Calculating further dilutionRough calculations only.
Skeena had about $10 million uncommitted cash as of March 31. Co. will have netted almost $70 million from new issue at $7.35 thus giving a new balance of about $80 mm. Knock off $14 million for Q2 expenses and we should expect cash of $66 mm as of June30. Assume that amount will keep the company going until sometime in the first Q of '24.
Some of the available cash is to be spent on early earthworks, so part of total capex. Assume that whatever the $ amount spent this year offsets inflation, making no dent in the expected $600 million capex budget.
Assume the financing package requires 1/3 equity. Therefore $200 million (Cdn). After commissions, assume the company nets $5.85 per share from an issue price of $6.25. So 34.2 million new shares.
Call it 35 or more likely 40 million new shares to fund capex and pay Walter for next 2 years.
Current shares outstanding amount to 95 million fully diluted. So expect total outstanding at production of 135 million.