Moving forward Anyway, ...
The nice thing is now, we shouldn't really have to raise a ton of cash anymore via the cheap PP. This unnecessary delay of a few months has cost us deatly in having us to raise all this cash at rediculous lows.
Its partly our fault, we should have made the Elaborate concern number one. The Mining Ministry and the Review Board taking their sweet time to review has proven incredibly costly as well.
The good news, if for some reason the Serbs want to screw us over, we are done raising money, except maybe a bit for lawyer to fight. Thinking positively though, we should be a couple of months away from getting an actual mining licence. Osmose would be begging to get back in, and we should be able to raise capital for Step 3 from warrant redemption funds, and as a last resort, PP's at a much higher share price. One would think one or a number of Tim's mythical potential partners might emerge as well that that point.
I do hope our Balkan Gold has been taking a much needed break in the action. I suppose they maybe have had to jump back into action to coordinate with our hired Engineering firm to get the annex done, but they should be pretty quiet now.
I'm guessing with the last money raise we have paid for most or all of the cost of producing the FS and fees for submitting the package, and other expense to tidy up other info needed for Step 2 submittal. I sincerely do get why we had to desperately raise so much money so quickly. But we are for the most part done now. Tim wants to squeeze another $90,000 out of the last PP, I get that too.
I know we shouldn't dare to dream about good things around here, but think about it. We are have done the work, and suffered through so much pain to be at the door step of a mining licence. The work is complete and submitted. The only thing that can stop us, is the government pulling the rug out from underneath us. I suppose one could say, we could be denied a licence legally by saying it's not a viable case to mine there, but that is obviously false. Remember this mine is ready to spew out approx $100M CAN cash/year. And we still own 100% of it. What are we at? 200M shares plus warrants? That's still like .40/share every year. And all we have to do now is pay the Engineering firm to work at Part 3 work and the project should continue to appreciate.
The one thing I do think strongly, we did this on our own to this point, no cheap deal for Osmose or any other potential partner. We used to be desperate enough to give a big piece away, we don't need to anymore. Giving 20% of BONE and 40% of Piskanja away would surely give up control of everything. Bad deal.
Lets get this Annex done, Certificate in hand, and the Step 2 documents submitted. I would feel pretty good at that point.
That's your weekend nonsense report folks Enjoy the Fall weather wherever you are.