News: BGL Bellevue Gold Undertakes A $20 Mln Placement, page-2

Amigos, I totally agree that management are acting quickly and decisively to expand the resource. They get the thumbs up for that. However, we have to realise that the two recent capital riasings by placement to sophisticates & professionals has increased the number of shares by about 15 to 20%. And they scored these shares at a discount. So rather than bid for shares like the rest of us, they bought them off-market. What would the share price be now if they had to buy about 60 million shares on the open market? Yes, placements are short, sharp and clean. But in the long run, we are not getting any offer to participate. My request is that management make sure the next capital raising includes an offer to existing shareholders with a bonus of loyalty shares (i.e., shareholders have the option to buy the loyalty shares at say $0.80 cents within next 12 months). My final concern is that placements to these pros & sophs ends up as an increase in power by the top end. If and when a takeover offer comes, they will exercise it to suit themselves, not the longterm investors of BGL.