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Well, I have revised my COBR share price model to be even more pessimistic about the overall profile. I still have a valuation of 1.9p. I wish I had a few more quid from a windfall to invest here, especially with more Boland news to come very soon.
By my estimate, the company has enough money to undertake its planned activities until about September. At that point, if the share price is not above 2p, then they will probably have to raise. If it does hit 2p before then, that will trigger about 200 million warrants, which, whilst obviously diluting the existing shares, will give the company sufficient capital for at least a further 12 months (depending upon what they want to achieve).
Then the question is, why are they so late? I'm aware there was a four-week delay due to some broken equipment, but even still, this is almost 2-months late. Are they preparing a big Boland analysis on the back of these result or are they simply still waiting in the queue for analysis?