Wonder how much dilution we'll see on this. They probably need to raise a few million dollars to drill the next hole on 444. If the last $1.9MM deal went off at 11 cents convertible, then this deal will go no better than that an likely at half that....just a guess.
They put ...$4.5 million into escrow to dry-hole drill 3 wells, yet they had to raise an additional $1.9MM and apparently do not have enough funds to drill 444. I'm beginning to think that they ought to hire back Norm Mackenzie. I know he wanted to make sure that there were enough funds on hand to drill all 3 wells...and I assume that he would have taken the right steps to make sure the funds were on hand. Now I see the wisdom of his conservative approach.
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