RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:the million shares today ?OgnyQ4, Shamefully cheap?
The deposits are not economical based on the current price of gold? (Moroy, bachelor lake and Barry open pit mothballed. They are in cost saving mode and shuttering all non-essential activities and there is no plan put forward to mine the Barry underground.
As for finances, they have $10 million in the bank, which a good portion is set aside for drilling. They will need to raise 25 million to get the mill upgraded to 1800 TPD. Plus they will need an additional 25 million for a tailings pond expansion and that was to come out of profits from mining the open pit which has been haulted. They need money to begin mining but no way to generate revenue. The options aren't that great. PP's which dilute shareholders, a loan with high interest rates, another streaming deal, or a merger which is the best least worst option.
If the merger option occurs you may get a 30% premium if you buy down here and for this stock and the way the share price has fallen over the past 3-4 years that is hitting a home run.