WarrantsMay: 33 mil @0.05 = $1,65 mil
Sept: 29 mil @0.12 = $3.5 mil
Total: $5.15 mil
Will the $1.75 mil raised in Sept enough for cap ex before revenue kicks in?
With 2nd drilling and onwards all being multi-horizontal, the cap ex will be considerably higher.
We know both Wadsworth and Callaway exercised some (1.6mil) of the 0.05 warrants from May.