Lets Start Contacting IR:For all those who are long this stock and suffered major losses, lets start contacting IR to get answers since the company is not providing nearly as much as they should on their web-site. I will be sending emails this weekend with really valid questions and hoping to get some replies by mid next week and will definitely post on this board. Too many of us have suffered major losses on this stock to keep quite, the least we can do is try and get some answers as to what is really going on here. The company's presentation clearly said they have 13 million plus additional cash available to it through letters of credit so why do a financing at 20 cents that is the lowest price point the stock has been at in well over a year?
We need to know exactly what they plan on using this cash for, not just some vague info like what they said "The net proceeds from the Offering will be used to fund the exploration and development of the Company's petroleum assets in Colombia and for general business development, acquisitions, and working capital purposes." Why couldn't we wait a couple of weeks until some news came out on Balay 1 &2? Remember IR told a couple of posters on this board that news will be coming out shortly on Balay and that they don't know why the stock has fallen so much, no funds had sold, etc - they never give any hint that they will need to do a financing soon??
Will they start using this cash as soon as the financing closes, if not, again why do the financing now? Were they pressured by those "Underwriters" to do a financing so low that they can profit from it and not PTA shareholders (remember, all the shares are already subscribed for).
No one needs to panic, what has taken place is already old news, we need info on what's going to happen going forwards, I call on all those long term shareholders to make an effort and send emails to IR to get answers to your questions and be kind enough to post on this board. This long weekend is a perfect time to send emails especially for those of us who normally don't get time during the weekdays.