RE: Private Plcmnt - Lundin & Rule !!!!!!!!!!!This proposed financing will create more financial flexibility, which is always good.
Over each of the past three fiscal years, Miranda has reported losses of just around $2MM. At the end of Q3 (31 May 2007), Miranda had just under $8MM cash on hand.... so one would think that their backs were NOT against the wall to do a financing right now. Consequently, I am somewhat disappointed that this financing is being done at what seems to be a low-ball pricing of $1.05/unit, which is at the absolute bottom of MAD's s/p over the past year. Hmmm. Apparently Miranda considers $1.05 to be fair value for their shares, or else they are giving the Lundin and Rule families a good deal.
With assay results pending over the next several months it could be a mistake, but I sold my MAD holding this afternoon at $1.28. We'll see.