It is no surprise the entitlement offer is suspended, given the...

It is no surprise the entitlement offer is suspended, given the financing package will not go ahead and it seems unlikely most people would have taken up the offer before the deal was done anyhow. I also doubt the missing AISC was the reason at all as Pacific Road Capital would have been aware of it and done their own due diligence. AISC is more for people who do not know how to dig deeper into the finances anyhow, to give an idea of the profitability of the mine, if you look at the financials you can tell this from cash flow and earnings.

I think I posted before that the due diligence done by Pacific Road Capital in completing the deal, shown in the terms of the loan, would tell us about the current health of the mine independently of managements assessment. It looks like what they found was not good, maybe the mine is till not performing to date, another issue or delay with HG ore or deviation from the mining plan. Maybe going in to the details there was not going to be enough cash flow in time to pay back the debt. None of that is any good.

Everyone holding had fair information on the financing deal, the share price reaction and the past history of the company releasing information to make a risk assessment. Do I wish I sold? Yes certainly, and if I had not been distracted elsewhere and thought I had more time then maybe I would have. I am disappointed but at the moment I am the only one I can blame. If you look back at my first posts on BLK I was concerned with the information released in quarterly reports not quite adding up with the production and cash flow figures. It was a high risk company and the risk grew as the price dropped and financing deadlines loomed.

If their cash flow in the current quarter was as good as forecast they may have held on enough to convince their creditors it was Pacific Road pulling out is not a good sign for this though, although not looking good it is not over until they announce VA. There is NOTHING YOU CAN DO NOW. If you needed the money for Christmas you should have sold, sorry but that is the plain truth. Now we are best to get on celebrating Christmas, relax and forget about it until the announcement on the 27th.