the markets response to management, page-11

thorburn,

re Cap Raising:

Please do me a favour and tell me one company that has:

1. spent millions on exploration
2. proved up a reserve
3. intends to mine very soon
AND
4. that does NOT need to raise cash to fund development

Perhaps it is worth reconsidering why they are raising cash, and that last time they needed $$ they did so via a rights issue.

My hope is that they will be able and willing to debt finance a large chunk of the project, with the rest via rights. But, we are looking to fast track this puppy from here, so I'll accept anything that doesnt 1. dilute the hell out of us, and 2. is completed quickly so long lead items and development can begin asap.

Cap raising are part of the game. We are extremely fortunate to be one of the few companies that has not sold off 50% for early development $$$. I'd rather lose 20-30% via dilution to insto's than 50% to the Chinese Steel Mills, but that's just me.

goodluck, dont give up on this just yet.

Split