30% isn't crash hot but I am not surprised in the slightest. I...

30% isn't crash hot but I am not surprised in the slightest. I believe the manner in which it was done was slack and could have been handled a lot better. I would have rather paid a bit more and not be so diluted than do it at a very low price. Having said that, I don't really have any spare coin for pxg to support them getting the money they need anyway. You'd be naive to think people would do the 'right' thing and buy the new shares at 13c so they get the money in the kitty. You could get them at 12 or 12.5 for a lot of the period. The brokers didn't support in the screen which again doesn't surprise me when you see the names.

They would want to get this gold production running smoothly. We all know how many potential problems startups can have. By setting the base at 13c, only on good performance we will get a kick. Corner stone investors would have been the way to go - people who are prepared to sit and hold and back the company. Look at the announcement the other week, it was lost during the raising. They would have been much better to wait until after the raising (even though they are technically not meant to).

This is their first blip in my eyes, but it is a very big one. They spend so much time and effort trying to get everything right on the ground but then go let themselves down by decisions like this. Judging by the share price and take up, I don't think I am the only one.

Stating the obvious, good performance is imperative to getting a return for shareholders. I think 20c is only going to be hit if we're really kicking goals.

Pete, I think you need to look at the eps after tax. Also, 8-10 is too high for a single commodity/mine stock. In this market, I'd be saying 6 conservatively.