Will be interesting to see which way they handle this $15.2m...

Will be interesting to see which way they handle this $15.2m payment as well as the $25m due in September. Ideally we would all love them gone and all money converted to Equity as that would be more exciting for the future of Armour. Unfortunately that is not how some people play the game - they want their cake and to eat it as well putting ordinary shareholders as the lower class citizen in the arrangement.

Do they ;

1.    Sell the $15.2m C.N's to someone else - I think extremely unlikely unless they get some good news out "pronto" !

2.    Raise additional finance via Tribeca and use part of cash raised from last Rights Issue (it is why they raised the cash)

3.    Do another Rights Issue - that will not be fun !

I expect Option 2 will be the answer as the Pipeline assets and GSA etc are worth well in excess of the debt we are talking about.

The best outcome for September is that they get 4A and 5A humming along and also get some more drills and connections completed so that we are looking at a price in excess of 11c conversion. Otherwise the CN's may need repaying or re-negotiating to another facility.

I agree the risk is heightened at the moment but have used it to topup "again" as I like the mid and long term potential. To me the risk is if they don't keep drilling as tenements are largely worthless without production and the share price will go to sleep.