Ann: Kingsgate Financing Update, page-77

Speaking of moving on, curiously you harp to when the gold miner was shut by junta so many years ago. Staunch defenders/apologists of management invariably play this miracle get-out-of jail card on management’s behalf.

I think you should put into a proper, contemporary, context how Kingsgate, as you say “a recently near bankrupt Thai gold miner” managed finally to obtain a life-line financing package, at market rates for such company. In fact, more than a year ago the company was flush with funds after pulling off an opportunistic, sizeable, CR that shareholders expected would fund the future growth and development of their gold mine. Indeed, cash seemingly was hardly a pressing issue, if generous bonuses for management are a yardstick to go by.

As a poster, has already pointed out, can you imagine what would have happened if the gold and silver prices had not soared. Even management supporters would have thrown their hands up in despair as the company most probably slid towards insolvency, and inept management was even more fully exposed. As it is they have had to go cap in hand, once again, to refinance their company, which was seriously in danger of running out of funds, by issuing a wad of warrants to sweeten the deal.

I assume that the company now is sufficiently well funded to go beyond its former glory days. However, when it comes to assumptions and Kingsgate, it is probably better not to make them.