Simply a small placement to ensure that the company is not over-stretched. Expect up to $4M to be raised at around a 20% discount to what we closed at. Talk of bank facility is pipe dreams at this stage.
Has to come out of TH on Monday and expect it will (no suspension) and I also expect them to announce something on the drilling/hydrocarbon shows - that will offset any disappointment to the small raising.
Will open up, risk of further capital raising is removed and more updates (weekly drilling report on Wednesday etc) will hopefully take the stock to 15c. All sounds good to me, a little short term pain.
Junior oil and gas sector looking good for me at the moment, like it!!
Simply a small placement to ensure that the company is not...
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