Ann: Placement , page-5

Nothing wrong with timing, anytime after the BFS was likely and also eliminates any funny business leading up to major placement by brokers or larger funds or others.
Perhaps could argue higher prices (or smaller placement)could be gained after further drilling and resource upgrades but also need to balance this with macro risks, overall market conditions and gold/silver prices. Major cold companies have also performed poorly since 2009 vs the gold price which may point to further weakness.


Very impressed with price and size being almost at 52 weeks highs, suggests a long line of cheque books were open and waiting, spurred on by BFS economics, recent drilling results and promise for more (43,000m second half of 2010). Actually if the directed even more funds to regional exploration would not have a problem.


After cap raising AND will have ~C$300M which should cover most of the pre-capex and development and exploration. Expect remaining finace to be debt funded latter in 2011-12. With funding secured forces funds and potential others to buy in on market and also not reduce risk of AND needing to raise capital at lower prices if this comes about.


Can smell a nice bounce trade in the next week or two, similar to the period after the OGC placement with AND here btw.