Black Mountain Energy is pleased to announce it has received its conditional admission letter from the ASX and is currently satisfying the admission criteria. We are expected to list shortly.
The $11m offer was fully subscribed . I imagine it will be very tightly held with the parent Black Mountain holding 200m, only 55m being offered (including one US O&G Exec taking up $3m as a cornerstone investor, so expect those shares held close to chest.) 22m exec options puts me off to start with though, that’s 40% dilution of the offer shares right there if exercised. Then there is no income stream during many years of endless cap raises. On the other hand, it could be a 50 bagger in 5-10 years - Rhett Bennett’s record speaks for itself.
I’m a BRU holder expecting a merger at some point in time to reunite EP 371 with it’s original owners. GL BME investors.
