Looks like Integra's approach to dealing with the Pala situation is to dilute them out of existence (and the rest of shareholders along with it).
How much money do they need to refurbish an existing mill and drill some exploration holes?
Announcement tonight with App 3b for tranche 2 - they've expanded it by another 70 million shares ...
Les Davis refurbished his mill on a shoestring, started to mine and produce gold which moved the price up, and is now expanding his resource through an exploration program funded via a placement at 90c levels rather than the sub 30c they were before mining and expanding his mill as well.
And in spite of Integra having all of this dilution they will still be carrying $40 million of debt and probably have hedging in place as well.
Anyway - the explanation for significant price weakness and a seemingly endless supply of 'capping' stock has probably been found - insto's stagging the yet another 70 million shares - and anyone that relied on the figures I posted the other day in relation to the amount of issued capital will need to adjust upward by yet another 70 million shares.
Geez they've virtually doubled the issued capital this year - what was the point of owning/holding stock prior to this.
And with millions spent on exploration ... results have been thin on the ground - are they being held close to the chest or have we just been drilling expensive deep holes under long shot VMS anomolies rather than the stated goals of looking for salt creek look alikes?
Ok - rant over - clearly I'm in a foul mood - I'm sure I'll calm down and see the positive again in due time.
IGR Price at posting:
26.0¢ Sentiment: None Disclosure: Held
