44% dilution to fund another 2 wells (these 2 will be THE company-makers, unlike the previous half-dozen wells...) plus salaries for another 6 months or so.
But at least they are making progress - gas contract negotiations are "ongoing" and more importantly production from Colorado and Kentucky is earning "positive revenue".
GLTAH, Sharks
Ann: Fremont Petroleum Corporation completes $3.75m Placement, page-10
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