Geoff Most Likely Waiting the Very Last MinuteFor milestone payments. From my recollection the debt for this month is by the 30th and it is extremely likely to avoid dilution the company is clinging to getting milestone payments. The issue is to do any type of raise it takes time so the company needs to make some sort of move or have a cut off as to how much longer it will wait tp see any payments. With ongoing delays and a fair size payment looming Geoff will have no choice but to start making arrangements to shore up cash as there are no guarantees the debt will either be delayed or shares for debt settlement. Because of arranging to raise capital which due to the poor showing last time i strongly believe as z raised it will likely be a rights offering. While i would love to see .25 the market is showing that .15 is probably the price that people will be willing to pay despite those shooting at the very bottom of the barrel and what i call low balling stink bids.
Given the time frame and where things need to go i would strongly be expecting some sort of move by this company anywhere from the 10th to the 15th. It cant afford to go any longer unless the company has negotiated an extension om the loan repayment so that is possible but if not i will be expecting some sort of financing news better rights financing than otherwise in advance of the mid of this month or around it not too far beyond that.
Right now like i said i highly believe Geoff is still buying time for some milestone payments to come in but will be forced to make the dilutive move as time is really creeping in but that is if he is not able to negotiate a deferral in repayment. Anyways, i think 3 million rights offering at .15 is probably the best option and i would be doing that as much as i will not like the 40 million dilution. This will provide breathing space people who will be looking to back this company hopefully longer term a fair price given the circumstances and confidence that the company should have enough money for the near to mid term while taking care of the debt and still having some monies to put towards the workover and the rest to continue on. In time at some overlap milestone payments will start to flow through as well. I feel confident that long term retail shareholders who are very favorable to the company will buy up at .15 at least that is my hope. The price again is relatively cheap and as much as i wpuld not like to say it but only given all that has happened and where the company is at fair. I dont think the company can do any better right now because we dont have anything to work with so more than .15 is not again relatively speaking not worth it and below is lowball.
Lets see where things will go. At the end of the day the company needs to shore up cash and let everyone breathe a bit easier although i dont have doubts they will and that a .15 right offerings will be successful. Time is money and like i said that November 30th payment is constricting it so we will likely be hearing from the company before or around the mid of this month i cant see it being otherwise and one way or the other the share price should gain stability and start to climb when monies come into the coffers.