Re: ...News...more cash
in response to
by
posted on
Dec 01, 2009 06:29PM
Focused on the Rice Lake Gold Belt
They simply ammended the share offering from 7.5 million FT down to 5.225 million and increased the non FT up to 12.34 million from 3.75 million. Under the first announcement they would receive $5,025,000 plus another 1.2million dollars if all warrants are excercised. The ammended agreement will raise an additional 2.3 million and if all warrants are excercised an additional 3.6 million. My take is that with the first priority for WEL being the Jeep, they probably will not drill the poundmaker for another year. The 2.4 million FT matched by SGR would be more than enough to drill in 2010. As for the increase in the non flow through , you would have to speculate if they might try to buy the little chunk of the fairway by Horseshoe Lake, or better yet a deal with Golden Pocket. I have absolutely no basis in fact for any of my speculating, however it is fun to get the imagination going.