where has the seller gone, page-49

They were cash flow positive after investment activities last quarter when Silaro came online. They used this cash flow plus existing cash reserves to pay down debt. Given forward development expenditure is likely to be low, and assuming Silaro continues to produce as excected (no reason to assume otherwise), I expect them to produce strong operating cash flows for the next several quarters, which they will use to pay back debt.

The only way they will raise a large amount of equity is if their debt (which is entirely manageable) is due in the short-term and financiers refuse to roll over the debt (but why would they???). If Silaro continues to produce, I think the chances of a equity raising are low. If one occurs at all, it will be a small one to bolster working capital. Put simply, dilution risk is quite low IMHO.