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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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Message: There's More Bad News Coming

There's More Bad News Coming

posted on May 27, 2009 05:32AM

Reviewing the news release we're almost doubling our common shares outstanding for $172M (I just took a 50% haicut to receive $172M....geez).

We know we need at least $200M+ so where does everyone think the difference will come from? You got it....a lender will soon appear to provide at least $50-$100 - maybe even $150M line of credit because we just received an equity boost of $172M.

Since we definitely need additional cash, a credit facility will soon be required.

Unbelievable, we walked away from $200M in January because the bank syndicate was unreasonable.....how the heck is this better...???

Now convinced, management may be Operationally functional, but DEFINITELY FINANCIALLY INEPT.....

Just gave up half my value, and the remaining half will be applied to guarantee some upcoming credit facility.....

Those ducks in a row on CLL's website should be served on a platter.....

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