Lookandsee. re your 11.42 post. I'm banking on what company said in its 19 May ann.
Short Term Financing Arrangements
To fund well completion and additional testing and production work, the Company has secured a $2m debt facility
from sophisticated investors.
Key terms of the facility are 10% interest rate, $2.4m repayable on or before 30 April 2015 at any time and 66m unlisted options ($0.015, 3 year expiry). On the Company completing a successful debt or equity raising exceeding $5,000,000, all outstanding amounts drawn under this facility will be repaid as a priority or
the lenders may convert their loan amounts on the same terms as the next completed equity raise.
I really don't expect them to call on SHs for quite some time. The 3D seismics are to follow A5 and then we "might" be asked, but, IMO, it will be VERY attractive, so, I'm totally discounting funding as a negative to S.P.
And, I, as usual, rely on what Oilman01 has told us re the well.
They want to provide the environment for an optimum result, because it's that result that they will be taking for the real funding that they will ultimately require to further explore and develop both areas. The difference between a couple of hundred BOD either way could be vital,
And Aussirat, let's hope that CTR never ends up like EGO. That S.P. range that you mentioned, that saw them shoot to 5 cents was the result of the greatest hype and pump effort that I have ever seen which bordered on mass hysteria.
They even had a Facebook page for EGO and they were crazy times. But, hundreds who got totally sucked in during that time ended up losing bundles, as the S.P. was crunched and there was one particular very big winner, yes, the Managing Director, who picked up a cool $mil by exercising his free options 20 months early!!!
And, believe it or not, I was one of a very few among those thousands that got into that frenzy to warn about that person, but, was howled down by the swarm and which ultimately resulted in that person bringing a defamation action against those detractors who subsequently took him on in H.C., but, AFTER the damage was done.!! Funny how the wheel turns. That mess is still in the Courts!!
He no longer has a job at EGO and their S.P. is down to .008 with over 5 billion shares on issue. M.C. of $40 million!!! Compare what they have to CTR. You wouldn't want to swap.
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