Could CNE be searching for more?Before yesterday’s bought deal, CNE has cash & cash flows of $140 MM ($60 MM in cash and $80 MM in cash flows based on revised price of oil of $85 pb– CNE presentation). With the bought deal and the almost guaranteed over-allotment, that is another $57 MM in cash. Accelerated activities planned, etc added up to another $35 MM on the existing $106 MM budget = $141 MM. This means CNE will have excess cash/cash flows of appr. $55 MM at the end of year. Not that CNE needs it but $55 MM is a lot of “dry powder” to have around for rainy days or additional property acquisitions. Hmmm!
MrTanner