ncujust had an oh boy buy. Looks like I do mot get 2 swing back there. Have 2 b satified with a few hundred thousand.
At 3.33 copper throw a dart at a producer and u would make money.
Even the 100 million per year we gave away of gib and florence annual profit for 37 million will b forgotten with sp appreciation. Of course I did get my position back to make that loss up. That does not negate the predatory deal.
The bonds were trading confident before the deal. So bond mitigation does not seam 2 b the reason. If it was all about florence then the 37 million counts as 75% of florence. That is 50 cent on the dollar that we spent so far on florence not counting curis and bhp 100 million.
Once more I will try to find a positive. Ymi, np and alley are 3 years away from production at best. So bird in hand philosphy perhaps.
185 million pounds for 2 mines now at 155 million for pre pp shareholders that never bought there position equal.
How much more do we sell to get mining? If we do it q1, we need 250 million cads.
Ncu sold half of ph for 100 million with sh complete participation. It is projected to be 4 florences. They own about 95% of entire project.
Also about 150 million debt.
So let say florence takes on 100 million debt and has 100 million from bank.
So we need to sell 100 million florence equity. Lets say we get that for 20% jv.
So I lost my share of 100 million cash or 40 cents oer share pre pp but gained back 10 cents on pp.
Net 30 cad cents loss per share. I will now say gib will lose no more and work with 30% reduction on florence plus 20% jv for 50% left 4 sh.
That should start giving sh another 30 cents eps for 3.00 addition to sp.
Now do the math if we hold off 4 a year and do it with our own cash.
I hope florence has not become sn obsession.
nf