Good luck with getting a response, I think your on your own here!
As I said I had a look at this one but no one responded to any of my queries. And looking at the accounts also its clear they need more money even if the whole $5 mill rolls up (I note yesterday that only $500k hit the account of the $2 mill that was supposed to be in by now). It's a miracle that they've got these Nigerians in in the first place given the status of the accounts and the level of debt that's been accumulated here in what is essentially a pure exploration play with no chance of short term cash flow.
I think the continual use of the term "weighted average placement price" is a little bit misleading given the balance of the funding is all contingent on achieving future milestones and there is no transparency in the disclosures relating to what "minimum" is required in terms of a gas sales agreement to trigger the next milestone.
The whole thing looks to have been built around the options positions that I raised in my previous posts and certain option holders taking a chunk of money off the table and moving on.
The silence is deafening on this thread and I'm moving on also!
Good luck to you and all holders,
DYOR
IHS Price at posting:
24.0¢ Sentiment: None Disclosure: Not Held
