When considering raising funds for a venture, one has to be aware of the financial environment. Global conditions are not to be ignored.
I am an ardent critic of the BOD and the way they handled shareholder relations. Not to beat this to a pulp, but they were really sloppy to say the least. That said, I challenge anyone here to go into the capital markets and raise the funds to close a deal of this magnitude today.
There are more passes on JV's and projects with even more seasoned operating history than Medinah's that go unfunded and are set aside.
Am I thrilled at the outcome of the negotiaions when we had a 15% free interest? NO. But that is reality. The purchaser wants the best deal and the seller wants to enhance it for it's account. So this is a push and pull that gets resolved. And finally it did.
We can sit here and criticize all we want. If there was a better deal out there, JJ would have taken it in a heart beat.
Now here is my two cents worth. I say the total of the $5.4M should be deployed to explore LDM and other claims with high prospects. This should be the immediate use of those funds. Let's not skip a beat in getting our equipment, manpower, infrastructure out there to drill, dig and proof up the mountain.
For the naysayers, wait for the dust to settle before you continue on your path. As I stated in my earlier post, prior to the announcement, when the stock was trading in the $.08's, this was a good point of entry, up or down from here, it will be a good place for the long term.
So, let's enjoy the ride.
