Just think about it. Cash is probably going to be around $2m...

Just think about it.
Cash is probably going to be around $2m when the quarterly comes out. Market cap at 4c is $6 million.

We paid +4 for UK.
We have TZ - both prospective expl and 20% of 40bcf.
We have Italy - might be worth something down the track.

Surely worth more that $4?

They have valued the company at rock bottom for this rights, maybe as I suggested. Sure, a major shareholder might try to suppress price to make the SPP fail and sweep up the shortfall but don't let that sway you imo.