RE:FINANCING AT THESE LEVELS?TeamEddie wrote: It was $4.5 before why wait to raise money at $1.5
Why would they need to raise? They have around $10m in cash after warrants were exercised prior to the spin off. $354k went to buy additional TP shares and $3.5m is for the FS. Plenty left for some final drilling to define the resource and to cover the monthly cash burn.
None of the management want to take this to production and so they will ask for offers once the FS is done assuming no offers before then. Laracy is an oil guy who started university in 1971 and is not getting any younger and Rowland retired in 2016 and only came out of retirement to get this sold. He won't want to waste another 2-3 years of his retirement waiting for permits and then go through construction before production commences in 2024/25.
Atlas now have 51.2m TP shares. VUL have 7.8m and Atlas shareholders 23.75m. Then there are selected investors who bought TP shares at 20c. That gives Atlas effective board room control of TP and is a clever management move because what is says is if you want control of TP and the salt domes then take over Atlas.