The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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They still need the Bizzell finance IMO.
OMJ gets no credit for a placing call. New shares had to be issued, it was just how and the quantity of that was unknown.
Given the company have said they no longer intend on drawing down on the Family Facility then even after this placing the books to me still don't balance. We have just had to pay Stena $2m and our insurance won't have been cheap, i don't think they'll have been able to shop around and get a multi-ship policy. I don't know what it will cost but it must be North of $1m and fully paid up before drilling.
This still leaves a funding gap for me which i don't think is a bad thing because it will need plugging and they must know how they are going to do it in a cheaper way than what they had available with the Facility.
plus OMJ will be delighted hes been saying this for months and perhaps now he will buy in !!
this would seem to be investment-driven, how can this not be a done deal. Why would BPC put this out if organizations were not already up for it . Makes no sense, I have been saying for ages the funding doesn't add up in its entirety we have just been too vague, that said if this is the last they lets go for it, makes 2p the base and this could lead to a lot more than P1. Could also be a test for Stena and a test by Stena , BPC has the funds and now it wants more from corporates , if this is fully subscribed we have a much bigger future than just to December IMO GLA
This confused me to Jim..I find it really odd that we were within weeks of drilling yet there'd been no mention of a rig signing - which would've pushed sp up back then - compare that to the recent announcement naming the rig that will be used in just under 3 months time
The world was different pre extreme Covid. And surely we must have had a farm-in ready just prior to that drill date, it simply does not compute we were as ready to drill as what they say; without a signed rig contract, without insurance, etc, etc, etc..... someone else had to be carrying us on some of this. Had too.
Also confused.
Why no raise in February before we were going drilling pre covid?
All I can see is dilution and cannot understand the rush for this extra funding, why PI's are not included and who are these loaded institutional investors.
I will restrict my comments to the drilling operations in future.