You raise an interesting hypothetical - would it be better to go the current path of raising the required cash for a 12-24 month window like they have or a definitive $30-50m and cop the dilution? Personally I like the current approach but it is the riskier path - greater reward for current holders though. Maybe if the MCAP was 150-200m 20-25% dilution would be ok but even after the rally we have had a definitive raise would dilute 50% and that is not wise IMHO. The unlisted entities get to make up a value - in PYCs case it would not be hard to come up with $300-400m and only give away 10-15%.
PYC Price at posting:
4.6¢ Sentiment: Buy Disclosure: Held
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