I think the $10m will still be raised but it can be done as part of the 15% available without a special general meeting. The specific resolution was to give them ultimate flexibility ie raise $10m and still have the 15% available if needed.
In the end I think many believe the stock was suffering from the possibility of an issue so some buyers have been holding off to see if they can get a cheap entry.
In the end there appears more demand than 'possible' supply.
I think if the SP was 20-25c there would be no problem as $10m would be minimal dilution and existing shareholders would be happy campers. Whatever happens they can issue around 100m shares under the 15% rule so they can raise enough cash to keep going.
They appear to be looking after us by squeezing supply off for a while driving buyers into the market.
I'd love to see OPL given a mandate to place the 10m at say 10-15p on a 1 for 1 basis to all those who buy on market in the next month!
I guess there is not that much demand . . . yet.
RRS Price at posting:
7.2¢ Sentiment: Buy Disclosure: Held