RE: number of shares...Good analysis. Also,a benefit is terms of the bridge loan is being extinquished and that will be a saving. We are exchanging one debt for a better one. Also, the eviromental bond is only a bond.
This is a smart move. The dilution is a small concern relative to Orvana's small float and small concern time wise relative to the impending cash flow coming on stream from the two projects.
If they had calculated that a 15 million bridge loan would see us through to the start of cash flow then the requirements have to be a lot less now as time has passed and the bridge loan had covered off some of the intervening expenses. An additional 5 to 10 million to the loan repayment and the bond coverage is a reasonable guess as to what is requiired to get through.
This event is also being offset by the rise in metal prices. As far as I am concerned it is a wash.