Ann: Capital Raising Presentation December 2018, page-69

Thanks John,

I feel like I have gone mad when I read all the posts and don't have the same view.

As you say the debt to equity ratio, debt to market cap ratio, interest rate, no hedging policy etc is all good stuff.

Eshmun's biggest complaint is they raised too much and that the bankers controlled this and now we move nowhere.

I put it this way, given many think we are moving into a bear market for equities and gold may or may not (read risk - despite ones personal views) rise is it not potentially worse to hold off on equity and have the banksters hold this down all the same and then come up short on capital in the end and get bent over even harder?

I for one see this derisked now, they have enough money for capex, exploration and a few years of WC + probably a little bit of contingency.

I am sure if a TO comes and is horrible there are still enough smart holders to reject it.