RE:RE:Share Price and VolumeSit on shares for 5 yrs!!!?? While that might be true my first reaction was fu. Many of us here have been here for twice that long already so don't nag us about patience!
Many of us have cut Jamie a lot of slack accepting a tradeoff of his total failure on promotion (which actually does matter pre development as you will soon find out when twice as many shares will be issued in next financing - because of a lack of promotion) with trusting his build it and they will come attitude is correct. But the latest fiasco on Bnn whereby he more or less admitted that "there are inevitable cost overruns in the north" stated as one experienced in the north but leading the viewer to think ....if you are so knowledgeable and experienced on northern projects why the heck should you need to raise more cash that should have already been planned for! The raising of capital at this point jeopardizes all shareholders. Admittedly this perhaps a slip.
For me this has turned into one of those "I have been in it this long I am going to see it through.".
Just prior to the bnn episode you could see the price was being capped at 60 cents and I thought a financing would be around that level (with promotion perhaps a lot higher) but when you put yourself in this position you lose leverage and you must take what you can get and it will be at 50 cents or less. And if capital is tight you risk losing the project. As a shareholder i resent being put in that position.
It is so maddening to see this behaviour with almost every capital project. When you raise money for a project your first round must be the last round. You must raise more than you think and some more again. If you dont spend it all you can always buy back shares.
Now don't get me wrong.....we shall overcome. But given how long I have been in this and how long it might take, management gets a failing grade on return to long time shareholders. And because these new shareholders will get favourable treatment (and from their perspective they should) because they have us over a barrel as our leaders screwed up on their projections, long time shareholders will be diminished. So don't tell us to be patient without some cursing in return. What a system! Good for the paper pushers and those collecting consulting fees. But if you are an existing shareholder you dont even get the respect of getting any info - every thing is confidential. When things change we dont get an update. How about an update on our import facility. Why did we not get a rationale for abandoning the EIB financing etc. Dollars to donuts the new financing shareholders will be getting info I.e revised production numbers due to expected sales etc.
Dang it, this did turn into a bit of a rant. But I am not taking it back.
Sincerely, stonesheep