Those blinkers are affecting your vision SB. There are numerous...

Those blinkers are affecting your vision SB. There are numerous posts from others outlining what's going to happen.

SP was propped up to 1c to get some OB traction. Imo those heads got dumped back today.

Now the OBs won't convert fully, it's a game to lower the vwap for a placement (who would underwrite them now, plus it's too late).

Im guessing a discount and a <.007 raise issued.

But. They were anticipating raising at 1c with the OB. To get the same cash, they will need what - roughly 40% more shares and further, free oppies as a sweetener?

Instead of 620M OB coming on market, assume ~1B placement (big call/big placement) and X million sweetner OD on market!

Lets go ~ half that, 400M placement, free oppies and a debt facility - paying interest with all the proceeds from... hang on.. oh, nothing. That just pays what we owe VALE. Not inc Terrativa OR the cost of exploration. Assume overheads for the next 18 months come from the kitty.

30% dilution, plus OD. Then hope to the gods OC come good. And there hasn't been a drill bit turned.

What's itap worth? They will probably sell that for a few hundred k.