Dilution Guess
So far, we only see TD's reaction, thanks to Ridge. I think their equity raise estimate of $75 million at $1.50 per share is before Black Thursday.
With the Sprott debt and CAT eqpt. financing, that's C$345.8 million ($1.30 exch rate). Take the $490 needed minus $52 cash minus $345 gets you a dark hole of $193 million. (I used $52 cash, leaving co. $10 million walking-around money for utilities, listing fees, Xmas parties.)
If you assume that 30% of this could be debt, that means $135 million needed. At C$1.35 per share, that is precisely 100 million new shares, ignoring the typical 6% commission.
Don't know if re-negotiating with Sprott is more or less onerous than awaiting the second coming, but just thought I'd throw this out there for others to tee-off.