Eldorado Gold Withdraws Public Offering of Common Shares-
IS THIS TOO MUCH TOO ASK FROM OTHER SUCKER JUNIORS???
Unfortunately I sold a lot of bullion ETFs earlier this month to go "all in" into gold juniors only to be remembered that gold does not dilute itself, print shares, neither does it issue warrants or fuck around with those holding it like GBG or AGT do with their shitty financings!!!
Fortunately, other holdings like SMC or GORO seem to be in another class. I specially like SMC/BTO going forward. Top notch management, cash and no need to dilute and fuck around with the common holders.
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 24, 2009 -- Eldorado Gold Corporation ("Eldorado" or the "Company") (Toronto:ELD.TO - News)(AMEX:EGO - News) announced today that is has elected to withdraw its preliminary prospectus filed in connection with its previously announced public offering ("Offering"). While the Offering received strong support, the terms presented by our underwriters did not meet our minimum expectation of net proceeds without exceeding an acceptable limit of dilution. Accordingly, we are withdrawing our preliminary prospectus and will not be proceeding with the Offering and have no current intention of issuing further equity.
"As the industry's lowest cost pure gold producer, our balance sheet remains strong, with no debt and we clearly have the financial strength to meet our development goals to produce approximately 800,000 oz gold per year by 2013. To accept the offered terms of the equity issue would have resulted in an unacceptable level of dilution for our current shareholders," said Paul Wright, President and Chief Executive Officer.
