People's heads are spinning because the share price went from...

People's heads are spinning because the share price went from 80+ cents to 7.4c in 12 months. During this time directors still drew up to $400k+ salaries and some lined their pockets with a million dollars.

You say BLK bashing has become a sport and the downrampers are publishing BS?

Funny that so far just about everything said by BLK has turned out to be BS and everything that the downrampers have been saying for over a year has become true

You regurgitate BLK announcements as gospel when only yesterday they had 'strong interest' from funders to debt fund the project and the deal was all but done and dusted.

Nobody will ever know why Pacific Road walked away but if they were convinced by the turnaround story you'd think they'd have proceeded with the deal?

Why didn't the 'fresh eyes' at Pacific Road see value here?

Yet here we are with a 4c deal and almost an extra billion shares and some people are already putting their party hats on.

The 'fantastic' quarterly hasn't been released yet and an AISC in the $1300s has been thrown about. Can anyone explain with any certainty of how that figure was calculated?

The backdrop to this is the recent announcement about 'debt normalisation'.

Fully underwritten means that if the broker can't sell their allocation, they will stump up the shortfall. The best way to make sure that 4c appears like a super bargain is to make sure that the stock trades well above that price. That way you sell all your allocation and don't have to stump up a cent.

I have no doubt that the underwriters will get their pound of flesh.

miningnut pointed out the financial situation that BLK will be in after the CR (it's all in the published figures).

Those figures aren't consistent with the great turnaround story trumpeted by the company.

Caveat: I'm just a downramping, disgruntled ex holder with some agenda who has no right to post here and nobody should pay any attention to anything I say.