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Tuesday, February 02, 2021 9:22:08 AM
That is why I believe the first (this one) MJ2 Units Program comes from Zion being in a position of strength relative to their financial position while drilling MJ1. On MJ1, the warrant strike price was often lower than the current market price, and the ratio of warrants given to shares purchases was much higher. This approach eventually drove the market price down to the warrant price. They must of felt they had to do that on MJ1 to boast funding, but not on MJ2.
Since they have higher confidence in obtaining funding for MJ2, and in fact have purchased the rig and casing without a public Units Program, that means the 3D must be strong. Otherwise, it would be more difficult to get funding for MJ2 after MJ1 was dry.
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