12% then 15% interest and the truck loads of options they are receiving at a stupidly low strike price ofcourse they think pna is worth it.
PNA is a great company and even in current market conditions I am suprised we cold not get better funding!
Now two scenarios exist (1) We could not get a cheaper refinance and management have saved us from the way of OZL, CUO and others or (2) They havent done their work. (dont forget the other truckload of option we gave out for the $8 mil revolving line of credit!!! (considering we had 20m undrawn)
SP should rise as our little mine is worth more than the current trading price and I have no doubt (bar POC being less than $1.25) we will see a return to a more pleasing SP. I just dont know if the refi was all that great.
PNA Price at posting:
21.8¢ Sentiment: LT Buy Disclosure: Held
