If that's accurate, I agree that this is cooked. Raising at a 15% discount (36c), just to kick the Renard can down the road another six months is ridiculous. These extensions cost pretty much the same as (if not more than) the C&M costs.
Personally, I'm deeply concerned with this delay. I expect to see this to now drop to the mid (or even low) 30's, and we can expect another six months of the Renard option dragging on the SP until the option is executed. I would hope to see some very good reasoning for this in the release. With the renegotiation of the initial payment to C$1m, I can't see any good reason for the extension.
WR1 Price at posting:
42.5¢ Sentiment: Buy Disclosure: Held
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