raises $16.67mil at $0.027, page-24

The terms were worse than I expected (was expecting mid 3's) but the quality of the purchaser and the board nominations are a good step forward. My main concern since the quarterly has been the management rather than the block so I'm very happy with this.

Selling all / the majority of holdings after the quarterly turned out to be a good move for those who exited (myself included)

Rights issue (vs SPP), underwriter, and placement to a cornerstone investor (not simple sophs who will dump for 20%) all bod well for putting a floor under the share price. Raising enough for the next 2 wells also takes the constant pressure off the share price.

All in all happy with the outcome. Happy also to participate in the 2.7 allocation and buy extra if share price gets to sub 3c. On a long term view, JPR looks considerably de risked. The dilution seems worthwhile - ie it achieved something. So many companies just throwing their money away on one useless project after another.

In summary - big thumbs up for
a) Better management
b) Well capitalized and good chance of standing on own two feet in future
c) Remains cheap for the potential in the ground and now they have an excellent chance of realizing it.

Dis: Hold with view to participate in SPP