ann out rights issue to recommence prod , page-49

Well.. after carefully reading the prospectus.

Not easy to do btw, as the facts are not pleasant ones. Steve and his team have done as much as they can.

We all knew the situation was dire when the company halted due the tailing dam leak...

So, from what I can tell (warning, lots of ifs), we have a hedge that is in the money by approx $5.9 million, a possible insurance claim of $10 million, with the raising of possibly $35-47 million.

We have debt of approx $16 million.
(I am unsure if this is after the hedge is taken out, or not..?)

Red5 mine in located in Southern Philippines where the dry season starts in Oct/Nov, so that would tie with the possible restart of production in Oct, assuming at the minimum, that the raising occurs.

As for being able to justify putting in more funds. Yep, tough to justify no doubt about it. I got my father to invest in RED5, so I am quite unsure how I could argue to him that he invest more. Sigh.

I do wonder if after the likes of Resolute mining (very well run and respected?), who invested $85 million in NMG last year, a unbelievably badly run company in Africa (albeit, the gold price was higher), there is going to be some small chance that a current producer, can look past the short term issues as the mine to purchase a long life gold project? Perhaps FML will buy us out, ha... then they would actually have a mine that has the ability to produce gold under $1500 US per ounce (sorry FML holders...)

Of course, they may only offer $0.30 with full repayment of the creditors etc. But I do not think it that delusional a possibility. I would also accept script from a decent ASX producer if the opportunity arose.

I had to skip a lot of the posts above, as they are simply saying the same thing that was said for weeks after the Tailing issue occurred (I get that a lot of shareholders are angry, frustrated etc... the life raft is large and overflowing).

I am still resigned to losing all of my value in RED5 shares, but I am sure that at least some holders don't want/need to read some of the posts above all the time.

Cheers JID, Auto, Stlamc etc.