RE: More credibility then leigh?? Lenny, most of what I have posted has been about the property and my asessment of that. I have also made a few posts expressing that I do have some concerns over the SP, but that it remains secondary to me relative to the project (for now). I have also expressed that I am little perplexed, as all the longs are, as to what has been happening on the market side, because it looks like there hasn't been much happening, yet there has been work / travel / whatever going into it.
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I have also freely admitted that it is possible that a new financing may be done somewhere along the line at lower levels than any existing shareholder would want to see, given what we have seen on the market so far, but that is NOT a given yet either.
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As for your comment about Macquarie and them selling and needing to average down and "signing a new agreement to exercise their warrants next march" you made little to no sense. They didn't sign any such agreement, the company simply extended the life of the warrants until that time, there is NO cost to holding the warrants and the only way they are of any value to the current warrant holders is if the SP is a fair bit north of the exercise price. That way they could exercise and sell and pocket a profit and to do that the SP has to be higher tha the exercise price and it needs to be enough higher that their own selling doesn't change that profit margin.
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La Fortuna was dead and if we were doing nothing more than sitting on it, we really would be well down into the teens, we wouldn't have been able to keep operating because financings would have had to continue to be done at $.15 or below and we'd be back at this same dilution and with a single project with limited activity in a jurisdiction where there still has been no change in terms of opening up its future.
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The move to acquire these projects in Indonesia was a good one, the moves we've been seeing on the market (largely non-existent) have been ugly - period.
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Salut,
Leigh McBain