A trading halt was not called to announce the refinancing (i.e. placement of shares being within their 25% issuance capacity and short term loan ... both done to comply with MOB .... and then the very dilutive CN facility coming post meeting).
Why the trading halt now ... required when "material change" occurs.
* Material would be cancellation of the Stockholders agreement (but that is DynEvolve controlled in reality).
* Material would be anything to do with MOB and the $24M due by October 2018 and the present forebearance.agreement. I believe that SSN was due to deliver by March 31, 2018 (which was the Oct 2017 report) a revised Reserves Report for borrowing base redetermination. Anything -ve here would be hugely material. E.g. MOB revises down the BB to say $20M ... then SSN has to come up with $4M pronto.
My guess is its debt-related maybe some mezzanine debt financing coming in (buddies of DynEvolve maybe???).
Who knows .... only speculation.
SSN Price at posting:
0.2¢ Sentiment: None Disclosure: Held