dbz

So, DBZ now hold 7.1% of the company since bonds started being drawn over the past few months.

DBZ are not entitled to hold anymore than 15% of issued capital so hopefully after the first few wells, they get ALOT less shares for each tranche!

At present, the first $3,000,000 drawn down on(or 3.75% of the total facility) has helped DBZ reach approximately 48% of their maximum allowable holding.

That being said - the recent share issue, options both listed and unlisted, subsequent dilution by way of issue to DBZ are not being taken into consideration.

The 6 targets should easily propel the SP north and reduce the share placement ratio for DBZ, though with a possible $77 million more to go for an aggresive campaign its important the first few wells succeed as failure and limited cash in the bank will result in more bonds being drawn down on to fund drilling on the back of a deflated share price..... which could take DBZ well within their 15% maximum allowable holding.