Been sitting in the background for quite some time with BCI,...

Been sitting in the background for quite some time with BCI, though it was time to contribute.

From Ann 10/11/09

"Option term is 2 years from issue (at first drawdown) but only exercisable subject to full
drawdown of US$50m facility"

So we may start to see some exercise of these options potentially, minor dilution as someone put up, my guess is that these shares will be tightly held so I don't expect huge downward pressure on the SP, the up side is $11.1M trickling in as they are exercised.

This with the recent cap raising should see us easily thorugh to the first realised cash flows next FY. Noting that the $50M loan facility was as prepayment of IO/DSO, so actual realised cash flow may not be seen this FY but next.

Supose this speads some more light on the cap raising. At any rate $ in bank, mining started and maybe even some further exploration/resoure upgrade work on the way as aluded to in the recent ann. Also an announcement regarding Stage 3 - heritage surveys, Mining Proposals and Clearing Permits shouldn't be far way.

Mikes heald a great pace and continued to deliver, goes to show the effect of good management can bring, things must be getting frantic now, time to keep an eye on the ball more than ever.

Righto back in my box again.
Swiper