I'm leaning on our boy Thys to pull a rabbit out of a hat with a suitor. He spent 30 years as a mining investment banker, i.e., was active in mergers, acquisitions, and capital raising.
Remember they have a restriction in their long bond that makes the bond payable immediately if they breach a certain amount of debt. Soooooo, there goes adding $20M to the debt. As it stands they can add about $7M before they hit that limit. Basically, it's time to sell. Did they just realize the type of ore they were working with? Did they just realize the equipment they spent tens of millions on will not work with the type of ore they are working with? Wow. Either they knew and didn't say anything, or they didn't know, which would be the sign of a highly inept mgmt team.
Interesting that everyone got options a month ago....Maybe something is in the works. Who knows. Either way I'm frustrated and pissed. A sale now for anything over $1 would put a smile on my face.
