imho - they are waiting on Grieve to get on line, so that the borrowing base can be increased .......so that (hopefully) they can get rid of the preff shares ......
tis riding close to the "sun" .......aka a possibility of being "burnt" (via preff's being redeemed for equity.....or a share issuance to fund the work program ....or combination thereof) ......
leverage cuts both ways !!
rgds
V_H
Ann: AGM Presentations, page-13
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