100% agree. We all knew it was needed and incoming but this timing isn’t the best.
I’ve recently taken a T20 position and have heard nothing from the company, so it looks like it is being done to Sophs and Instos. Ideally to one strategic investor but that’s perhaps wishful thinking.
A raise at 2c should be the minimum.
I look at the bigger picture always. We’re a tiny $15m MC company swimming in a sea with big fish nearby. Any sizeable economic find will cause a huge re-rate and a T/O target.
Drilling in Brazil is super cheap. I don’t expect this raise to be very big.
100% agree. We all knew it was needed and incoming but this...
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