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Wednesday, September 19, 2012 12:37:49 PM
- Tough to get a free carry in this financial market
- Funding needed for drilling in Chad and Kenya
- EEZ exploration funding needed
- Partners needed for any / all of the above
Once the new shares are authorized some of them could be used. One option is to issue these as preferred shares with a conversion feature at $xx into common shares. So they would be almost worthless unless oil / gas / liquids are found.
I suspect Peter N, being a lawyer, is well versed with creative funding / financing. There are so many possibilities, which, though diluting the shares in numbers, would bring in the financing needed and give up-side-leverage to all parties (providing we don't drill dusters).
Am I apprehensive about the dilution? Of course I am. Do we have to volunteer some trust in management knowing what they are doing? Yes - tough one to accept, but what choice is there? We have a majority shareholder who seems to have trust in them.
So lets get this done and wait for the outcome. It will either be good (we ALL hope that) or a bust and we write it off to experience and a big hole in our pockets. But lets stop this armchair quarter backing. It has gone on and on, ad nauseum - I certainly have had enough of that from some well known posters around here.
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