The proposal is to place 8.3 m shares at 5 cents to raise $416k and a further 31.2 m to raise $1.56 k. These funds will then be applied to (a) testing IP targets in the Aztec Dome, (b) drill testing geologic model verification in the Aztec dome, and drilling new gold targets at Bundarra all at a cost of $1.5 million.
Keith, please share your budgets with us because I beleive they are flawed.
Surely the strategy should to to drill IP targets at the Aztec dome using the current resources, get the share price up and then raise funds at a higher level.
Drilling IP targets at the Aztec Dome should cost less than 250k. The are either gooldor there or they are not. If they are not, forget any trying to prove a geologic model, its academic. This is for the BHP's of this world not TMX. Keith, you might be right, but I would prefer my share of TMX funds directed at targets that will create shareholder wealth not an academic excersise. Having said that I you can gather I have a lot more respect for your geoloigic acumen than for your commercial ability.
Please guys vote against the issue of 31 million shares at 5 cents becasuse TMX does not need this money to test the Aztec Dome targets. Lets issue the shares at a higher price when the drilling yields positive results.
It seems in voque to say what shares one holds, I currently hold shares in BPT, BHP, BRM, CQU, ENT, OZL, STU, TAP, TMX, WPL, XE, CQ, CK, CD, AEN, ADD, MTX, DOR, POV, PTX
TMX Price at posting:
5.1¢ Sentiment: ST Buy Disclosure: Held
