sorry i'll re-phrase "calls by eme"
SXX needs to fund the drilling at EME proportionally to their holding.
the costs of drilling Bigrlyi is approximately $7million (as i understand it) so SXX needs to pay 5% of costs. EME will keep making calls on them for money as the drilling progresses.
SXX have very little cash (and a relatively expensive corporate structure $60k/qtr admin?!!? for an entity of their size and activities) so the money has to come from somewhere.....
raising capital either issuing more shares, partly paid or otherwise (further diluting shareholders) or debt. either way not a good situation to buy into.
Ganke put a valuation on SXX's stake in Bigrlyi and i would be surprised if EME didn't offer to meet this range. the fact that this is not a done deal means that Ganke is being stubborn or got greedy. either way it looks like SXX shareprice has to pedal up hill.
make a note the the stake is not a controlling stake so the value is far less than it appears. EME will keep making calls on them as it progresses.
sorry i'll re-phrase "calls by eme"SXX needs to fund the...
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Mkt cap ! $14.46M | |||
| Open | High | Low | Value | Volume |
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Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 394 | 9.7¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 11.0¢ | 25662 | 3 |
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