That is 3 days in a row now. Seller puts up 500k for sale every start of the day and does not pull his order.
I looked at the cashflow statement, MYG has 16.8m debt. So CS gave them a 11m finance facility and this is paid so MYG still owes someone 5.8m which means it has more debt than cash on hand.
OA might make it as i think JG's intention is for the OA's to be exercised to pay for the convertible bond that is due to be repaid in sept 2013.
I can't blame the guy for selling. Even if MYG settles their finance, they stand a high risk for cost blowouts of which Western Australia is well known for. Imagine a 10% blowout would cost MYG 9.1m (total construction cost is 91m). It would be prudent for JG to conduct another capital raising to ensure the company is well capitalized to mitigate this risk. An example would be DRM who is in WA as well which despite being fully funded, conducted a 30m capital raising.
Or perhaps the seller is ATW gold which i mentioned before that their 40 million shares are out of escrow around now.
MYG Price at posting:
4.9¢ Sentiment: Sell Disclosure: Not Held
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