As the MMN sp sinks further south will future funding become a...

As the MMN sp sinks further south will future funding become a major problem for MMN ?

Later this year over 90mil options are likely to expire worthless. Earlier expectations of options being exercised and provide a significant cash injection to the shallow MacMin coffers may be doomed as time-decay takes its toll.

How will this impact MacMin’s future cash projections and expenditure budget?

At MMN’s current share price, only a fool would consider excising these options, but wait and see it could happen that one or two holders step forward and donate some cash. (Charity – as with the entitlements issue earlier this year.)

But nowhere near the >$22mil they once-upon-a-time were hoping for in the MacMin bunker.

Options (30 October 2008/25 cents) (MMNO) : 88,113,250
Employee Options (12 November 2008) / 20 cents) (unlisted): 4,097,500
Employee Options (01 December 2008 / 15 cents) (unlisted): 300,000

How long before the Mackers award new/replacement employee options to make good for those lapsing worthless !
Not likely to make the 31 Dec. 08 ordinary MMNO holders too happy.

In the meantime, the corporate MacMin miners are busy mining another source of funding away from the ‘Shareholder Pocket’ tenement.

They are once again drawing down from the convertible note facility with YA Global Investments, L.P. (trading as Cornell Capital Partners Offshore, LP).

Will shareholders get full disclosure of all the impact of the $9mil Cornell ‘Bankcard’.

A summary of the real cost; establishment fees, drawdowns, interest payments, shares and options issued, ordinary shareholder dilution impact etc.

The interim annual report would be a good place for such a summary.

Will future funding (or lack thereof) become a major problem for MMN ?

Will YA Global Investments, L.P. (trading as Cornell Capital Partners Offshore, LP) with there increased position in the company be the masters in control one day ?

Will MMN survive as a listed ASX company or will it be take over ‘cheap as chips’ ?

Could this company be the future owners http://www.silverstandard.com/

“Silver Standard has the largest published in-ground silver resource of any publicly-traded silver company, with a pipeline of projects in Argentina, Peru, Mexico, Canada, Chile, the United States and Australia. We are making the transition to production with aggressive development on our core properties”

SSRI has assembled an impressive collection of mines around the world. They acquired these mines at a cost significantly below the capital expended by the original owners !! (but perhaps MacMin is too small and uneconomical for SSRI to consider them as a target)

Open for a meaningful non-ramping discussion for the purpose of investment risk assessment.