You are right, there will need to be quite a large dilution at these levels to get money out of the CR.
If they add options as an incentive I don't see it as very attractive. Look at past CR's with attaching options: PRWO(1),PRWOA, PRWOB, PRWO(2))... see how they went.
The problem with Barnes Hill is that the nickel price is only US$ 7.75/lb, and with feasibility in June, they might base it on US$ 7.25-7.50/lb to be conservative, which raises questions about project economics with a high $AU, nickel supply coming through and a downturn overseas.
JV partner MFC's situation isn't looking too great either, how are they going to finance their share of Barnes Hill? Maybe PRW will go through another financing arrangement?
PRW Price at posting:
1.9¢ Sentiment: None Disclosure: Not Held
