There is no way management would sell this for under $500m...

There is no way management would sell this for under $500m (unless I have totally misread them) and even then if the number of shares stay the same it's ~$1.50. The future value would be heavily discounted if that was the case.

I also read about that Randgold credit facility thegooch, and the way I interpret it, is unless they take over a really small player like e.g. BGS (I know a very speculative stock but is quite interesting) it probably will be a 'credit facility' in terms of lending, debt or placement for other goldies e.g. PIR.

Think of it this way, if Randgold really want PIR they have to pay up, and no one else is going to offer $500m+ in the current gold market, so why not lend money out rather than a T/O? If PIR are stating ~$300m to get this off the ground, why not go into a 60/40 or even better 70/30 debt/equity split or something around those lines. Both parties win, SH's take a bit of pain for dilution effect, but we would have a gold mine in 2015/2016.

Just my rambling thoughts.