The bulk of that fundraising was to pay for the airborne magnetic survey in Chad. For the first time ever, the company said the results of that survey were "Very Impressive." I assume they will use those results to snag a partner for Chad. Cespa signed a deal with ERHC after reviewing the results of the magnetic survey. I think ERHC has plenty of cash to meet day to day operations, what they need is a partner in Chad and a partner for the EEZ.
It appears they covet their big pay cheques much more than the share price and will likely continue on the current cash burn path as long as toxic debt is still an option ! Maybe in hopes that news of drilling will bail them out !
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