Unfortunately, they took a huge gamble on Fencemaker without really knowing what they were doing. It seems that the hole they dug, no pun intended, themselves into has proven inescapable.
They decided to reevaluate Fencemaker and other properties. While I'm told that the results for Fencemaker are coming soon, I'm not very excited about them because it seems they've been working on alternative avenues, namely these gold properties. Why would they shut down Fencemaker and do a new study if everything was okay? And if Fencemaker isn't what they thought it was, what assets does the company really have? What value did the deal to acquire an additional 19% of G8 in exchange for 5M preferred shares really give investors?
There's a convertible due tomorrow that amounts to about 80M shares or so.
