The financing simply doesn't appear to be there. As I said before you only have to look at a company like Capstone and see how it relates to Geologix
Capstone Mining just released a press release re: their earnings and said the following regarding their try at refinancing:
On September 5, 2014 Capstone announced the launch of $300 million of Senior Notes maturing in 2022. The Notes offering was intended to opportunistically repay borrowings under the Capstone's two existing credit facilities. As market conditions deteriorated in the week following the announcement, the Company discontinued the offering as targeted terms and conditions were not achievable. As of the date of this news release the market has not improved to a level aligned with the Company's criteria for a borrowing. The Company will continue to monitor the high yield market and is prepared to take advantage of it should conditions improve. With current liquidity, availability under existing facilities and strong cash flow from operations, the Company has more than sufficient capacity to meet its anticipated capital requirements and is under no compulsion to access the high yield market.
Unfortunately, in Geologix's cae we don't have their "current liquidity, availability under existing facilities and strong cash flow from operations". Without selling further assets, then it simply going to be more dilution via private placements. I wish it wasn't so. I sure wish I knew what kind of a deal they are seeking and whether or not it is within reason.