Think you guys are missing a point, need money to dig ore out of the ground and process it before you can sell the gold and if it costs more to do that than what you get for selling the gold you are going backwards.
Not only was try going backwards due to high costs but they had run out of ore of decent grade, plan was to go underground to get ore of decent grade but it was going to cost to buy the equipment and develop the decline.
TRY was in a precarious financial position with little cash in the bank and decent size debt, that is where try was that.
Recapitalisation plan now in place but not out of the woods yet, first the recapitalisation plan has to be approved but that is not enough to allow try to dig gold out of the ground. TRY will still need to raise the funds to develop the smarts underground, they maybe able to do that if enough SH participate in the rights issue
TRY Price at posting:
3.7¢ Sentiment: Buy Disclosure: Held
