Chart Wednesday 13th - Friday 15th, page-127

I don't fear a takeover (that may be naive) but I deeply fear dilution. It would be a terrible blow to any upside value as shareholders. The only hope of recovering that value again, would be some future share buy-back.

Dude, I remember in days long gone, TGS stating "we would never raise at these grossly undervalued levels" (it was around 16c at the time). However this is a new world order, where we're in breach (and exempted from) of our current covenants. Who knows how it might go....

FWIW, I recall we did the prep work for phase 2 already... Certainly the clear and grade, but I thought the pad was poured as well... I think phase 2 is c.$70M, so cheaper than phase 1. I think that's why they're trying for $175M. I'll try and get a landing on that today..