48mill listed options, expiry March 2018 @25c. Could raise up to $12mill for development and ongoing exploration drilling. Two main shareholders strongly support the project (about 36% ownership). Float was oversubscribed.
$2.7mill cash in the bank at end of June. Raised $6mill Sep 2016. Should have enough cash to keep drilling and get to DFS around March next year. DFS was due Q3 this year, however recent discoveries and current drilling expected be to increase resource materially and possibly ramp up production profile and mill requirements.
About 10mill unlisted options.
I like management.
EGA Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
