First the 3B to raise funds when there should have been plenty of cash from Pensador to cover any legal fees that came in. If there were additional costs coming in, they should not have bought $12M Pensador shares - it's their job to know.
Now Pensador have thrown back the refinery to CVI - and are no longer funding CVI projects? Will we see any cash from them to fund anything? Are they throwing us a bone, hoping we will go away?
So - we need to raise $200K cash that Pensador was going to do, now we need to raise $350M that Pensador was actually going to own.
Now it's a 50K bpd processing plant rather than 100K bpd plant previously announced. Also no mention in there about guaranteed offtake which could have made it half way positive.
Where are they going to get $350M from?
CVI Price at posting:
0.0¢ Sentiment: ST Sell Disclosure: Held
