CE1 1.92% 12.8¢ calima energy limited

Ann: Support for Underwritten Rights Issue, page-14

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    I'm surprised there aren't more moderations. $35 million cash totally blown, and a vehicle that provides an implied valuation for our acerage of $345 (was more like $1,000 an acre 8 months ago), all within less than a year. The destruction of value so quickly is remarkeable, even for this end of the market.
 
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