Agree to an extent but importantly on the re-finance, NO DILUTION.
On Phase II sxew, if they delay start till mid-16, they have 75mio based on 12.5/qtr principal servicing. Works will probably take say 14-16mths. Forecasts for cost range from 105-110mio USD. Remember during this time the sxew 25kt/pa will bank another say 70mio, that should hopefully leave them at completion of Phase II construction with debt of btw 140-150mio.
The question in my mind is the depletion of current stockpiled ore. Atm they are forecasting commencement of mining by Q1-2 2017. If that can be delayed till 2018, then the costs associated with the pre-strip hit at a less sensitive time.
Crossing fingers for minimal or No dilution and no cheap TO.
TGS Price at posting:
8.7¢ Sentiment: Hold Disclosure: Held
