My take is the financing is much better than I expected. Only diluted 5% via warrants which are an automatic conversion at .27 but Gramercy took prefs on last offering so it was probably a bit of a payback. The gold stream deal is key...only a MOU right now but they brought in Thys Terblanche who used to work for CIBC to assist in the deal and I expect it's a pretty solid MOU.
I think institutions walked this down over the past months (and certainly since Namoya commissioning issue) expecting an equity deal at a sweet price but it's now not going to happen. This already has 85% appx institutional ownership so they have quite a bit of control on it and I think were getting greedy thinking an equity deal was last resort as they could not absorb any more LT debt.
As for volume, I think it's a lot of shares changing hands between big holders in an attempt to control it as they did on the way down trying to stall people and get the shares. I don't think it's shorting either, many speculate that but it has never been short and this is not the place to do it but will be interesting to see new report next week but I still expect it to be less than 1 million shorted.
Once (assuming it does) this MOU turns into a contract in mid-Oct, cash flow will not be an issue which has held them back up until now. This company is on the verge of entering the small cap world and is starting to emerge as a self sustaining producer.
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