Ann: $49.3 Million Placement Agreement, page-50

You need to spend money to build a mine. It doesn’t matter how much we are diluted, provided that what we own is worth more than before the dilution.

TIE has been rather unusual in that it has been willing to not go down the usual “make the bankers rich” path and has built a plant on equity alone at pretty decent prices. I actually can’t think of another mining company that has played the whole capital raising game the same way, but if other can please pipe up.