Wanelad1, I meant that the price of RED is likely to hang around...

Wanelad1, I meant that the price of RED is likely to hang around the current level for the period prior to the Gen Meeting IMO because that meeting decides whether tranche 2 funding will be dependent on shareholders approval - tranche 2 funds are another placement to insto's at 15.5 cents. (If the price went for a big run - not that I am implying that it would do that in any event - then some shareholders might think twice about allowing tranche 2 funds proceed, bearing in mind many of the bigger shareholders now are tranche 1 placees and therefore cannot vote tranche 2 resolution next week).

I am glad to see you are a shareholder now Wanelad1, it gives me extra confidence in that you must have also given it your technical chartists seal of approval?

I can see RED improving once tranche 2 funds are approved and then further improvement once the debt finance leg is cleared (although we don't have any CP declared by the company in reports on the debt side I assume that the debt does depend on that tranche 2 funding being approved and completed successfully).

The difference between the debt and equity sides of the funding are also clear for people to consider:
1. The equity contributors are expecting a rise in share price, that is how they get their reward (and I have already stated many times now that the fundamentals on cash flow analysis indicate around 33 cps for Siana alone without any contribution from Mapawa);
2. The debt contributed get the payment through direct repayment of interest components, therefore the banks are not so interested in the share price but more interested in the project delivering gold on a prescribed schedule at around the estimated operating and capital cost limits.

As others have indicated, patience will now be rewarded for those holders in RED!