Reconnaissance Energy (Africa) Ltd V.RECO

The Co has cash, but…

[Oregonduck]

As of March 31, 2022, the Co had cash of $102 million, but owed $48 million to the Mexican royalty. The debts are overdue. The cash on hand will be gone quick as the two upcoming wells will cost some $20 million plus.

The inflow of cash was due  mainly to the exercising of 43 million warrants for $40 million or an average cost of $0.93 per warrant in 2021. In the first 3 months of 2022, it received another $792,000 from 1.5 million warrants exercised at $0.51. 

An avalanche of cheap shares being dumped is depressing the share price. You can't blame short sellers as the bogeyman causing the drop with only 2 million shares (US) and 1 million shares (Canada) shorted.

[Luckboxx]

Buy!

[derpa]

@OregonDuck Why are you spreading disinformation? Most of the cash on hand is due to the last 2 raisning - at C$9.50 and at $C6.35, They raised C$ 47.5 million during the last raise @ C$ 6.35 and C$ 36 million during the previous raise @ 9.50.  The money from  the exercise of warrants that you mention comes in third as they raised 34 million. You are trying to scare people into thinking

[Oregonduck]

Are you too lazy to read the latest financials as of March 31, 2022, or you need to go back to Night School ? Accounting 101 for Dummies.

[pacer001]

Mr. Duck when we soon hit "gusher city" none of this dribble will matter. The only thing we will be worried about is at what price to sell at?