Hi ProstyFrom my vague memory, the call options were sold to...

Hi Prosty

From my vague memory, the call options were sold to raise $5 mill at the end of last year. At the time the gold price was around the $1650 mark. So they were sold for a $250 per ounce premium effectively. Eg 20,250 x $250 = $5,062,500. Effectively it was a very sound way to raise the funds by selling "at the money" options.

In my opinion, it was a very shrewd move by BDR as the only party taking the risk was the buyer of the option. (We can always sell gold at $1400 and still make a profit). We got our money(which we needed) without a capital raising and it seems, we sold our option at the right time.

Anyway, that's how I remember it ....

Stay strong all you BDR holders ......