Thats not how I see it.
Hypothetically speaking, if all approvals come in and the share price is stable at the 40c range, then to pay for our 36% of costs of approximately $25m to drill ($9m) the company can do a raise at say 35c and only 26m shares will be added to the company's shares on issue total.
All hypothetical of course.
BPH - PEP11 is back and this time it's different, page-407
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