massive, page-126

I don't know why but I feel compelled to add to the CR issue again.

The facts are that AVB did apply for a "non-dilutive" loan from a bank.
Unfortunately the bank said they needed another $12 million from a second source to secure the loan. I'm guessing that either the bank would not accept a CR for the $12 million or AVB decided to keep their promise and they negotiated a deal with BlackRock.
All the way through this process AVB had kept their "promise" of minimal dilution.
Now it's at this point that the game changes because BlackRock also puts conditions on their $12 million. Conditions that are going to delay mine construction by 6 months minimum and conditions that require money to be spent on infill drilling.
What is AVB going to do or put yourself in their shoes what would you have advised them to do?

With the shareholders interests in mind, AVB decided to grab some cash to keep the ball rolling while they satisfied BlackRock.

Why didn't they tell us this? They couldn't because they were still in confidential negotiations with BlackRock.
Once the terms were settled with BlackRock, both announcements came out at the same time.

So the final facts are we will get $70 million with minimal dilution as promised to build a mine and we have $18 million with dilution to start building a mine now not in 6 months time.
On top of this, when we do get the $70 million, we get what we spent of the $18 million back to go regional exploring. Something that would have had to wait for years until we got some spare cash or a CR anyway. Remember Brazil is bringing in the use it or lose it laws.

Those who complain about the number of years it has taken to get here should not complain about the CR that we had to have or complain that AVB may have been misleading shareholders.

Facts are that circumstances changed for the better and as soon as AVB could announce, they did exactly that.