On edgar they filled a proposal to increase the authorized shares from 400 Million to 1.25 Billion. Seems they want to go the way of dilution now to pay their salaries and the private jet. Probably some options on top, because they have done such a great job -:)

Existing shareholders get diluted away ? Forgot that Guttnick is one of the existing shareholder. I am sure, he finds a way that his share gets not diluted.

This gets realy ugly for existing shareholders now.

The market reaction ($0,04) shows that eberybody knows that the $7,5 Mio are not enough. They need at least the same amount more. I guess another financing for a even much lower price is coming soon. Will be interesting who is giving the money (Slager?). Will be interesting when Guttnick himself is giving some of his own money. He is probably waiting until the last moment.

Assumption: $10Mio credit to be repayed next month + $x Mio management salaries + costs for private jet + ...

I see two possible scenarios.

1. Guttnick has not found a partner and sells more and more shares to somebody who takes over control (Slager?)

2. Guttnick has found a partner and waits until the last moment to take the company through massive share dilution

In each scenario, existing shareholders will loose big and can do nothing against it. Guttnick is probably doing nothing illegal. Would be interessting how snapped thinks about this -:)

Will be interessting how this story ends. Could be something for a hollywood movie -:)

What I like at Probe is that Dave never made cheap placements like Noront did.

- Noront made the placements on the down move ($0,86, $0,52)
- Probe made the placements on the up move ($1,35, $2,45)

The difference is that Probe has 65Mio shares and Noront has 230Mio now

Both made placements with the big guys. At Probe the big guys paid high and at Noront they paid low. The strange thing is that I think with Probe the big guys will still make big money and with Noront they will loose.

I am still invested in Noront and hope that the big guys have some plan how to make big money that I can at least make some money.

Cormarks seems to have copied my comments on Osisko financing. Should ask them for some royalty on the report -:)

Also interessting that they see the CAPEX for Borden Lake lower then for Malartic. Do they give any reasoning for the $500 Mio ? Malartic was around $800Mio and they had around $100Mio for community development (house relocation) that Probe should not have.

Great Comparison !!!

Looked at Osisko and found some more similarities.

Before the PEA Osisko had 65Mio shares (Probe 64,7Mio).

- June 2007 Osisko did a stock split 2 for 1.
- Nov 2007 Osisko did a $125Mio financing for $6,5 ($13) with BMO participating.
- Feb 2009 Osisko did a $400Mio financing lead by BMO.

Both financings were initially planned much smaller and BMO was heavily involved. Guess who financed Probe $40Mio for $1,35 and $2,45? BMO !!!

Main catalyst for Osisko was the PEA. The same I expect for Probe. One year after the PEA, Osisko was able to finance the project at much lower gold prices then we have today.

Probe has with BMO already a heavy weight investor behind the project. BMO has spent big money in a early stage (high risk/high reward). There are here for more then $2,45.

With the last drill results I expect Borden Lake to get even more comparable to Malartic.. Can't wait to see the PEA -:)

The quarterly report is out

$10Mio left
For the rest of 2011 $4,6Mio is planned for exploration and development + $7Mio for administration

Administration is far to high in my opinion.