A Cap raise is definitely coming thats almost a guarantee. At the end of the last QTR there was $5.35 million in the bank after chewing through $1.9 million in the QTR. With drilling ongoing I'd assume another $2 million (ish) burnt leaving $3 million. The exact format of the raise will be the question. Hopefully it won't be like the last dumpster fire.
If it is a CAP raise coming from retail investors it will have to come at a discount to the current SP "ala MGT" as you put it. If this is the case we may not have seen the last of the cheap shares.
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