The MC ~$2.5m, as you well mentioned, is just the value of a clean shell in these days due to the RTO boom, so the market isn't providing any value for PGY's projects, meaning current SP is grossly undervalued. The CR will dilute but if this will provide enough cash to leverage the company and reach a SP of 6.8c (like 88E) then I am in.
Cheers,
Rod
News: PGY Pilot Energy seeks trading halt, page-8
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