Hey Kyn,
without doubt, a slight rattle has been noticed, although.... like
@loki01 rightly points out, the quarterly did show that things would be tight, and.... when a company is in ramp up, tight is never an option, especially with debt. Speaking of debt, clearly the debt facility has a mandatory amount that cannot be touched, which is news to me, but... I can only blame myself for not taking such a set up as being included, TRY should have taught me that.
I think you put the situation quite eloquently, of course, just speculation on both our parts, but... the situation could have gone alone the lines of - things were looking perfect when the first bar was poured. Plant finished early, saved a couple of million, production ramping up, 'jobs done'. Alas, management slowly realised that the amount of dirt needing to be moved was more than they could do early on... hence, ripple effect and here we are. Then they probably sat in the office thinking, gold will rebound and then we can raise... yet it has keep slowly falling.... Timing, of course, does couple with an almost perfect storm of low USD gold price and sentiment. Still.... damn.
I have tried hard not to think about GCY today, but it is a little tortuous. I could easily have sold at a higher price, but I did not. I have posted numerous times about GCY having raised more than they needed, yet.... after the $0.50 raising ($55m raised), the next was at $0.38 to insto's and as I posted above, they clearly were able to push the SP down with that knowledge, and sadly, it would seem this happened again (I particularly dislike Hartley's). They could have raised just 2 weeks ago and the SP would have allowed them to raise at $0.38-0.40. What's done is done.
The loose explanation for the cash is because... they basically just need cash in case the ramp-up struggles. Simple as that for me.
DRM - sigh.... sold at $0.20. Would have done so much better if I had been holding it obviously from the lows.
@eshmun summed it up best, I don't owe the company anything. (btw - I finally got some WAF, at least they know how to raise a heap of cash when sentiment is high).
I don't think I will post again regarding the raising much more. Just a bit too bitter. Need to read more of the jokes in the humour threads.
(20min delay)