What some posters here fail to understand is the company was supposed to get Bachelor up and running without dilution - THAT WAS THE WHOLE POINT! That's what the company promised - verbally and in writing.
Some of you are acting like this is a brilliant move by management - to get to that Bachelor or... now they'll be able to do it, get that high grade stuff. No sh*t - with 12 million plus the 2.5 the just raised, a 10 million credit and 4 million back from the government, I sure as h*ll hope so. In my mind there is no longer anything special about this company - what was going to make them special was getting to Bachelor without massive dilution - that's what they were preaching - now they're not. And they're still a long way off from mill any Bachelor ore. This was going to be a great little company with less then 80 million shares... not any more.
As it turns out - postive cash flow from Barry is irrelavent - it will be insignificant since the grade is apparently lower then they expected and cash costs are way higher then promised. The original business plan here failed period - Barry isn't going to provide the cash flow to get Bachelor up and running. It seems some people here are refusing to acknowledge that and I'm sure management would as well - of course they'll have a dozen justification for these latest actions and their memories will fail them with regard to previous plans and promises.
It seems poor planning has resulted in major dilution and the company being well behind schedule. They have now done exactly what they set out NOT to.
I'm extremely disappointed as any longer term holder should be. The people here trying to put a positive spin on this have either only recently become MTO investors and have no idea what's gone on prior to their investing or they're delusional.
Just saying it like it is.
