We needed to hock the mine to cabots to borrow the money and as a contingency issue 50,000,000 shares to NOVO for a 1 mill cash buffer so I dont agree with the bit about Soph Investors.
I have stated this before. The facts are that the Cabot loan was secured and fully repayable even if the pollucite value was less than the loan. The 50,000,000 shares got 1 Mil in cash to cover the possibility that pollucite sales would be less than the loan. There was no other reason to raise funds at the time.
A few here were convinced in their own minds sinclair was worth many multiples of the loan amount and some like me and dare I say it DC were not.
Run the numbers on the Sinclair outcome without the extra 57%
PIO Price at posting:
1.5¢ Sentiment: None Disclosure: Held
