Leferve - just copying and pasting from the prospectus:
The purpose of the Offer is to raise approximately $6,017,881(before expenses of the Offer). The funds raised from the Offer will be used to fund:
(a) further investment in the Company‟s unlisted subsidiary, Advent Energy, increasing the Company‟s ownership interest to 52.73% and allowing:
(i) the drilling of PEP 11, offshore NSW; and
(ii) further development of Advent Energy‟s portfolio of petroleum exploration permits;
So I think MMR are contributing a similar amount to retain and increase their ownership of Advent.
Also don't forget that MMR own 25% of BPH, and therefore a more indirect portion of Advent as well. That would be 25% of 27.7% of Advent - so 6.93%.
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Change
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Mkt cap ! $14.46M | |||
| Open | High | Low | Value | Volume |
| 1.3¢ | 1.3¢ | 1.2¢ | $3.65K | 280.8K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 28 | 6791788 | 1.2¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.3¢ | 319351 | 1 |
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