With this announcement, that effectively means that DI will not have a pie of any of the unconverted options. What I interpret from this is that Cougar and DI will now then want the SP to be much higher than the exercised price come end of the year, whereas it can be argued that DI would have preferred a low SP to get cheap access into Cougar shares before this announcement.
It is also encouraging to hear that there are foreign parties interested in funding the Kingaroy project, a big big plus in such tough economic times.
Overall, it has been a very good few days for Cougar and it has certainly cleared the clouds of doubts amongst some of us with regards to the survival of UCG and Cougar in QLD.
CXY Price at posting:
6.0¢ Sentiment: Buy Disclosure: Held
