I agree that we need the money now. We will get it one way or another. Like I said a lot want equity at these prices rather than to finance.
We could get away with about $23 mill now, which would take us to production and then the options at 75c may come into play if the project is all systems go by 31 March 12.
At least this won't be the worse kind of dilution. The worst is when they raise say $10mill and you dig and waste money and find nothing substantial. Then they put their hand out again for another go. That is why some companies over many years build up issued share capital into the billions.
At least here the use of the money will directly contribute to setting up infrastructure and income producing assets for many years to come. The fact that they kept a tight register till now, means we have some flexibilty to be diluted a little now.
I am sure they will get even half as debt finance, even if it costs a couple of percent more than what we would want to pay.
TYX Price at posting:
52.0¢ Sentiment: LT Buy Disclosure: Held
