RE:Announces Bought Deal Offering of Common SharesInteresting timing given the stock run up. Just Bragagnola locking up some cash? A couple of obvious possible uses:
1. Pay down Sprott facility
- Given the great 4Q results, I would expect them to report a net cash position for 12/31 unless there were some adverse NWC effects
- I guess either way it provides flexibility
2. CAPEX budget
- Most of the big projects were delayed til 2015 and 2016 in the new plan. Could the offering allow them to build the new leach pad and start pre-stripping at Chicharra sooner?
3. Increased drilling at producing properties as well as exploration properties.
I'm more inclined to think it is an opportunistic way to pay down debt and get flexibility but I'd be interested in hearing anyone else's ideas