GREY:ENGFF - Post by User
Post by
wallywillon Sep 12, 2013 1:07pm
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Post# 21735967
Re: PP @ .20
Re: PP @ .20
This PP was issued to try and prevent as much dilution as possible to the share base. Yes a major if not all of it will be for keeping the lights on so to speak. The amount certainly comes no way near to the amount required to put a bit into the ground at Lotshi or to pay for ENG"s share of the continued exploration scheduled to begin towards the end of this year at 1711. However with that being said, depending on what terms Jeff can come up with a potentail JV partner, ENG could also be reimbursed with some past costs incurred at Lotshi or even a carried interest in a well. This PP will buy some time for ENG to search for a partner and if we can get suitable terms another PP could be raised at higher prices again to minimize the dilution factor.
GLTA
Wallywill