You are correct about the 17M shares, but EarnestDD is also correct about the $58K in cash raised.
To bridge the gap -- almost all of the RO shares subscribed in the first round were done via a conversion of debt to equity, not with the cash which is desperately needed by the company (anyone disagree so far, say so and why).
The good news is that Mr. Bendall and the other directors have committed in the most recent PR to fully subscribing the remaining RO shares. We are all hoping (or at least I am, again any disagreements, speak up -- I seem to be viewed as a 'basher,' so perhaps there is a difference in opinion here) that this is in CASH -- which would give the company $8.0M, and enable purchase of the committed rig as well as strengthen EEGC's bargaining position with Sure Capital.
Should this cash be committed by Mr. Bendall and the directors, I believe the shares would go up significantly, perhaps even beyond the offering price of .07/share. So, we all hope for successful conclusion of the RO, IMO with CASH (again, disagreement welcome, but with factual arguments, not emotion).
IMO -- and not previously discussed, that I can recall -- lack of cash significantly hurt EEGC the last time it got to this point (third party availability of significant cash, subject to agreement of terms), with SmartWin negotiations.
I'm not recalling what the company's PR says, but the most important document is the 8-K filed with the SEC, which is admittedly conservative but also very direct regarding the status of the Sure Capital deal. Quoting from the beginning paragraph, 1.0.1, previously posted by Mr. Haftel: "Additional funding conditions and repayment terms remain to be agreed."
We all look forward to successful, and non-dilutive (at least not too dilutive, hopefully we all agree that some is inevitable and acceptable), conclusion of negotiation.