Ann: Extension of Share Purchase Plan Closing Dat, page-41

re: Ann: Extension of Share Purchase Plan Clo... I'm the culprit. I was buying. I had a few bids in yesterday but was unsuccessful.
I discovered that if Raisama does not come up with the finance by 26 June they don't simply loose 50% of their 50% interest; Blade Petroleum must buy it back at fair market value. That's a big deal.

The exact wording is in an announcement around 4 Feb 2012 (around page 244 by memory)

Anyway I think I was too smart for my own good as Monday and Tuesday should see a drop, now that the share placement has been released. I should have known this was due.

At a mkt cap of $17 mil, this is outstanding value. IMO
Actually I reckon, if Blade have to buy back after 26 June, the 25% interest will exceed the $17 mil anyway, and Raisama still retain their other 25% of the Cadloe project.

So basically, i feel the down side is not very far off the current sp. But the upside is significant.