Yes, capital raising is an immediate issue, assuming the well flows as expected.
I wouldn't be surprised if the Swiss company comes into the picture in a bigger way. The placement in December could well have been groundwork for a larger injection of capital, provided all goes to plan with FD2H.
Perhaps convertible notes or something? But they would need to see FD2H flowing before putting pen to paper.
I have no insider knowledge, just speculation. If AZZ is moving ahead with two more wells at 5 million each, they must already have some kind of plan here.
------- From the announcement:
Antares is proud to have announced that it has developed a relationship with Galena Asset Management of Geneva, Switzerland resulting in the allotment of 5,000,000 new shares at 40 cents.
Galena Asset Management is a subsidiary of the Trafigura Group, one of the world's largest independent commodities traders. Established in 1993, Trafigura now operates worldwide in 42 countries. In FY 2008, turnover exceeded $73 billion.
Antares welcomes Galena Asset Management to the ranks of its Top Twenty Shareholders and looks forward to developing a prosperous long term relationship.
AZZ Price at posting:
64.0¢ Sentiment: None Disclosure: Held
