Ann: PEN Secures $69.4m Fully Underwritten Institutional Funding, page-66

HS,

I've always appreciated your posts, at least in regards to your consistency and unnerving stance on this. Not many exist.. At this end of the trade now, as hard as dilution is to bear...I wouldn't be caught in any other u co to this degree as I would PEN.

I'd just ask readers to forget for a second the instant losses of dilution (if you don't take it up) and consider the effects of pen being financed to go to production. Perfect for longs.

For longs like us, we get used to being beaten down many times over between wins. But...in the end, we only need to win once.

Have a look at the resources bear market in the 2000's. Rob Friedland, Ross beatie, bob quartermaine et al were in same situation. Market capitulation was well entrenched and they had to either raise cash and get into production for recovery phase or for discovery...It's was swim or sink. They swam. The rest is history.

I've had to reassess my thoughts on PEN on several occasions, but, like you I will not be putting prejudice before fundamentals.

With this finance profile...we are into production. And then some.

I am not worried about PENOC's. They'll be plenty of time to sell into rises. Or, my tip is they'll want this cash,. Pala have 20% of penocs at last check.

Good luck.