Yesterday's announcement has not helped to keep the new bottom...

Yesterday's announcement has not helped to keep the new bottom floor in the share price if anything today it looks like it's retreating further back.
MAY in my opinion if the binding agreement gets executed in December, (deposit gets refunded to MAY) once paying their loan back in Janruary and after the last private CR will have 6 months of operating cash left in the bank till June next year. This is pretty much common sense why the last month of activites has played out.
Management needs to get that binding agreement signed off in December or if this deal falls through May has about 3 months of cash flow for overheads till March next year.
There is front of house and a back of house to a business and if the back of house runs out cash from either no income or you've exhausted every share holder on the planet. Does not matter how many wells your going to drill or what percentage of profit oil you get. Your front door won't be open.

This is why in business cash is king. And percentages can be worked out anyway you want to look at it. But at the end of the day if MAY had only negotiated 2 million in cash on top of that deal and then cleared the office out except for the CEO and the Janitor. MAY's share price would be increasing instead of decreasing today.

DYOR- Just my debatable opinion