marcos, FWIW, I sold a small amount of my position today at $0.96. Last nite, I figured it might go above $1.00 on the news, but wouldn't close there. I picked a price between Friday's close and $1.00, and the trade went through, so there. My average price is now down to $0.24 / share.
I like the new deal, since it seems a lot less dilutive. X-Cal still gives up 50% of Sleeper, but it's for more garanteed money, and X-Cal doesn't have to issue any new shares.
I'm still trying to figure out how this happened, since a previous deal had been announced. I' not sure how this affects the previously announced Kinross deal - it appears to me that X-Cal instead of paying Kinross with new shares (the old deal), Kinross will be getting cash.
No matter how that works, at the end of the day, the dilution in XCL shares doesn't happen, XCL still gives up 50% ownership of Sleeper, Shawn loses a certain amount of control to the new parties (amount TBD), X-Cal gains the advantage of having some new players on the team (their exact value beyond their cash value is also TBD).
The annual meeting today was pretty interesting. Talked breifly with Shawn Kennedy, said "hi" to Larry Kornzee, and spent a few minutes being educated by Win Rowe.
Regards,
John Sladek
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