I would have preferred some kind of debt deal or a combination of debt/equity if large/valuable asset sales couldn't be finalized in this present market. But this analysis is slanted to the writers view or wanted conclusion. At the end this person states the warrants will also generate capital which they don't even attempt to factor into the equation yet they factor the warants into the process, you can't do that and be fair or have a robust analysis. I could easily challenge this view and show the deal is not so bad but I won't.

I would never characterize this deal as terrible terrible as the author of this analysis because when done from a neutral standpoint it comes out not good but okay. The real issue from my perspective was timing on either this equity deal or a combo deal with a debt element. But in the end the deal is done and will close shortly and this is now all that really matters to me since they have the money to move to 1100 tpd but they better get going and they better show us the money as many here will be watching closely for evidence of improved production and cashflow and a reinstatement of our resource.