Sector Lead, enjoy your posts but you haven't checked your facts...

Sector Lead, enjoy your posts but you haven't checked your facts or have been blinded by past events.

Of the $1.7m raised in the rights issue, the prospectus advises $1m was to be dedicated to this drill however they have since disclosed that that the drill is now only expected to cost $0.5m. The rest of those funds raised in the rights issue were used to pay off Magna and the expenses of the offer. So potentially there is $0.5m unallocated from the rights issue.

Then there is the mississipi stuff that they sold for $1.2m, so all up that's $1.7m to play with for the time being which should be sufficient for another drill or two. If further satisfactory results come from this and the next well or two then there will be some suckers who convert their options early which should help the company further.