"They have at least 3 RBL offers tabled, but don't want the terms to be dictated to them. They have enough cash (current burn rate is about $1.5M/month) so they will hold out. My guess is if they do, it won't be till early next year."
How bad could the terms be if they would rather do a CR (which is inevitable if no RBL)?
They can now do a CR for $30M. That's 20 months worth at $1.5M/mo cash burn. One would suspect that they have a shorter horizon than that to spend the money.....did they say on what?
Ann: AGM Presentation to Shareholders, page-8
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