A lot depends on S/H taking up the issue rights, the recapitalisation commitments to the rights issue so far is not enough to fund development of the Smarts underground which from memory will cost $7m to first ore.
No sure try will be able to raise the potential $34m from the rights issue but if the can raise half of that they will be in a fair financial position and able to develop the smart underground. Barrick have just under 5% of try share, will be interesting if they take up their rights issue.
As I have said before at this stage I am think I will take up the rights issue but need to see the prospectus first
TRY Price at posting:
3.7¢ Sentiment: Buy Disclosure: Held
