Same way I read it too, to be honest though it seems like they wanted to get the projects on the cheap and the board did not want to give away our value. True that if they did we probably would have seen a higher price but at what cost?
Now though, it seems as if the market just dumped on that news, which highly doubt it would have made a difference for long-term holders, only day traders were looking to trade the news. I would says the board had some real guts and nerves to not give up, we shall see in the long-run how this has helped.
I think once things start to settle down and consolidation completes at this levels we should move higher, though drilling plans would have to be presented to the market to see any proper appreciation in our share price, of course some not very dilutive funds would help too. Though we still have over $3M, which helps including an additional $3M in BMM and $10M facility at just a 10% discount to market, not too expensive in comparison to a normal CR.
EVR Price at posting:
2.1¢ Sentiment: Buy Disclosure: Held
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