KP - I have to agree with you. I have taken a significant loss to get out of PRW, as I was getting nervous regarding funding requirements.
The resolution for approval at tomorrow's AGM, that will allow directors to allot up to 70m shares should mean that funding can be drip fed via ongoing small issues. However using the discount of 80% and today's current price of 2.7c, that means issuing shares at close to 2c.
Sept 2011 Cash Report shows funds on hand of $1.4m and an estimated quarterly spend of $650k. So no funds required until late Mar 2012 in theory. However this allows only $250k per quarter for exploration, and non for mine development.
Barnes Hill story still looks good and has Tas Government support.
Medium term negative impact on sp of potential ongoing small issues at discounts, is my concern regarding a re-entry to the stock.
PRW Price at posting:
2.7¢ Sentiment: None Disclosure: Not Held
