I think managment have done a brilliant job on the financing...

I think managment have done a brilliant job on the financing issue.
1. They have reduced the net debt of the company from around $800 million to about $300 million.
2. Previously debt was significantly (around double)in excess of the BLY's market capitalisation - basically leaving the company in no position to negotiate re. financing (basically having to take whatever the banks were willing to offer). Now they are in a position to pay of short term debt and maintain conditions on longer term debt which were negotiated when the company was in strong position
3. They managed to convince the banks to underwrite the whole financing process at a price that was pretty generous compared to where the share price had been only 2 months prior (around 15cent mid May). In so doing they managed to transfer the whole risk regarding the majority of the companies debt to the banks.

In the very short term there is a significant risk that the price might fall while the underwriters try to unload the shares they have acquired. While that not very peasant for short term traders, in the medium term the company will be assessed on fundamentals and outlook which is:
- manageable level of debt
-significant cost saving through lower interest cost
- significant capacity to respond to increased demand for services as a result of investment already incurred during the period before GFC (i.e. not having to incur major new investment cost to respond to increased demand)
-likelihood of significant increase in demand in the mining sector (although this of course depends on your own view of the world economic outlook)

Yes, they have put shareholders in a corner regarding approval of their decision regarding using funds raised to pay short term debt. But I believe we pay managment to make these decisions and judge them on the outcome.