Well - it certainly explains the consistent lack of effective action by Greenstone for the last long while. So much potential at Burbanks - so little progress. And yeah, it probably also explain the dismal share price action over the same period, despite the gold price setting new records.
So on that side of things, I feel really exploited and let down.
However - looking at the doughnut rather than the hole - Greenstone was low on cash and it was hard to see a way forward. I'm inclined to believe that Horizon really does want to be a mid tier gold producer and I'll be happy to support the merger - even though I'm pretty unhappy about the path which brought us to this point.
Surely FMR will support use of their mill, so the merger solves a problem for Horizon and offers a path for GSR shareholders to have a position in an actual gold producer. The merged entity retains GSR's share of Mt Thirsty - so if that ever goes anywhere we remain a part of it - but gold is the story right now and probably for quite a while. Under some scenarios the gold price could go much higher still, and that does us no good at all if GR remains stalled with a great gold asset and no way of getting it into production.
I can see mixed feelings expressed on the HRZ threads, and here, but this merger gets my vote for the above reasons.
Like Dutton, I'm gonna bitch (as above) and then fold.
