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Wanted to squeeze this lemon for last few drops before turning the light off.Why did he pay that money for worthless assets when I3 energy bought canadian assets which are producing over 10k bopd and generating enough cash flow for similar amount of money.Someone must have made a lot of money through this deal
To everyone that there is no buisness here, these assets are worthless and any normal buisness would make shareholders some money it is other way around here.Shareholders are funding it and they tap after couple of months.TW was right from the start
They dont just need 2.5 millions I am afraid.Ever since they got that debt spiral funding share price is only going one way.And they have run out or options.It was crystal clear to everyone what was unfolding.Right now we have debt,bills and administration costs and there is no money, so hiw will bills be settled?You have guesses it right through placing..
Needs his/her head examining this is dilution on industrial scale leaving nothing for existing shareholders.As everyday more shares will be issued not to mention warrants.There will be consolidation at some point and then rinse and repeat.Now they are placing to even day to day activities.
Problem is you still have not grasped the situation fully, these assets are worthless as they were used to fleece private investors and creditors.If they have nearly doubled the share issue to raise money for "working capital requirements" than rest assured that there is no hope that bondholders would be paid.
Problem is we are not talking about couple of millions they need they have to find money to pay off lenders and bondholders. But that is not end of it these assets are loss-making so company would need to turn to investors to fund day to day activities. Problem is they have wasted huge amount of money to buy these worthless assets and Arthur knew about it right from the start.