I agree with you and would also add; Options 1 & 2 - you could also do a rights issue or make a share placement to the market. Both of these options take longer and are much more costly. If PCL BOD are smart enough, they can do a placement to Soph Inv without underwriting fees and other costs - which can be reasonably substantial. The underwriter does very little if it is a good project, as I believe this is. Soph Inv is probably better for PCL as easier and cheaper than a rights issue, but a rights issue rewards the current shareholders for holding on.
With resource estimates, drill targets and a timeline to commence drilling for 1st and 2nd wells I think raising 20M will be fairly straightforward and easy. The main thing is what will the PCL BOD decide to do with very limited corporate experience.
PCL Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)