create interest.
4. PPSA signed
5. A placement for the balance.
Given I think we would have about 5-6 million in the bank and my reading of the offer document is the placement is for 3 million + 1 million if enough demand plus a spp for another 2 million to existing shareholders.
So I'll say 5 million...add that to say the 5 million in the bank is ~ 10. If we get 33% of back costs from Cluff that's another 5.7 million Au.
So in total we would have ~ 15.5 million Au after the raise.
We need probably ~ 22 million [ with 10% added for contingencies ] so we would be about 6.5 million short.

I seem to recall Scott saying in the webinar that Cluff could participate directly or indirectly.
Is that a hint that they may become a cornerstone investor by funding the extra 6.5 million [ ~ 4.55 million USD ]

The reason I bring all this up is I am actually a little bewildered in the small raise now.
Given how much they cost ect, I'm finding it hard to find a reason why they didn't go for all the dough required in one hit given its about an extra 6.5 million??
I understand seismic is to come but IMO insto's wont be keen to kick in after the event....I imagine they would be throwing money at IVZ at 10c,
I think there is something in play behind the scenes.
aimo

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I think they just needed cash quickly to secure the drill rig and didn't want to use the reserves from the last raise and go into the next 3 months with almost no cash.

If the seismic was ready to release to market and the drill rig owner / operator didn't want a letter of credit for $3M then things would likely be different. It's a very dynamic situation for IVZ right now as I'm sure you will appreciate. Cash is king, and for all we.know.thd instos will cap this until the big raise.is.done.

IVZ Price at posting: 11.5¢ Sentiment: Buy Disclosure: Held
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