A measely 16M shares? First of all, if they get $28M it is 19M shares. This means that your ownership of TMM has been diluted by 13%. That means that if TMM would have earned .20 per share in 2014 they will now earn .17 per share and all future earnings will be diluted. If gold goes much higher in future years the drop in EPS will be much more. With gold at current levels TMM would have been able to pay off the Sprott loan by December anyway. If they pay it now they will only save about $1.3M in interest for 2014. Is that worth giving up 13% of the company? They could have paid off their loan and still had $30M in cash as of December 31. Now they should have about $60M in cash. Is that worth giving up 13% of your ownership? The only way this is not a disaster is if TMM has a way to use this extra cash to increase production and revenue. When cash is coming in at the rate of $1M per month you don't need an insurance policy. If they only wanted insurance they could have hedged some of their gold production. Hedging half of 2014 production at $1,250 would guarantee that the Sprott loan is paid off by December even if gold drops to $1,000 without issuing any new shares. TMM must show shareholders how this money is going to increase production or we have been had big time.