Ggc17, we have to see if the deal with BSP is going ahead first. The final due diligence was supposed to take two weeks from the last announcement, so that is this Wednesday the 27th. If all goes well, there will a $2m loan provided to the Company by BSP followed by a placement to BSP to take them up to 19.99%.
Once all that has happened, a Rights Issue will take place "in due course" and it will be fully underwritten by BSP.
I'm hoping the Rights Issue will come into play a bit further into the well program, say after we have a successful well drilled and the share price is much higher than it is now. I want to see a high rate of participation from existing shareholders in the Rights Issue so BSP's shareholding doesn't balloon out too much should their position as underwriter come into play.
TNP Price at posting:
0.5¢ Sentiment: Hold Disclosure: Held
