Well I don't share your confidence that what you say is the true...

Well I don't share your confidence that what you say is the true situation... cashflow wise... or that "refinancing to save money on short term debt" is either cost effective or the only alternative to them.

They must learn to manage cashflows to their capacity and the normal development tradeoffs that all companies have to manage.

The key to the options extension is that it gives an additional 2 quarters production/gains...ie FOUR quarters including the september Qtr  numbers that we do not yet know. so we only have old (factual) information. During that additional 2 quarters, if the price does not reflect increasing production/profitability, (ie get to say 8cents) it is not going to matter in any event.

IF the price and market confidence comes through, 8 cents is likely... the chance of this company doing a new open market CR at 11 cents having failed to gain 8 cents from the last refinancing is hopeful thinking.The key with the options is that they are likely to be exercised progressively ( and possibly quite quickly) once the market is seeing some production/profit  performance coming through. Just MHO.

.... and a final comment on "this BLK market".... how strange is it that this company is experiencing such a "free and open price determination" on the progress they have made (acknowledging all the challenges it is a sound result). I read about the "peeps"... I also recall a number of downrampers a couple of years ago referring to "the experiment"...this share price trend shouts price manipulation for whatever reason(s)...and I doubt very much it is managements performance that is the issue. IMHO only and yes.. do your own research Cheers Bludog