I am first to admit I HATE convertible note facilities....many...

I am first to admit I HATE convertible note facilities....many small caps in the past few years have failed to raise cash through a CR or placement and have resorted to a Convertible note facility....In most cases there SP has been under 2 cents and the company has been desperate...And I agree that this has been a very very bad position for the company and SP...

MNM on the other hand has arranged this on their terms...They have no restrictions at all. We already have cash in the bank, cash expected from the exercise of oppies in the next year..

cash is king and during times of growth/expansion companies need large funds available straight away IMO..IMO we will not used any of the facility in the near future BUT in order to drill our gold assets and be able to drill out Mt Mulligan assets is good to know that we have the funds in the bank READY.

IMO IK is very very smart,,,when he does use the fund he will be watch very closely to see if the US funds was being honest and did have a long term agenda...If they offload right away IK will know right away and he will act accordingly.

If this US investor is in it for the long run and they are bullish MNM this is GREAT. IMO US funds take a longer term approach than most Australian funds. At the end of the day a 10% discount to the SP is a very good deal IMO..IK has made the deal on our terms and thats a huge plus...We have assets/funds and we ready to fly