@jogo I gave a good thought before deciding to sell. There has...

@jogo

I gave a good thought before deciding to sell. There has to be a miracle for the share price to recover.

It appears IMC were very unwilling to provide this funding. In today's announcement it is mentioned that the company was still trying to get alternative funding while in-principle agreement with IMC but was unsuccessful.

" based on Millennium’s enquiries of potential alternative funding options, the terms agreed with the IMC Group (including the applicable interest rates and the options to be issued to the IMC Group) are considered acceptable for facilities of the nature. It is also noted that the terms of the IMC Facility are largely aligned with the terms of the existing secured loan facility provided by Investec."

By the time company finishes its plant upgrade,(that's a big if if it works out), underground projects, pay 35 million principle debt plus with 13-15% interest, 60 million options around 10c, I cannot now see the share price rising even if 1900 gold price holds.

I think the truth is out.....plain....simple and brutal.

MOY can't make profit with the asset they have.

Had few discussions about takeover with knowledgeable people in the business and the verdict is no one wants other's problem. That was the awakening call and my trigger to sell at a loss. Very painful to take losses but I decided to start protecting whatever is left rather than loosing it all. Taking a big hit here over $ 80-90K as my money has already halved. But waiting for the share price to recover (big question how and why it should recover), run the risk to lose it all.
I was sceptical of MOY for quite some time, but got blinded with all this CR,plant upgrade, 100k producer all BS. They indeed were all smoke & lies.

I have sold most of it.