RE: At some point...19 Apr 2026 11:49
Remember these type of placings normally take a couple of weeks to put together and finalise. II's, Brokers, Lawyers, NOMAD and finally RNS. They don't happen in a day lol
Chances are they negotiated the price when the SP was somewhere in the mid 0.03's if you looking at SP over last few weeks.
If you read the RNS properly it doesn't say for example "at a discount of x% of the SP on such and such a date" or a "VWAP" which you get on many RNS placings. If it did you would know exactly what discount they got, or didn't..........
eg this one from HE1, many more examples out there. "will be made available at a price of 0.6 pence per share (the "Issue Price"). The Issue Price represents a discount of 17.6 per cent. to the closing mid-price of the Company's existing Ordinary shares on 25 March 2026."
So when some babies wailing about the discount "apparently" received they have no idea what it actually was! It is not when the RNS is issued lol. Of course they got a discount, no II is forking out that sum without one, and without expecting a decent return on top.
The timing of the placing RNS was bad, probably coincidence, but NOMAD would have made them issue it as soon as lawyers signed off on it. I very much doubt NOMAD would let them get away with anything dodgy. The Company got their 5M what happened to the SP and what the Funds do with their shares has nothing to do with them afterwards. The SP obviously went up before it, that is down to buying pressure. That is just AIM and the herd piling in on expected news, as they will again. Just look when it actually broke 0.04.
Has there been some forward selling, of course, happens every time with placings. It is business, decent return on money, some sell and take profit, some hold. Just like majority folk on AIM. Once again nothing to do with the company.
Also for the Paulie cry baby types who wailed but "they told us they were fully funded". Read below and be embarrassed doh again! Yes, the placing is for "future" works. They need to get orders in for long lead items for the Plant, now! HEX took quite a while to get a drive for their refurbished plant from China.
"The Company's extended production test at the Sagebrush-1 well which remains the key near-term operational milestone is being funded from existing cash resources."
So, we can expect only good news, and lots of it, from here imho. Through this weeks as news comes through the SP should start to climb. Maybe back to 0.04 before get full EWT results. Would you want to be out of it if results are as good as company hopes/expects. What price afterwards?
Remember not just this one well. Success here also hugely derisks rest of licence and goes long way to the magic "booked reserves".
ps "Importantly, this funding places the Company in the strongest financial position it has ever been in and allows us to accelerate our development plans while maintaining momentum across our operations."
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