Agreed, if it was worth 3.1 cents before the raising then with the dilution and ignoring the cash raised it should be worth about 2.7 cents. Or including the cash, then 3.0 cents.
Of course ultimately the shares are worth what buys are prepared to pay for it.
The extra cash should help in bringing forward some further development drilling of Utopia East following the success of Utopia #14.
Ann: Utopia 12 Development Well Spud , page-35
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