all explained no issues, page-12

Exactly

Webral is trying to suggest or at least query whether they draw down the full $4M it is all locked in at today's prices, which is either extremely naive or purely a flame and bait

Nice and simple:-

- SOC have drawn down $1M from Bergen for overheads at what to me looks like 16c and issued options at 24c

- Given it is for working capital, it is unlikely there will be another draw down until Q3 or Q4 2014 minimum, if you look at their cash burn + cash on hand

So all this hype and confusion is purely around a $1M placement at pretty much today's market price + a swag of options at a huge premium

I have no issue with these deal nor the options, as it is extremely fair and is much better than the likes of a retail broker (such as Patto's) would have offered

To speculate whether the remaining $3M of drawdown would be locked in at today's prices is just ridiculous, plain and simple

Read the announcement (perhaps a few times for some of you), do the numbers and then look at the price - find another gold company receiving better funding for working capital - i.e at market + options at a huge premium ?

Bergen are barely in profit today, so they will not be dumping stock to opportunistically take profit - they are here for the long haul

Also, the overriding factor is SOC seem to have a large degree of control over when and how Bergen sells and more importantly to option to repurchase the stock from them - effectively this stock to me is escrowed until a set date in the future

So what is all the fuss ?