and still the bots have it..., page-17

Why the hell should they do a CR for Tomingley?
Tomingley needs another 90 mio in cash (we already invested 15 mio). We got 100 mio in the bank, got the 45 mio credit option with the bank and can always do a big gold forward sale. There is no freaking need to do a CR ...

Also, timing would be stupid - if we do a CR, then after having fixed the other parts of funding, i.e.
- after news releases saying that strategic partner buys part of the DZP at a multiple of NPV ...
- after NR stating that the Japanese gov grants a 400 mio loan at 3% interest


P.S. What "blow out" capex? Yes, it comes in somewhat higher than expected, but nothing that will affect the big picture re: profitablity. We will make somewhere between 100 and 200 mio profit out of Tomingley, depending on where the gold price is headed, how intelligently we hedge (I'd say part forward sale, part put options). Might be even more if future drilling turns out successful. Whether capex is 90 mio or 100 mio doesn't change much. Surely nothing to have an impact on the larger stategy.

P.P.S. If they "pump" the SP up to $3, I'm all for a CR - 100 mio new shares at $ 2,70 would be a really good thing imO ...