Brigus Gold Corp. (BRD)

[gharma]

Yep, enough so I would have liked to see them afford getting out from under all of it. Luckily well-timed placements and exercises let BRD extinguish a second chunk. The markets seem to punish juniors in a leveraged way based on size and terms of stream obligations; but, the companies did manage into production in time of heightened PM prices while others without the stream financing didn't get into production and may be gone.
One thing with BRD is the pipeline guidance getting to production w/o stream, reducing SAND cost to a much smaller % of gross, over not too many years as this stream covers only Black Fox and a little nearer extension
Effectively, by buying 1/3 back BRD showed its actual IRR on the cap ex of getting Black Fox up and running, fudging on that IRR some by placement money on the rising pps from reaching and growing production. On the toss between buydown or larger effective ogligation/debt, it was smart to get out from under the nonterminating stream.