'capital raising (which is anticipated to include participation and sub-underwriting by one or more foreign parties)'.
From this I can only assume this is our current 'cornerstone' investor, who looks set to grab an even larger stake in the company through an underwriting agreement.
I can't see this being priced under the most resent raising of 1.6cents. Esp. after the company recently had some research published indicating true worth of around 14-23cents!! Guess we should have seen it coming - future note to self!
However, how the offer is presented (rights offer) and/or if there are any sweeteners (such as free options) might add a twist.
A possible take-over by stealth?
CNX Price at posting:
1.5¢ Sentiment: None Disclosure: Held
