Bad managementThe bad management wasted something like 7.5 million dollars un-necessarily playing around with the redemption date of their debentures.
They have a fantastic mine, producing lots of low cost gold, yet they seem to constantly find ways to piss away and waste money.
They could have used cash and a tiny loan to pay off the 2018 debentures and avoid all that dilution, but of course they didn't. They don't even need the cash at this time, their high positive free cash flow easily exceeds mine development cost needs.
I'm long a small position. Great mine, management is good at mine development yet absolutely horrible at capital management and capital decision making.
GLTA