Private placement investors are simply keeping the lights on, for awhile anyway. That's it. I don't think there is any mechanism in place to guarantee that the money is used for a specific purpose, or that it will be refunded.
But hey, there's yesterday's Linked-in statement from JB: We have compared this footprint with similar operating and dormant mines throughout the southwest and Hay Mountain may prove to be the largest, or among the largest, in North America."
Surely the longs can band together and throw a couple hundred $K at JB and drill a few holes? Maybe JB could take out a mortgage (or second mortgage) on his house? Sell some of his equipment? Go all in!!!
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