I had speculated that a TO/merger was the only way out of this mess short of voluntary administration.
https://hotcopper.com.au/threads/an...4357821/page-17?post_id=35095295#.W6jrE8K6ztQ
I haven't looked at Great Panther Silver at all but at a guess and going by their name they probably mine silver UG in Mexico and are trying to diversify towards gold as the sliding silver price is kill-off their business.
What is needed IMO to give Tucano a chance of success is a company with a very big balance sheet that can absorb BDR's debt and knows how to mine open pits efficiently, hence my speculation about FMG in the post above. A brut force approach is required where losses can be absorbed while building efficiency and waiting for the gold price cycle to turn up.
If Great Panther Silver doesn't have an extremely strong balance sheet and the skill set to mine large open pits then I pity their shareholders as they are issuing equity for debt and a proven loss making operation.
All that can be said is that it's a small reprieve for people who have ridden this down, as long as the scheme of arrangement (merger) completes and the merged entity comes out the other side trading with the value implied by the scheme (which is not always the case). Esh
