Its a kick in the guts for oppie and shareholders I would have...

Its a kick in the guts for oppie and shareholders

I would have thought it would have been a better sign of good faith to deliver the sharholder 1/7 placement prior to running back to the big boys for cheap shares

Also where are the drilling results, and production flows ?

Further dilution will kill us oppie holders. We are on thin ice as it is

Should Novus get nervous they could convert these notes in 10 days time, placing another 100 mil of shares on the register which would also be dumped

The best practice would have been -

1. Complete the placements as announced in the $7 mil placement

2. Issue Novus the underwritten shares, should sh's not take up their entitlements

3. Establish the production results for #6 & #8 , plus the drill results for #9 * 2

4. Use the resource and cashflow upgrades to look to establish a traditioanl rolling debt facility, that doesnt have us at the mercy of convert and dump practices we see with this new arrangement

VERY dissapointing

Also poor form to announce this prior to well results