facts on bmn market cap, page-5

Getting something for 70cents when others will be buying 30Million of them in "a few months time" for a dollar which will be 80% of the five day average price, say $1.20 is indeed assuming this will be a steal.. The management have nailed their balls to the mast with this one if the SP doesn't go significantly above 61.5 x 1.2 then they'll have... well......... to get by on the 10 mill (by your figures) they have plus the 10 mill from the second tranche.

however if things go well the 30 Million so raised will be used to forego getting 10 Million from other sources and still having 40 Million in the bank is indeed to suggest you already have no need of the 10 Million you would forego.

Also
Would not some of that 30 Mill be needed for ongoing progress payments on the BFS otherwise why raise it. Is it right to think of it as in the bank or might it be already committed/required in advance...

61.5 cents is too cheap for BMN shares... well unless we get some serious "investor relations" soon.. It won't make it to $1.20...... actually I'm with you..... It is a steal.. or at least worth a bet that we will get just such market sensitive announcements.....

the fallback position is that the SP doesn't go above $1 or $1.20 and they go with the original RCF second tranche agreement, I don't think it's history.. (you're just assuming their expectation will prove correct)...and therefore still have enough $$ for pre BFS & BFS. That dilution should already be 'in the market' thus limiting the downside.....

Only further positive drill results make the scenario worthwhile and management is letting us know it's betting on them... IMHO of course.