placement facility, page-6

i'm assuming it is a strategic placement for tax benefits. using the money to buy back shares instead of using their gold reserves gives the impression of their confidence in the future gold price. they take the tax benefit of paying interest which is borrowed at lower rates than the capital appreciation on the gold. they still have the gold on the books at a lower value than current spot price and if this was money in the bank instead of gold it would be earning a low rate of interest and then paying tax on the revenue.

while the gold at the mint is valued at more than tbr's market cap then all the shares they buy are cheap and they get the tax benefit on the interest paid to buy them. the debt can be retired at any time when the market forces dictate the best time.

it is a worry that the major holders have too much of the company and can dictate the direction it takes which suits them best.