Great post Ice and Craig Dixon. Until there is a UNCONDITIONAL...

Great post Ice and Craig Dixon.

Until there is a UNCONDITIONAL TERM SHEET with a reputable lender, then any talk about refinance is not to be taken seriously.

I am very surprised that ASX did not pull them up.

How can you believe and trust management?

In my opinion, and I am not downramping or have an agenda, the announcement was made to stop shareholders from selling.

Juniors do it all the time, they find a funder who will agree to buy stock at a set level. It keeps auditors, ASX, ASIC and shareholders happy.

In the end minimal funds are advanced. But it makes them solvent for accounting purposes.

BLK have less than 2 months to pay Orion Mine Finance $14M, or they can seek to appoint receivers.

At the current price, I doubt that even US Vulture funds would touch BLK. Even if they made 20% interest, there is no guarantee that they would get there capital back.

Years ago, I asked a mentor of mine, what do you look for when you invest in small caps.

He would say, story is always a strong consideration, but you ask yourself about management and independent directors. You need someone to get you there but more importantly, you need independent directors there to look after shareholders.

In my here, the chairman has failed. BD is clearly incompetent with regard to running a mining company. I think he had visions of becoming Andrew Forrest when BLK was @ $1.

But even more of a failure was the chairman, he should have reigned BD in. Kept him accountable for his promises and representations. He needs to represent all shareholders not just his west perth mates. Chairman should have shut down the 200,000 oz per year expansion plans, cut excessive drilling and Feasability study expenditure. He should have made him accountable. Instead they all received there salaries and he allowed BD and alan Thom to sell shares @ $0.68 into a placement.

DYOR

Good luck holders