John,I was expecting an 8M cap raise of say 80M shares at ~10c....

John,

I was expecting an 8M cap raise of say 80M shares at ~10c. Instead we got 101M shares at 9.6c. That's not too bad, 20% more than I was hoping for, but ok. But the 50M free options at 14c was a bit disappointing. Good for them, bad for me. I would kill for even 1M free options.

It was frustrating waiting for the CR to be announced. That made it easy for players to cap and push the price down.

So with the 9.7M, they will use 4M of the CR to pay the next progress payment. That is over a month away, so why did we have to pay 150k for a one month extension? And what are they going to do with the rest of the money? Are they going to use it to get to 70% like they said, or will they need to do another CR for that? Surely not...

I like MYG. I do feel that they are significantly undervalued based on their proposed production rate and price of gold and so on. While some things annoy me about management, on the whole they are pretty good at communicating to the market and promoting the company, which is important.

Long term I am positive. Even if they need to get a 60M loan to refurbish the mine they could probably pay it off in a few years, maybe sooner. The real question is how many shares and options will there be by then??? That is the big unknown. So it makes it hard to accurately estimate what it will really be worth by production.

Having said that, I suspect we will surpass 20c before the year is out though. We have been there before and I'm hoping we plow straight through it to 25c and beyond. I'm not sure about what timeframe RB Milestone's valuation of 41c was for but I feel somewhere between 25c and that is feasible. The key is to secure 70%, get that resource upgrade to over 1M ounces in August and then the feasability study done without issuing any more shares and free options.