Flyboy, in my view you are exactly right. If managment had confidence in their drill targets they would drill them from their current cash reosurces and 15% placment thenr place futer shares at a higher price. Articualix, with respect, I beleive your reasoning is flawed.
What todays release tells us is (a) Management do not have a lot of confidence in their drill targets (b) they are controlled by the Singaporian Chinese investors and (c) they do not care about diluting shareholders.
Whilst the qualified intended drilling is positive, it appears to be dependant on the capital raising. I'm not sure why this is at the RC program at the Aztec Dome should be able to be funded from TMX's current cash balance.
I am going to vote against the placement to the Singaporian guy because, in my extensive experience with the the Chinese, this is bad news. I urge other shareholders to do the same.
The more I see of TMX the more I see that it is run by a bunch of commercially unaware persons. The only sensible guy is the deputy Chairman and he needs to be stopped dead in his tracks if the current shareholders are to get a decent return.
As always, a personal view please do your own research.
TMX Price at posting:
4.4¢ Sentiment: None Disclosure: Held
