Post by
tomgranite on Jun 05, 2014 7:37am
Taken 6 weeks to raise $384k
https://web.tmxmoney.com/article.php?newsid=68249741&qm_symbol=EAG
Doesn't look like the market has much confidence in the management of EAG. I wonder how much of the $384k is actually new investors. There was some heavy selling when they announced the re-priced placement and I guess that some investors sold at 5c and then bought in to the PP in order to get the warrant at 8c.
Anyone care to guess how much drilling is required to get this project to a BFS. The mind boggles as to how many shares there will be incirculation at that point, unless a roll back is done.
Comment by
MaxTMaxT on Jun 05, 2014 8:29am
Typical....everyone whining about management getting cheap shares and then hardly any participation in the part of the financing which is open to retail investors!...willing to bet that $384k was Cannacord involvement. ...could be a few more weeks before news on the last drilling program and an update on the next one! ...MaxT
Comment by
tomgranite on Jun 05, 2014 9:11am
Management haven't had cheap shares, they have had FREE options. Why do you think that retail investors have given this investment a wide bearth? There is a lack of trust and confidence in the board. I hope you are wrong regarding the time frame for the overdue winter drill results and the start of the next drill program. Delays will sink investor's confidence even further.
Comment by
MaxTMaxT on Jun 05, 2014 12:32pm
Yep..so a $3.5 M financing will certainly cover 25,000m @ $115m drilling cost (which is what the winter drilling program averaged) just a matter of time and the drills will be turning.....whether or not the remainder of the PP is fully subcribed too ..but thats just my opinion ! cheers ...MaxT
Comment by
curt2go on Jun 05, 2014 12:59pm
I agree. They got the majority of it. I would like to see the drill plan soon...
Comment by
curt2go on Jun 05, 2014 1:25pm
Working capital can mean anything. It's not just for regular overhead. They will have enough for a good drill program. Tty
Comment by
curt2go on Jun 06, 2014 3:50pm
Very sleuthy of you. I agree an update would shed a lot of light. I will try not to come to any conclusions until they spell them out for us. But that won't be until they close the financing. At that point they can then let us in on the pending drill results. They can't release them until the financing is closed... We are on the same side. Tty
Comment by
curt2go on Jun 06, 2014 4:37pm
I do think its a rule. You can't release material information while doing a pp. tty
Comment by
curt2go on Jun 09, 2014 12:17pm
They only cancelled it to reprice it from how it looks. Someone on another site talked to IR and said they would ask for the results at that time. They don't even have them in their posesion as it sounds. That way no material leaks... I would really like to see the PP close... Does anyone know where those holes were to be drilled?
Comment by
curt2go on Jun 09, 2014 12:44pm
It might have been looked negatively if they did it that way. Not sure... But having the results now would be nice... Was all the drilling fill in or any exploration?
Comment by
tomgranite on Jun 09, 2014 1:15pm
Dropping the price of a PP is negative anyway, why would releasing results before a PP be more negative? It was infill drilling on areas that are not accessible from dry land.
Comment by
curt2go on Jun 09, 2014 1:24pm
I mean negative in the stock exchange sense. I just re read some of the nr's and found where they were drilling. But thanx for the info...
Comment by
tomgranite on Jun 09, 2014 1:36pm
Check out the Q&A section on the website, that is very useful too. There have been 2 webcasts that discussed the Windfall Lake project, one is March on the EAG site and the other is Nov. on the Southern arc site (might have gone by now).
Comment by
tomgranite on Jun 05, 2014 12:48pm
Thanks for the clarification Gold. SRK recommended drilling only another 14,600m before doing an updated 43-101 and a PEA. Let's hope they hit something decent under Red Dog. They now have a better understanding of how the lenses have shifted under Red Dog.