Sorry I've been offline. I was tied up on another mining...

Sorry I've been offline. I was tied up on another mining project.

Good to see LCL undertake a capital raise to clear the RMB debt. This has been an overhang for a long time and it needs to be cleared.

I know what some of you are saying, "placing price is too low", "dilutive", "they don't need the cash" etc.

First, on the placing price, don't worry about it. Investors coming in at the placing price are looking to make 3x. Plenty of scope for the share price to re-rate to 20c+ in the short term. I plan to by more shares on market when the trading halt is lifted and I'm not selling sub 25c (which I have said previously).

My other comments are:
- I would rather be a shareholder of a properly funded exploration company than one that has to raise money every 3 or 4 months
- on the placing price, we do need to attract some new investment funds who believe in the story to build a much better shareholder register. Too many burned Metminco guys here and they need to all go if they haven't already! Let these new funds make a bit of money so they can pay their bills...
- if LCL raise a decent amount of money then they should step up their Tesorito, Miraflores and Chuscal drill programs. If they can make a 5x to 10x return on the money raised through finding gold ounces then this is a good result!

The Northern target visuals are promising. Difficult to hit the sweet spot on the very first hole so keen to see what the plan is for better targeted drilling in the North. We will probably get some decent gold grades nevertheless and so at least some proof that there is something there.

Good people here are building their own resource models. I'm sticking with my 2m Au oz target - 1m for Miraflores and 1m for Tesorito (assuming we have something to the North and there is more gold at depth + maybe high grade copper?).

We are still very cheap sub $100m market cap + fully cashed up!

GLTA