Sstop you are right it is merely for approval to issue however these resolutions give significant dilutionary powers to the directors. The part i am worried about is the choice for Far East. They could get in now play the market down to whatever price they want and get shares on the cheap.
As for refiners offtake i hope we hear something on this as they clearly stated this would make up the majority of the acquisition in the Funding update. But given the resolutions we are voting on state "issue UP TO" this does allow leeway yet i think 700m odd shares will be issued regardless as for all those free options I fail to see how they are really necessary as Far East is already getting a damn good deal out of this???
If we hear news on financing re: offtake this is a whole new situation and we are off and racing. If we don't then we will have to go through a bit of a wait before we make significant SP moves. I still think and hope the offtake curve ball is on it's way as they clearly stated they were approached by the refiners.
EDM Price at posting:
1.0¢ Sentiment: None Disclosure: Held
