putting a toe in the water here, I read the following from the 13/10/11:
"The Company is pleased to confirm that it has received best endeavor commitments for the issue of ~131m shares at 0.6 cents and 65.5m free attaching listed options (ASX: VILO) to raise ~$785,000. The placement, which is being undertaken pursuant to S708 of the Corporations Act (Cwth) 2001, falls within the Company’s 15% placement capacity under ASX Listing Rule 7.1 and is not subject to shareholder approval.The Verus Board considers it prudent to raise additional capital at this time. The placement will be allocated toward Sidi Dhaher drilling AFE overruns and suspension costs, Chorbane block operator non AFE costs, well and log analysis for Sidi Dhaher, ongoing drilling and development activities at its onshore oil and gas investments in the USA (Louisiana and Texas)...."
You people know this stock a lot better than me: what further costs will need to be met by VIL before cash flow would theoretically begin from this discovery? Thanks muchly.
putting a toe in the water here, I read the following from the...
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