Indonesia Energy Corp Ltd (INDO)

[FACT-MASTER]

No, not necessarily.

They filed an S-1 registration for 9,100,574shares back in early March in relation to convertible note financing - 7 million $'s first tranche and 5 million $'s second tranche with associated (700,00 approx) warrants at $6.00. Another $4.6 million if warrants are exercised.

Financing total = 16.65 million$$

Total shares outstanding i believe should be 16-20 million, however i'm not 100% sure on this number.

https://ih.advfn.com/stock-market/AMEX/indonesia-energy-INDO/stock-news/87508711/report-of-foreign-issuer-pursuant-to-rule-13a-16-o

https://ih.advfn.com/stock-market/AMEX/indonesia-energy-INDO/stock-news/87508757/securities-registration-foreign-private-issuer-f-1#FORMF-1_HTM_a_004

Company should be sufficiently funded for drilling the Kruh block for 2022.
Work at Citarum and Rangkas may need additional funding / oil major partner, imo.