Put Options.The company had put options with a strike price of $19,850 tonne. I wonder if they are going to renew the options and at what price if they do. With nickel trading around $12.70 , the options may not be necessary. Copper is trading at a record high, right now it's trading around $4.52. We produce a lot more copper than nickel, this time last year, copper was trading around $3.00 and nickel around $8.00. What a difference a year makes.
Hopefully, with the latest PP being finalized, the current BOD will remain the same and the cloud hanging over Ursa will be lifted. If ISM feel they do not have enough support to change the BOD, will they continue legal action ( which still has not commenced ) or sell and move on. From a legal perspective, ISM will have a hard time proving that the PP was a move to thwart a BOD takeover and not normal financing. Suspicion is not legal proof. They are making an excellent return on their Ursa investment, a lot more than on their own company.
Should be an interesting month ahead, especially if base metals remain strong.