The Company has raised a total of $15.9M for the Itumbula-C SE well plus working capital.
Yesterday Fund raise
The net proceeds of the Fundraise provide the Company funds for drilling the Itumbula West-A well, commencing in early January 2024, with the breakdown of the use of proceeds for the full drilling programme including:
-- Drilling of Itumbula West-A ($6.1m)*
-- Tai-3 outstanding costs ($2.7m)
-- Licence fees ($0.3m)
-- Estimated cost of fundraise ($0.7m)
-- 3 months G&A ($0.8m)
*Cost of drilling Itumbula West-A assumes an uninterrupted c.30 day drilling programme with no operational cost overruns
The Company also currently has a cash balance of $3.2m.
Total funds of $13.8M
^th September Fund Raise
Use of proceeds
The proceeds of the Fundraise will also provide the Company funds for drilling the Itumbula-C SE prospect immediately following the completion of the Tai-C well as well as certain licensing fees and up to 6 months of working capital from the date of the Fundraise. The breakdown of the use of proceeds includes:
-- Drilling a second exploration well (Itumbula-C SE) immediately after Tai-C: $5.65m
-- Licensing fees: $0.80m
-- Up to 6 months of working capital: $1.45m
TAI 3 outstanding cost $2.7 M
Something doesnt add up