re: Ann: Financed Raised to Begin Production ...
I know it sounds like a lot to pay, but it's not completely unreasonable. Funding of this nature (via convertible note) will enable TMX to fast track a short term (3 month mining) of one of it's pits to bring in a cash surplus of between $2-3mil in a short period of time.
The way I look at this is $300k cost to bring in cash surplus from mining of say $2.5mil (middle point). Makes sense to secure the higher initial cost (without giving away share through JV), to bring quick cash to the balance sheet so that TMX can start funding some of it's other projects (with estimated cash surpluses of >$30mil).
TMX has some good projects on the go, but is being held back by lack of $ in the bank account. So this finance IMO is worth the initial higher cost of funding.
TMX Price at posting:
2.9¢ Sentiment: Hold Disclosure: Held
